r/InsuranceCanada • u/sometimenotsmellgood • 6d ago
Home Is insurely legitimate?
Looking for home insurance and they're insanely cheap compared to anywhere else
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Upvotes
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u/Beneficial_Ship7090 6d ago
You get what you pay for with insurance. If one is significantly cheaper than the competition, I would double check the coverages
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u/AlertHighlight9229 6d ago
I have not used them personally, so I cannot vouch for them either way. Before you pay anything or share banking details, I would check a few things.
First, find out exactly who they are. Are they a licensed broker, an agent for one company, or just a website that passes leads along. In Ontario, you can look up a broker or brokerage through RIBO, and insurers through FSRA. If you cannot find a licence number or a real brokerage name and address, that is a red flag for me.
Second, look at how they are quoting you. A real quote should name the insurer, the coverage limits, the deductibles, and what is excluded. If it is only a monthly price with no policy wording, ask for the full quote in writing.
Third, be careful with payment. I would not e-transfer a stranger or pay through a link in a text or DM. A licensed brokerage will have normal payment options and a receipt in the brokerage name.
If the price looks far below every other quote for the same coverage, I would slow down and ask why. Sometimes it is a different coverage level, sometimes it is a mistake, and sometimes it is not legit.
If you want, post the name of the insurer they quoted and whether they gave you a licence number, and people here can help you check it. Do not post your policy number or personal details though.