Haris Ashley
RBC Insurance offers a range of home insurance options for Canadian renters and homeowners, including standard packages and add-ons. The Comprehensive Homeowners Insurance Policy provides affordable protection against a wide range of risks, including damage to the home and personal belongings, as well as third-party liability coverage. RBC also offers a Home Repair Bundle, which covers minor repairs to prevent future breakdowns, and provides access to HALO Assist, a phone-based home repair advice service. While RBC sold its home insurance operations to Aviva Canada in 2016, it continues to market and provide insurance advice for home insurance products.
| Characteristics | Values |
|---|---|
| Company | RBC |
| Location | Canada |
| Type of Insurance | Homeowners Insurance |
| Features | Comprehensive Homeowners Insurance Policy, Home Repair Bundle, HALO Assist, Home Repair Assure |
| Discounts | 5% discount for online purchase, 15% discount for home and car insurance bundle |
| Add-ons | Liability coverage, All Perils, Specified Perils |
| Payment Methods | Major credit cards (Visa, MasterCard, American Express), pre-authorized withdrawals from bank accounts |
| Cancellation | Only by phone |
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What You'll Learn
RBC's Comprehensive Homeowners Insurance Policy
The standard deductible amount is $1,000 for homeowner, condominium owner or tenant insurance policies. You may be eligible to increase or decrease this amount, which may impact your insurance premium. Since the deductible amount is what you pay out-of-pocket for a claim, it is important to choose an amount that you can afford if you ever need to make a claim. RBC Insurance offers discounts to customers who bundle their home insurance with other products, such as life insurance and auto insurance. With every claims-free year, you will get a 20% reduction in your deductible.
The Home Repair Bundle is an additional premium ($125 per year in 2019) that covers minor repairs to household items and systems, such as water heaters and plumbing, to prevent more expensive breakdowns in the future. The insurance pays up to $2,000 in parts, service and labour for each claim, up to a total of $5,000 over the term of the policy. This program also provides up to $2,500 to cover the cost of loss-prevention devices such as security systems, sump pumps, fire alarms and automatic water shut-off devices. Note that this coverage can only be accessed after a claim has occurred.
HALO Assist is a phone-based service that provides advice on home repair, referrals and real estate. Home Repair Bundle purchasers also have free access to HALO Assist. Using the Home Repair Bundle will not affect your premiums or your claims-free status.
In 2016, RBC sold its home and auto insurance operations to Aviva Canada for $582 million. The deal included a 15-year agreement under which RBC markets home and auto insurance products and provides insurance advice through its sales network. Aviva takes care of the coverage and claim-handling process.
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RBC Home Insurance's Home Repair Bundle
RBC Home Insurance offers a Home Repair Bundle that covers minor repairs to household items and systems, such as water heaters and plumbing, to prevent more expensive breakdowns in the future. The bundle is available for an additional premium, which was priced at $125 per year in 2019. The insurance covers up to $2,000 in parts, service and labour for each claim, with a maximum of $5,000 over the term of the policy. The Home Repair Bundle also provides up to $2,500 to cover the cost of loss-prevention devices, including security systems, sump pumps, fire alarms and automatic water shut-off devices. It is important to note that this coverage can only be accessed after a claim has occurred.
Purchasers of the Home Repair Bundle also gain free access to HALO Assist, a phone-based service that provides advice on home repair, referrals and real estate. HALO Assist can be used immediately after the date your coverage starts. However, for the Home Repair Assure portion of the endorsement, there is a 45-day waiting period from the date your coverage starts. Using the Home Repair Bundle will not affect your premiums or your claims-free status.
RBC Insurance offers discounts to customers who bundle their home insurance with other products, such as life insurance and auto insurance. For every claims-free year, customers will receive a 20% reduction in their deductible.
RBC's Comprehensive Homeowners Insurance Policy provides affordable protection against a wide range of risks. It covers the house itself and detached structures like a fence or storage shed. The insurance also covers personal belongings, including jewellery, artwork, furniture, computers, carpets and more. Additionally, the policy includes third-party liability coverage, which protects against personal liability if someone is injured on your property or if you accidentally damage a neighbour's property.
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RBC Home Insurance Quote Reviews
RBC Home Insurance offers a standard home insurance package with add-on coverage options. The standard package includes protection against a wide range of risks, such as fire, wind, hail, theft, and more. It also covers personal belongings and provides third-party liability coverage. RBC offers a 5% discount for online purchases and additional discounts for bundling home and auto insurance or for having a long accident-free driving record.
RBC's home insurance quotes are highly dependent on individual situations, including the type of home, previous claims history, and other criteria such as square footage, location, and age of the home. The deductible amount, which is typically $1,000 for homeowner policies, can also impact the premium. RBC allows customers to increase or decrease their deductible, with a higher deductible resulting in a lower premium.
Reviews for RBC Home Insurance vary. Some customers have praised the helpfulness and pleasantness of RBC's agents, while others have complained about long wait times, poor responsiveness, and issues with payments and account creation. It's important to note that responsiveness seems to be a common issue during and after severe weather events when claim volumes are high.
RBC Insurance is a subsidiary of the Royal Bank of Canada, but since 2016, its home insurance has been administered by Aviva, which handles the coverage and claims process. RBC markets the insurance products and provides advice through its sales network. This separation of duties between RBC and Aviva is a common practice among Canadian banks that sell insurance.
Overall, RBC Home Insurance offers a range of coverage options and discounts, but customers should be aware of potential challenges with responsiveness and payment processing.
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RBC Home Insurance Cancellation
RBC offers a standard home insurance package with extra coverage options. Their Comprehensive Homeowners Insurance Policy provides affordable protection against a wide range of risks, including damage or loss to personal property and detached structures on the property. RBC also offers a Home Repair Bundle that covers minor repairs to prevent more expensive breakdowns.
RBC Home Insurance can be cancelled at any time. To cancel your RBC Home Insurance, you must call the RBC insurance claims department at 1-800-387-248. RBC does not allow cancellation through their website. If you cancel within 30 days of being approved, you will receive a full refund of your premiums. If you cancel after 30 days, you may still be eligible for a refund of premiums if you have not made a claim.
If you have RBC's HomeProtector Insurance, you can receive a refund of premiums if you contact them within 90 days of your application being approved or the date the funds are made available for use. To request a change to your RBC Home Insurance policy, you can submit a request through their Online Insurance Portal or by filling out a form on their website. An RBC Insurance Advisor will then contact you to finalize and confirm the changes.
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RBC Home Insurance Discounts
RBC offers a standard home insurance package with add-on coverage options. RBC home insurance covers the house itself and detached structures like a fence or storage shed. It also covers personal belongings such as jewellery, artwork, furniture, computers, carpets, and more. Additionally, the policy includes third-party liability coverage, which protects against personal liability if someone is injured on the property or accidental damage to a neighbour's property.
RBC Insurance offers discounts to customers who bundle their home insurance with other products, such as life insurance and auto insurance. RBC offers up to a 15% discount on car premiums when bundling with home insurance. Similarly, customers can receive up to a 10% discount when insuring their main residence and personal vehicles. RBC also offers a 5% discount for purchasing home insurance online.
The Home Repair Bundle is an additional premium that covers minor repairs to household items and systems, such as water heaters and plumbing, to prevent more expensive breakdowns. The insurance pays up to $2,000 in parts, service, and labour for each claim, up to a total of $5,000 over the policy term. This program also provides up to $2,500 to cover the cost of loss-prevention devices such as security systems, sump pumps, fire alarms, and automatic water shut-off devices.
RBC Insurance provides expert advice, money-saving tips, and a range of insurance options. It is important to note that RBC sold its home and auto insurance operations to Aviva Canada in 2016 but continues to market these products and provide insurance advice through its sales network.
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Frequently asked questions
RBC's Comprehensive Homeowners Insurance Policy provides affordable protection against a wide range of risks. It covers the house itself and detached structures like a fence or storage shed. It also covers personal belongings such as jewellery, artwork, furniture, computers, carpets and more. Finally, the policy includes third-party liability coverage, which protects you against personal liability if someone is injured on your property or if you accidentally damage a neighbour's property.
You can get a quote for RBC's Homeowners Insurance by using their online quote tool or by speaking to an RBC Insurance Advisor. You will be asked to provide your home address, specify whether you are interested in rental insurance, homeowners insurance or condo insurance, and how long you have lived at your address.
You can pay for RBC's Homeowners Insurance through a major credit card such as Visa, MasterCard, or American Express, or via pre-authorized withdrawals from your bank account. RBC Insurance Advisors will work with you to set up a convenient payment plan.
If you have purchased your insurance policy directly from RBC, you can make a claim by phone or via their website. Phone lines are open 24/7 and you can contact RBC at 1-800-769-2526. To make a claim online, go to the RBC website, scroll to the bottom of the homepage and click the 'Claims And Services' button.
Yes, you can cancel your RBC Homeowners Insurance at any time, although cancellation fees may apply. RBC only allows you to cancel your insurance by phone—you cannot cancel online. To cancel, call the RBC insurance claims department directly at 1-800-387-248.
