Square One Insurance Review – Slash Your Home Insurance Bill

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I am a big fan of renegotiating with your service providers once a year.  When it comes to our rental property portfolio, home insurance is a considerable cost.  In the past, we have worked with an insurance company that had great rates.  But their underwriter changed recently, and their prices went up substantially.  

It was time for me to look around for a better deal.  Then I found Square One Insurance. After doing more research, I’m now in the process of moving all my rental properties over as their policies come due.  

This Square One Insurance review will tell you everything you need to know and hopefully convince you to switch too.

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What is Square One Insurance?

Square One Insurance is a licensed insurance brokerage that opened in 2011.  But they are not your typical insurance brokerage.  

Square One offers tenant insurance, condo insurance, homeowner’s insurance, and landlord insurance.  And are an authorized agent for the Mutual Fire Insurance Company of British Columbia.

This post may contain affiliate links which means I may receive a commission if you purchase through my links.  Please read my disclaimer for more information.

What Makes Square One Different?

Square One does not have any brick-and-mortar locations.  This saves them on overhead costs, which they pass on to you, the customer. They are exclusively over the phone and online, and you can get an online quote in as little as 5 minutes.

They have an a-la-carte type insurance model, so you can pick and choose how much coverage you need for specific categories.  And don’t worry, they also offer expert suggestions if you just aren’t sure how much coverage you may need.

Ready to switch to Square One? Save $20 on your premium when you sign up through this referral link.

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What Does Square One Offer?

Square One Insurance offers tenant, condo, and house insurance.  And their home insurance includes great landlord insurance, including landlord legal protection and liability.  

Their policies start from:

  • $12/month for tenant insurance
  • $40/month for condo insurance 
  • $75/month for house insurance

These rates are below the average insurance price in Canada.

Square One is licensed to provide services in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario.

Slash Your Home Insurance Bill

When we made the choice to switch to Square One Insurance it was a game-changer for us.  In a year when the majority of insurance premiums were increasing, we were able to decrease ours on over half of our rental portfolio.  The coverage is great for us and the savings mean more cash flow in our pocket.

But more than just the savings is the coverage that is provided. Sometimes the cheapest plan isn’t always the best. But as a landlord, I totally appreciate the loss of rent insurance (that I can set my own amount for) and the landlord’s legal protection. If you’re on the fence, look into your current plan to see what’s offered. If you don’t have these 2 things as a landlord, it might be time to switch Square One Insurance.

And landlord or not, here are some ways Square One can help you slash your home insurance bill:

  • Only get the coverage amount you need
  • Increase your deductible
  • Select only the coverage you need
  • Everything is done online or on the phone cutting the overhead costs

If you are a renter, landlord, or homeowner it is definitely worth your time to get a free no-obligation quote.  You have nothing to lose and hundreds of dollars to save. And you can Save $20 on your premium when you sign up through this referral link.

Why I Like Square One Insurance

There are many things that I like about Square One Insurance.  

First and foremost is how easy it is to get a quote online.  With everything going on in my life, I don’t have time to spend hours and hours on the phone or online comparing insurance prices.  With Square One, I can get a quote in as low as 5 minutes (although, to be honest, it usually takes me 10-15 minutes, maybe I’m just slow).

I also like how their insurance is a-la-carte style.  I can choose what coverage I want and how much of it I want.  This is especially important for loss of rent coverage.  If one of our properties were to have an insurance loss making it unrentable, our coverage would cover the lost rent.  And because we can set our own limits for this, we can ensure that we aren’t losing any rent during an insurance claim.

Square One Insurance also has full replacement value insurance.

It is also worth noting how helpful their customer service is.  Every time I have had a phone or email interaction with someone, they have been very knowledgeable and helpful.

Oh, and let me just remind you how great the rates are.  Ready to switch to Square One? Save $20 on your premium when you sign up through this referral link.

No Square One Insurance Review would be complete without a list of pros.

  • Only pay for what you need
  • Flexible/personalized coverage
  • Ability to increase your deductible and decrease your premium
  • Everything is done online or on the phone
  • One insurance adjustor throughout your claim – no being bounced around
  • Easy to read policies free of jargon
  • Immediate receipt of policy by email
  • Email welcome sequence explaining your policy in detail
  • Easy to use dashboard keeps all your stuff in one place
  • No fees for monthly payments
  • 24/7 Emergency claims services (guaranteed response within 2 hours)
  • Keep track of your claim online
  • Easy to cancel
  • Pays out 90% of claims submitted in Canada
  • Extended business hours if you have to call
  • Landlord legal protection coverage
Square One Banner Ad

What I Don’t Like About Square One Insurance

I pride myself on transparency and authenticity

This Square One Insurance review is no different.  Although I’m pleased with my decision to switch to Square One, here are a few areas of improvement.

First, according to their records, only Ontario has freehold duplexes and townhouses.  This is 100% not true as all of our rental properties are freehold (no strata association or fee), the majority of them are duplexes and townhouses, and they are all in Alberta.

This isn’t a huge issue because it doesn’t mean I can’t get insurance coverage. It just means that to finish up with the quote and buy the policy, I have to call in during business hours (which are very flexible).  Usually, I have to confirm that it is freehold and provide pictures of the property’s exterior.  Then that information goes to the underwriter for approval.

So, because of this, it can take a day or so to get my coverage set up initially.  But once set up, the renewal process is automatic.

This brings me to another minor issue. With Square One your policy auto-renews, every year and you have to cancel it manually.  Although this may be great for most people – I’m a bit of a control freak and like to renew manually to ensure that I’m still happy with my service.  Case and point, this past year, I moved all my rental property insurance over to Square One as it came due.

And finally, Square One does not offer car insurance so you can’t bundle your insurance to save. But it may be worth your time to get a quote from your current provider and then share it with Square One to see if they can match it. Never hurts to ask right?

And of course, no Square One Insurance Review would be complete without a list of cons. (although I would argue the pros far outweigh the cons).

  • No in-person interactions (if that’s your thing)
  • No long term relationship building with an insurance broker
  • Detailed and specific questions required on the questionnaire to get your quote
  • Sometimes you will have to call to follow up and can’t buy your policy online
  • If you want to cancel the first $50 of your premium is non-refundable
  • If you have specialty items (bikes, jewelry, art), you will need to provide proof of value
  • No water damage coverage if your home is or becomes vacant
  • No ability to bundle your home insurance with your car insurance for a better rate

Who is the Underwriter for Square One Insurance?

The Mutual Fire Insurance Company of British Columbia is the underwriter for Square One Insurance.  The Mutual Fire Insurance Company of British Columbia was founded in 1902 and is licensed to do business in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario.  Their operations are monitored by provincial regulators.

How to Cancel Square One Insurance

Okay, so maybe you’ve had Square One Insurance but have decided to cancel (hopefully not, but I’m sure it happens).  To cancel your policy here are your options:

Be aware that the first $50 of your premium is non-refundable.  And in rare cases it may take a few days for your cancellation request to be processed as each request is reviewed by an agent.

Before you cancel, take some time to review your options as to why you are cancelling.  If you have found a better rate contact Square One and give them a chance to match it (it never hurts to ask right?). 

And if you’re moving you can transfer your policy to your new property.  The benefit of this is that all your possessions will be insured throughout the move process; win-win.

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Square One Insurance Review – Recap

ProsCons
Only pay for what you needNo in-person interactions (if that’s your thing)
Flexible/personalized coverageNo long term relationship building with an insurance broker
Ability to increase your deductible and decrease your premiumDetailed and specific questions required on the questionnaire to get your quote
Everything is done online or on the phoneSometimes you will have to call to follow up and can’t buy your policy online
One insurance adjustor throughout your claim – no being bounced aroundIf you want to cancel the first $50 of your premium is non-refundable
Easy to read policies free of jargonIf you have specialty items (bikes, jewelry, art), you will need to provide proof of value
Immediate receipt of policy and proof of insurance by emailNo water damage coverage if your home is or becomes vacant
Email welcome sequence explaining your policy in detail
Easy to use online dashboard keeps all your stuff in one place
No extra fees for monthly payments
24/7 Emergency claims services (guaranteed response within 2 hours)
Keep track of your claim online
Record of paying out 90% of claims submitted in Canada
Extended business hours if you have to call
Landlord legal protection coverage
Square One Insurance Review - Slash Your Home Insurance Bill Pin

Final Thoughts

I know that I sound a bit like a Square One Insurance cheerleader and maybe I am.  But when I find something that will help save other people money, I feel like I have to let everyone know.

I truly believe that homeowner’s and tenant insurance is a must, so why not try to save as much money as you can while making sure that you are protected.

Hopefully this Square One Insurance review has at least convinced you to check out their rates. Use this referral link to save an extra $20 on your premium.

And if you can find a better rate than Square One Insurance drop a comment below and let me know.

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2 thoughts on “Square One Insurance Review – Slash Your Home Insurance Bill”

  1. This was an excellent review, Maria! You know I’m a fellow Square One cheerleader!

    Being a hyper-optimizer, my favourite feature is the á la carte coverage. (Why should I pay for fine art and jewellery when I don’t have any?)

    It’s great to know that Square One works for rentals as well. From what I’ve heard, not all insurers are willing to cover rentals.

    Thanks for sharing! Hopefully, more Canadians will also benefit from substantially lower rates from Square One!

    1. Thanks for your kind words Chrissy.

      Yes, not every insurance provider will insure rentals or have comprehensive coverage for rentals. That is one of the best things about Square One – the ability to pick (and pay) what you want.

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