Since its opening in 2011, Square One has undeniably created a name for itself, which is no easy feat considering the dominance of a handful of key players in the Canadian home insurance industry.
But is that enough to trust your home and belongings to? That’s a decision only you can make.
In this article, you’ll learn more about Square One insurance for your home, condo, or rental unit, the potential pros and cons to consider, and how it’s different from YouSet. That way, you can make the most informed decision and choose a home insurance provider that matches your needs and expectations.
How is YouSet different from Square One?
The main difference between YouSet and Square One is that YouSet works with multiple insurers, while Square One offers home insurance from a single provider—The Mutual Fire Insurance Company of British Columbia (Mutual Fire).
As such, there are key differences between YouSet and Square One to consider, which you can see outlined clearly in the table below.
| YouSet | Square One | |
| Type of provider | Digital insurance broker | Insurance agency/brokerage |
| Products | Home, tenant, condo, and car | Home, tenant, condo, car, and landlord |
| Number of insurers | 18 insurers (Full list of YouSet insurers) | 1 home insurer (Mutual Fire) |
| Price comparison | Side-by-side comparison, shows multiple quotes | No comparison, only shows one quote (Mutual Fire) |
| Underwriting | Does not underwrite policies | Home insurance policies are underwritten by Mutual Fire |
| Checkout | Online checkout or by phone | Online checkout or by phone |
| Claims | Claims handled by the insurer, additional support from YouSet, as needed | Claims handled directly by Square One |
Square One home insurance pros and cons
Whether you’re a homeowner, renter, or condo owner, if you’re considering Square One 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
- Basic product offering
- No interest on monthly payments
- Purchase online
- 24/7 emergency claim hotline
Cons
- Restricted to Mutual Fire products and pricing
- Limited regional availability
- Bundling may be limited
- Limited after-hours support in Quebec
Basic product offering
Square One offers a standard range of insurance products, which meet the basic insurance needs of most Canadians. Products offered include homeowners, tenant, condo, car, and landlord insurance.
Restricted to Mutual Fire products and pricing
Since home insurance from Square One is underwritten by Mutual Fire, you are limited to their products, pricing, and discounts. This means that, unlike a broker like YouSet, which compares quotes from a broader range of insurers, you’ll only have access to the options and rates provided by Mutual Fire through Square One.
No interest on monthly payments
Monthly insurance payments often come with 2–4% interest charges, which can add up depending on your premium. Square One, however, allows you to pay monthly without any interest.
Limited regional availability
Square One home insurance is available in Ontario, Quebec, British Columbia, Alberta, Saskatchewan, and Manitoba. Although they have now introduced car insurance, it is only available to those in Ontario and Quebec at this time.
Purchase online
There is no need for phone calls or interactions with sales representatives, as Square One allows you to buy a policy online with a credit card.
Bundling may be limited
Since launching car insurance in 2023, Square One now allows customers to bundle their home and car insurance and get a small discount on car insurance for doing so. That said, car insurance is not currently available in all the provinces where Square One offers home insurance, so the option to bundle and receive the discount may not be available to everyone.
24/7 emergency claim hotline
Square One provides a 24/7 hotline for emergency claims, indicating that they are making an effort to create a positive customer experience.
Limited after-hours support in Quebec
Square One provides a 24/7 emergency claims line and a chatbot, and live support is available evenings and Saturdays in most provinces. However, in Quebec, general phone support is limited to standard business hours, Monday to Friday.
Square One vs. YouSet home insurance
After getting a home insurance quote from Square One, 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
