Do you live in Quebec and are currently shopping for tenant, condo, or home insurance? If so, you might be considering Beneva. After all, Beneva is a well-known name in Quebec and the largest mutual insurance company in Canada.
But does that make them the right choice for you? That’s a decision only you can make.
In this article, you’ll learn more about Beneva insurance for your home, the potential pros and cons to consider, and how it’s different from an insurance broker like YouSet. That way, you can make the most informed decision and choose a provider that matches your needs and expectations.
How is YouSet different from Beneva?
YouSet combines the convenience of an online platform with the advantages of a licensed insurance broker, while Beneva is a direct-to-consumer insurer that underwrites and sells its own policies.
As such, there are key differences between YouSet and Beneva to consider, which you can see outlined clearly in the table below.
| YouSet | Beneva | |
| Type of provider | Digital insurance broker | Direct-to-consumer (D2C) insurer |
| Products | Home, tenant, condo, and car | Home, tenant, condo, car, life, and health |
| Number of insurers | 18 insurers (Full list of YouSet insurers) | 1 insurer (themselves) |
| Price comparison | Side-by-side comparison, shows multiple quotes | No comparison, only shows one quote (their own) |
| Underwriting | Does not underwrite policies | Direct writer (underwrites its own policies) |
| Checkout | Online checkout or by phone | Call to purchase |
| Claims | Claims handled by the insurer, additional support from YouSet, as needed | Claims handled directly by Beneva |
Beneva home insurance pros and cons
Whether you’re a homeowner, renter, or condo owner, if you’re considering Beneva for home insurance, then it’s important to understand what it offers and what it doesn’t. This is key to helping you determine if it aligns with what you’re looking for in a home insurance provider.
Pros
- Free counselling with a psychologist included
- Flexible premium payments
- Mutual insurance model
- Deductible decreases for being claim-free
Cons
- Only available in Quebec
- Must call to buy an online quote
- Restricted to Beneva products and pricing
- Bundling savings may be limited
Free counselling with a psychologist included
If you experience a covered loss—such as a house fire or break-in—Beneva home insurance includes access to free, confidential counselling within 12 months of the incident. So, if you’re struggling to cope afterward, up to 10 hours of support per person (and 20 hours per family) from a licensed psychologist will be covered.
Only available in Quebec
Beneva’s home insurance is currently only available to residents of Quebec. While you won’t be able to get a home insurance quote if you live outside the province, Beneva does offer health, life, and group insurance, as well as a variety of investment and financial products, across Canada.
Flexible premium payments
Beneva allows you to split your home insurance premium into multiple installments with no added interest or fees. Depending on your situation, this can be a practical way to manage your budget, and one of several strategies homeowners can use to make insurance more affordable.
Must call to buy an online quote
Although Beneva offers online home insurance quotes, you’ll usually be prompted to call and speak with a sales representative to complete your purchase. For those who prefer to get a quote, make customizations, and check out entirely online, that extra step can be off-putting.
Mutual insurance model
Unlike publicly traded or investor-owned insurers, Beneva is a mutual insurance group—the largest in Canada, in fact. What this means is that they are owned by policyholders, not external shareholders. This structure may appeal to those who value a more people-focused or community-based approach to insurance.
Restricted to Beneva products and pricing
Beneva home insurance is underwritten by Beneva Insurance Company. Unlike brokers, such as YouSet, which scan a network of multiple carriers to find you the best price, with Beneva, you’re limited to their products, prices, and discounts, which could potentially restrict how much you can save.
Deductible decreases for being claim-free
Do you have a history of few or no home insurance claims? If so, Beneva will reward you each year at renewal for remaining claims-free by reducing your deductible by $50. For example, if your deductible starts at $1,000, it would drop to $950 after one claim-free year, and continue to decrease with each claim-free renewal.
Bundling savings may be limited
Bundling home and car insurance with Beneva can save you money, as advertised. However, bundling with a single insurer doesn’t always offer the most savings possible. Rather, a mix-and-match approach to bundling, where products and pricing from multiple carriers are considered and combined, can sometimes help you maximize your savings and find the most cost-effective solution.
Beneva vs. YouSet home insurance
After getting a home insurance quote from Beneva, it’s wise to compare quotes from an alternative provider, such as YouSet, to see if that’s truly the best price you can get or if there’s a better deal available.
Since 2017, YouSet has been making it easier for Canadians to buy home and car insurance online. Why spend hours manually comparing quotes when our proprietary technology can do it all for you in less than 4 minutes? Not only that, but we’ll also have Canada’s top insurance providers competing for your business, ensuring you get the best price year after year. With over 300,000 users and an average online review rating of 4.9 stars, YouSet is a broker well worth considering.
Best price year-after-year
YouSet’s algorithms are designed to do one thing - find you the best price. Not just the first time you buy, either. If your price increases at renewal, we’ll alert you and even help you re-shop with another carrier.
Transparent renewals
Anytime a YouSet insurance policy comes up for renewal, our team will make sure you’re paying the best price possible for your policy. If that’s no longer working, we’ll help you re-shop another carrier for a better deal.
Mix-and-match approach to bundling
YouSet is the only digital broker in Canada that automatically compares the cost of bundling home and car insurance from a single carrier against the cost of mix-and-matching home and car carriers. Whichever option offers the maximum savings is the one we present to you.
Buy, manage, and renew your policy online
How much easier would it be if you could purchase a policy, personalize it to fit your needs, make modifications to it, and renew it, all without having to make any phone calls or wait on hold? With YouSet, you can do all that and more with our self-serve features.
Highly reviewed by Canadians
With an overall rating of 4.8 out of 5 stars on Google, the general consensus among YouSet users is that YouSet is making it easier to find affordable insurance and buy it online at the best price year after year.
We do the searching, you get the savings
