When you think of the Royal Bank of Canada (RBC), you might immediately associate it with banking, credit cards, or even mortgages—but insurance for your home, condo, or rental unit?
As with many of the other “Big Five Banks,” RBC is also a major player in the Canadian insurance market, offering home insurance as well as a wide range of other personal insurance products underwritten by Aviva.
But are they the right choice for your needs and budget? That’s a decision only you can make.
In this article, you’ll learn more about RBC 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 RBC insurance?
YouSet combines the convenience of an online platform with the services of a licensed insurance broker. In contrast, RBC home, condo, and tenant insurance policies are underwritten by Aviva General Insurance Company—meaning RBC markets and sells the policies under its brand, but doesn’t itself underwrite them.
As such, there are key differences between YouSet and RBC to consider, which you can see outlined clearly in the table below.
| YouSet | RBC | |
| Type of provider | Digital insurance broker | Insurance provider |
| Products | Home, tenant, condo, and car | Home, tenant, condo, car, recreational vehicle, life, and travel |
| Number of insurers | 18 insurers (Full list of YouSet insurers) | 1 insurer (Aviva) |
| Price comparison | Side-by-side comparison, shows multiple quotes | No comparison, only shows one quote (Aviva) |
| Underwriting | Does not underwrite policies | Does not underwrite policies, Aviva does |
| Checkout | Online checkout or by phone | Call to purchase |
| Claims | Claims handled by the insurer, additional support from YouSet, as needed | Claims handled by Aviva via RBC |
RBC home insurance pros and cons
Whether you’re a homeowner, renter, or condo owner, if you’re considering RBC 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
- Trusted name in the finance industry
- Offers a range of personal insurance products
- Offers single coverage limit
- Optional coverage for small repairs
Cons
- Restricted to Aviva products and pricing
- Call to buy an online quote
- Limitations on home security discount
- Bundling savings may be potentially limited
Trusted name in the finance industry
As part of The Royal Bank of Canada—the largest bank in the country—RBC Insurance benefits from the stability and recognition of a trusted financial institution. This may offer a sense of familiarity that drivers find reassuring.
Restricted to Aviva products and pricing
When you buy home insurance from RBC Insurance, Aviva will underwrite your policy. Unlike brokers such as YouSet, which scans a network of multiple carriers to find you the best price, with RBC, you’re limited to the products, prices, and discounts offered by this one carrier.
Offers a range of personal insurance products
In addition to home insurance, RBC also offers car, tenant, condo, cottage, life, and travel insurance.
Call to buy an online quote
Although RBC offers online home, condo, and tenant insurance quotes, you’ll likely be prompted to call and speak with a sales representative to complete your purchase.
Offers single coverage limit
RBC home insurance allows customers to combine coverage for their home, personal belongings, and additional living expenses under a single limit. While this can eliminate the need to manage separate limits for each coverage, it may not be automatically included in every homeowner’s quote.
Limitations on home security discount
Although RBC offers a discount for homeowners who install a centrally monitored security system, it is not available to homeowners in Ontario, Alberta, or British Columbia. Additionally, condo and tenant insurance policies are not eligible for this discount.
Optional coverage for small repairs
For an additional fee, RBC offers a Home Repair Bundle endorsement, providing homeowners with minor repair coverage, claim prevention services, and on-demand phone advice from legal and home repair experts. This may appeal to those who rely on a claims-free discount or disappearing deductible to keep their premium low. However, it comes with a 45-day waiting period before taking effect and strict terms, conditions, and coverage limits.
Bundling savings may be limited
Bundling home and car insurance with RBC can save you money, as advertised. However, bundling with a single carrier 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 help you maximize your savings and find the most cost-effective solution.
RBC vs. YouSet home insurance
After getting a home insurance quote from RBC, 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
