More than just home insurance
Our coverage extends beyond the home. Unauthorized debit or credit card use, identity theft* recovery expenses, and coverage of your personal property while you are moving are just a few of the standard coverage items that you wouldn’t expect out of your home insurance plan. Plus, if you need more, you can purchase optional insurance to cover additional items.
*Identity theft coverage not available in Quebec.
Our condominium coverage
takes into account your responsibility for damage to common areas and improvements you make to your unit, as well as including many of the advantages of a standard home insurance policy.
We have tenant insurance plans
that can be customized for almost any situation.
Whether your seasonal home
is a cottage on a lake or a mobile home
in a campground, The Co-operators
has a seasonal policy that can cover you.
Get an online quote right now for your home insurance, or find an agent near you to get started on creating the right policy for you. Once you have insurance with us, you’ll also be able to make a claim quickly and easily; we even have an iPhone app.
Credit score and home insurance
The Co-operators now uses credit score, where permitted by provincial regulations, as a rating factor to determine home insurance premiums. The value of using credit score has been demonstrated as a useful and accurate predictor for future home insurance claims. In fact, most major property insurers in Canada have been using credit score for years. We have added credit score to other more traditional rating factors such as claims history, age of home and geographical location to determine the level of risk and appropriate premium.
Credit score reflects a client’s level of responsibility and behaviour when it comes to managing their finances. Analysis shows a direct link between a person’s credit score and the frequency and severity of claims. By adopting this factor, we are able to more accurately rate individual clients by customizing rates and charging an appropriate premium for the risk. Clients with good credit scores will benefit by receiving the most competitive premium. The good news is that most Canadians have a “fair” to “good” credit score.
How does credit score impact a client’s premium?
The factors used to determine the premium a client pays for their home insurance are specific to individual coverage needs. The premium amount is directly related to a number of rating factors, including:
- the age, size and features of your home
- the materials used to build your home
- the estimated cost of reconstruction
- where your home is located
- your property claims history
Other rating factors could include:
- whether your neighbourhood is prone to sewer backup
- the crime rate in your neighbourhood
- the value of your personal belongings
- how close you live to a fire station and fire hydrant
- how your home is heated
- your credit score
- the type of coverage and deductible you choose
- any applicable discounts
Will The Co-operators credit inquiry affect my credit score?
No. The presence of a “soft” credit inquiry will not impact your credit score. A common misconception is that every inquiry decreases your credit score by a certain number of points. This is not true. While all inquiries are recorded on your personal credit report, a credit score inquiry for insurance purposes will not impact your credit score.
Does the use of a credit score constitute a discriminatory practice?
No. We value integrity, accountability and transparency. We have conducted our own analysis and found no discriminatory links. Credit score is only a reflection of the person’s level of responsibility to meet their financial obligations. We are confident that using credit score is both a scientifically valid and ethical practice.
How can I obtain my credit report and/or credit score?
You can check your credit report and score by requesting it by mail or online. We use TransUnion as a supplier of credit scores. You can reach them at 1-866-525-0262 or visit their website.