Ratesopedia’s Take: Square One home insurance stands out for customizable coverage and a streamlined digital experience. If you value control over what you insure and prefer managing policies online, Square One could be a practical fit. However, pricing varies significantly by location and property type, so comparing quotes remains essential.
Square One home insurance has gained attention across Canada for its modern approach to property coverage. Unlike traditional insurers that bundle everything into preset packages, Square One lets you adjust coverage to match your specific needs. This review examines how Square One works, what it covers, where it operates, and whether it delivers value for Canadian homeowners, condo owners, and renters.
The company operates in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. Whether you own a home, rent an apartment, or own a condo, understanding Square One’s model can help you decide if it aligns with your insurance priorities.
What is Square One Insurance?
Square One Insurance Services is a Canadian digital-first insurer focused primarily on home, tenant, and condo insurance. Founded to simplify property insurance, it operates as a Managing General Agent, with policies underwritten by The Mutual Fire Insurance Company of British Columbia.
The company’s core difference lies in customization. Instead of selling rigid packages, Square One allows customers to select coverage amounts, deductibles, and optional protections based on their actual property and belongings.
Square One also offers car insurance in Ontario and Quebec, though this review focuses exclusively on property coverage. The platform emphasizes online quote generation, policy management through a mobile app or web portal, and accessible customer support via phone or webchat.
| Detail | Information |
|---|---|
| Company Name | Square One Insurance Services |
| Underwriter | Mutual Fire Insurance Company of British Columbia |
| Phone | 1.855.331.6933 |
| Home Insurance Provinces | BC, AB, SK, MB, ON, QC |
| Auto Insurance Provinces | ON, QC |
| BBB Rating | A+ |
Coverage Options
Square One structures its home insurance around five main product types, each designed for different property situations. Coverage can be adjusted based on your property value, belongings, and risk tolerance.
Homeowners Insurance
This policy covers the dwelling itself, personal property inside, liability protection, and additional living expenses if your home becomes uninhabitable after an insured loss. Square One offers guaranteed building replacement coverage, meaning if you insure to their suggested limit, they will rebuild your home even if costs exceed that limit.
- Guaranteed Replacement: Rebuilds your home even if costs exceed your coverage limit, provided you insure to Square One’s suggested amount.
- Bylaw and Code Upgrades: Covers the cost of bringing your home up to current building codes after a loss.
- Personal Property: Protects belongings like furniture, electronics, and clothing against covered perils.
- Liability Protection: Covers legal costs and damages if someone is injured on your property or if you accidentally cause damage to someone else’s property.
Tenant Insurance
Renters can protect their belongings, cover liability, and access additional living expenses if their rental unit becomes uninhabitable. Tenant policies typically start around $15 per month, though rates vary by location and coverage choices.
Condo Insurance
Condo owners need coverage for contents, improvements, betterments, and liability within their unit. Square One’s condo policies account for the unique structure of condominium ownership, where the building itself is typically covered by the condo corporation.
Landlord Insurance
This product is designed for property owners renting out residential units. It covers the building, loss of rental income, and liability specific to landlord situations. Landlords must disclose rental activity to ensure proper coverage.
Vacation Property Insurance
Square One offers coverage for secondary or seasonal homes. These policies account for the unique risks of properties that are not occupied year-round.
Optional Add-Ons
Square One allows customers to add specific endorsements based on their property and regional risk. Common options include sewer backup, overland water (flood), earthquake, glass coverage, and specialty property coverage for items like bicycles or fine art.
- Sewer Backup: Covers damage from water backing up through drains or sewers.
- Overland Water: Protects against surface water from flooding, rain, or snowmelt. Square One reports that 94% of Canadians qualify for this endorsement.
- Earthquake: Adds protection for seismic events, particularly relevant in British Columbia.
- Specialty Property: Increases coverage limits for valuables like jewellery, art, or sports equipment.
Cost and Pricing
Square One promotes a pay-for-what-you-need pricing model. Your premium depends on your postal code, property type, coverage limits, deductible choice, claims history, and optional endorsements. Tenant insurance can start around $15 per month, while homeowner premiums vary widely based on property value and location.
The company does not charge interest on monthly payments, unlike some traditional insurers that add fees for monthly billing. This can help with budget management, especially for renters or first-time homeowners.
Deductibles typically range from $250 to $5,000. Choosing a higher deductible lowers your monthly premium but increases out-of-pocket costs if you file a claim. It is recommended to set your deductible at an amount you could comfortably pay from savings.
| Policy Type | Typical Starting Cost | Key Variables |
|---|---|---|
| Tenant Insurance | ~$15/month | Location, coverage limit, deductible |
| Condo Insurance | Varies | Unit value, improvements, location |
| Homeowners Insurance | Varies | Home value, age, location, optional endorsements |
| Landlord Insurance | Varies | Property type, rental income, liability limits |
Claims Process
Square One reports that it pays out on over 90% of all claims submitted. The company assigns a dedicated adjuster to each claim, and emergency claims receive a response within two hours. Non-emergency claims typically receive contact within one business day.
Claims can be reported online through your account or by phone 24 hours a day. The digital platform allows you to track your claim status and communicate with your adjuster throughout the process.
- High Payout Rate: Square One pays out on more than 90% of submitted claims.
- Dedicated Adjuster: You work with one adjuster from start to finish, avoiding repetitive explanations.
- Fast Emergency Response: Two-hour response guarantee for urgent situations like fire or major water damage.
- Online Claim Filing: Submit and track claims through your online account or mobile app.
Customer experiences with claims can vary, as with any insurer. Reading your policy wording carefully before you need to file a claim helps you understand what is covered, what is excluded, and what documentation you may need to provide.
Digital Platform
Square One’s digital-first approach means most interactions happen online. You can get a quote, purchase a policy, adjust coverage, update payment methods, and file claims through the website or mobile app.
The quote process typically takes five to ten minutes. The system asks for your property address, building details, and coverage preferences, then generates a customizable quote. Licensed insurance agents are available via webchat or phone if you need help.
- Quote Speed: Online quotes can be completed in approximately five minutes.
- Policy Management: Adjust coverage, change deductibles, and update payment details through your account.
- Mobile App: Access your policy documents, file claims, and contact support from your smartphone.
- No Fixed Contract: You can pay monthly or annually with no long-term commitment.
For customers who prefer human interaction, Square One’s phone support is available during business hours across all provinces. Hours vary by time zone, with Quebec service available Monday to Friday, 9 AM to 5 PM ET, and other provinces offering extended hours including Saturday coverage.
Provincial Availability
Square One offers home insurance in six Canadian provinces. Availability of specific coverage options and pricing can vary by region due to provincial regulations and regional risk factors.
| Province | Home Insurance | Auto Insurance | Operating Hours (Sales/Service) |
|---|---|---|---|
| British Columbia | Yes | No | 5:00 AM – 6:00 PM PT, Mon-Sat |
| Alberta | Yes | No | 6:00 AM – 7:00 PM MT, Mon-Sat |
| Saskatchewan | Yes | No | 7:00 AM – 8:00 PM CT, Mon-Sat |
| Manitoba | Yes | No | 7:00 AM – 8:00 PM CT, Mon-Sat |
| Ontario | Yes | Yes | 8:00 AM – 8:00 PM ET, Mon-Sat |
| Quebec | Yes | Yes | 9:00 AM – 5:00 PM ET, Mon-Fri |
If you live in Atlantic Canada, the Territories, or outside these six provinces, you would need to consider other insurers. Emergency claims support is available 24 hours a day across all provinces where Square One operates.
Pros and Cons
Understanding both strengths and limitations helps you decide whether Square One aligns with your insurance needs and preferences.
Advantages
- Customizable Coverage: Adjust coverage amounts and add only the endorsements you need.
- Digital Convenience: Fast online quotes, policy management through app or web portal, and online claim filing.
- Interest-Free Monthly Payments: No added fees for monthly billing, unlike some traditional insurers.
- Strong Claims Support: Dedicated adjuster, two-hour emergency response, and a 90%+ payout rate.
- Guaranteed Building Replacement: If you insure to their suggested limit, they will rebuild your home even if costs exceed that amount.
- Broad Provincial Reach: Available in six provinces covering most of Canada’s population.
Limitations
- Not Universally Cheapest: Customization offers value, but Square One is not automatically the lowest-cost option for every property or location.
- Limited Auto Bundling: Car insurance is only available in Ontario and Quebec, so bundling discounts are not accessible to BC, AB, SK, or MB customers.
- No Atlantic or Northern Coverage: Not available in Atlantic provinces, Yukon, Northwest Territories, or Nunavut.
- Special Situations Require Disclosure: Activities like short-term rentals or Airbnb must be disclosed beforehand; standard policies may not cover these uses.
Bottom Line
Square One home insurance offers a modern, customizable alternative to traditional preset packages. Its digital-first platform, guaranteed building replacement, and strong claims support make it a compelling option for renters, condo owners, and homeowners who value flexibility and online convenience.
The company’s high claim payout rate and dedicated adjuster model address common customer concerns about claims handling. However, pricing varies significantly by location and property type, so comparing quotes from multiple insurers remains a prudent step.
If you prefer hands-on agent relationships or live outside the six covered provinces, you may need to explore other options. For those within Square One’s service area who want control over their coverage choices, requesting a quote can help you assess whether the pricing and features match your needs.
Before finalizing any insurance decision, consider reading your policy wording carefully, comparing coverage limits and exclusions, and ensuring any special property uses are properly disclosed. For additional guidance on protecting your finances, sign up for our newsletter to receive expert insights and the latest updates on insurance and financial products across Canada.
