Aviva Property Insurance Review

Aviva Property Insurance Review

Written by Caitlin Wood
Last Updated July 26, 2021

Aviva Insurance is a reputable insurance firm that offers its services across the globe. The company’s suite of insurance products comes with plenty of flexibility to personalize policies according to the needs of each member. In terms of property insurance, Aviva Insurance offers both standard and more comprehensive coverage to over 860,000 Canadian households, as well as optional options for a more customized policy.

Home insurance is essential given the value of real estate. Your home is likely the biggest investment that you will ever make. Any damage or loss to your home would likely be financially devastating for you. But with a home insurance policy in place, you can protect your home and the contents within it against financial loss.

How Does Aviva Home Insurance Work?

A home insurance policy requires regular premium payments to be made in exchange for coverage. Generally speaking, higher coverage typically translates into higher premiums. But you can choose the coverage amount you want. 

When you make a claim to cover any damages incurred, you will first need to pay a deductible before the policy kicks in. You can choose the deductible amount you wish to pay. A higher deductible usually means lower premiums, while a lower deductible means higher premiums. 

In order to receive a payout following a claim, your policy must remain active, which means you will need to make sure that you keep up with your premium payments. 

Learn about what affects the cost of home insurance.

Types Of Property Insurance Aviva Insurance Offers 

Aviva home insurance provides a variety of coverage options, including the following:

Comprehensive Coverage Against Damage To Your Home

Your home will be protected against fires, storms, lightning, hail, falling objects, theft, vandalism, and some types of water damage that originate from within your home. 

Looking to cancel your home insurance and move to Aviva? Learn how to cancel your policy here.

Coverage For Damage Or Loss Of Your Home’s Contents

Certain possessions will be covered under a basic policy, including furniture and appliances. Your policy will cover a portion of the value of your belongings if they are damaged or stolen. You also have the option to add additional coverage for more valuable items, like jewelry and artwork over a certain value.

Personal Liability

If someone on your property is ever injured, your home insurance policy will protect you against any liabilities in case the individual chooses to pursue litigation.

Temporary Living Expenses

Depending on how much damage your home experienced, you may need to temporarily relocate until your home is deemed safe to live in after the necessary repairs have been made. In the meantime, the cost of these temporary living arrangements can be covered under your home insurance policy. 

Condo Insurance

While the building you live in will be insured by your condo corporation, the actual unit that you own is your responsibility. More specifically, the interior walls of the unit and everything inside — including your personal belongings — should be insured with your own condo insurance policy. . While not mandatory in most buildings, condo insurance can be very helpful if you ever face unexpected damages.

Optional Coverages

A standard home insurance policy does not cover everything. It’s important to understand exactly what is and isn’t covered under a basic policy. If you wish to have more comprehensive coverage, you’ll need to incorporate add-ons to ensure that your policy covers you accordingly. 

At Aviva Insurance, you can add the following options to your home insurance policy.

  • Flood protection. Damage from water that came from within your home — such as from a burst pipe — is covered under a basic policy. But any damage caused by water that made its way into your home from an outside source is not covered, such as water from a torrential downpour, melted snow, or an overflowing river. In these cases, you’d need to take out flood insurance.
  • Sewer back-up. If water or sewage finds its way into your home, a sewer back-up policy will cover you against damages caused. 
  • Earthquake insurance. If you live in a part of the country that is susceptible to earthquakes, an earthquake insurance policy will provide coverage against any damage or losses from this natural disaster.
  • Identity theft. Being the victim of identity theft can leave you in financial ruin. But you can receive financial compensation for any losses suffered as a result, with an identity theft recovery policy.
  • Claim protection. This policy can help reduce your deductible every year that you don’t file a claim and avoid premiums from increasing after filing your first claim.
  • Claim prevention. Get coverage to install security devices, such as an alarm, to prevent future incidents after a covered claim.
  • Home-sharing coverage. If you rent out your home temporarily on sites like Airbnb, you’ll need the appropriate coverage, and a home-sharing plan can help. 
  • Home-based business. If you operate a business out of your home, all equipment required to run your company — including computers and furniture — will be covered under this add-on. 
  • Green assure. This policy will help you recoup the costs associated with replacing damaged items with more environmentally-friendly and energy-efficient alternatives.

How Does Aviva Calculate Your Home Insurance Premium? 

To establish an accurate premium, Aviva Insurance will take a number of factors into consideration, including the following:

Location Of The Home

Insurance companies keep tabs on statistics on claims in every location in terms of fires, thefts, storms, and other issues that have led to claims being filed. These statistics are factored into rates. If your home is located in an area that’s got a higher rate of floods, sewer-backup, or thefts, for instance, your premiums may be higher.

Age And Condition Of The Home

An older home in poor condition will be more vulnerable to damage compared to a newer home that’s been well-maintained, and the premiums will reflect that.

Many home insurance claims are the result of roof damage. The age of the roof and quality of construction could impact your rates.  

Security Of The Home

  • Proximity to fire hydrants and fire halls. Every second matters when it comes to putting out a fire. The closer your home is to a fire hall or hydrant, the faster a damaging fire can be put out. In this case, your premiums may be lower.
  • Security system. If your home is equipped with a security system that monitors the property for suspicious activity, the odds of a break-in will be lower, which can reduce your premiums. 

Electrical System

Older electrical systems with knob-and-tube wiring may not only be more expensive to insure but may not be insurable at all. Insurance providers want to keep risks to a minimum, and one way to ensure that is for a home to have a more updated electrical system.

Plumbing

Like the electricals, the plumbing system in a home also has an effect on premiums. Lead pipes, for insurance, are more likely to break down and cause leakage. A home with old plumbing will likely require higher premiums. 

Claim History, Coverage Amount, And Deductible

If you have a history of several claims, you may find that your premiums will be more expensive. A higher coverage amount will also translate into higher rates. Further, your deductible amount will impact your premiums — higher deductibles usually mean lower premiums and vice versa. 

Benefits Of Aviva Property Insurance 

  • Convenient application. You can get a quick quote online within a few seconds and continue on with the application process through the Aviva Insurance website.
  • Several coverage options. You have many options to choose from to customize your home insurance policy according to your needs. 
  • Steady premiums. you can choose an insurance policy that will keep your premiums stable even after filing your first claim. 
  • Claim prevention. For an additional fee for the Home Protect Bundle, you can help prevent any future claims. 
  • Lower deductible option. For every year that you don’t make a claim, you can reduce your deductible amount a little each time without affecting your premiums. 
  • Bundle discount. If you take out other insurance policies through Aviva Insurance, you can take advantage of a bundle discount. 

How Do You Make a Claim?

Filing a claim with Aviva Insurance is quick and easy and can be initiated online. To begin the claims process, you’ll need to supply a few key pieces of information, including the following:

  • Your full name
  • Your postal code
  • Your policy number
  • When the incident occurred

Once you input the requested information and click “Continue,” a claim will be created on your policy.

You can also start the claim process by calling Aviva Insurance, either by speaking to a representing agent directly or by getting in touch with your insurance broker

After the claim has been filed, all damages will be assessed by an adjuster who will be assigned to your file. You may be asked to provide further information about the damages or losses, such as photos, receipts, and notes made after the incident occurred. The adjuster may also visit the property physically if required. 

Based on the information you provide, your adjuster will be able to make an accurate assessment of how much damage was done and the cost associated with rectifying the situation. If approved, the claim will be settled and you’ll receive a payout subject to the coverage amount stipulated in your policy.

Bottom Line

Home insurance is a policy that you don’t want to be without. And if you’ve got a mortgage on your home, odds are your lender will require one. Assess your needs and the options available to you to ensure your policy provides adequate coverage at a rate you’ll be comfortable with. At Aviva Insurance, you’ll have plenty of options to choose from, including ways to keep rates within your budget.

Caitlin is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security. One of the main ways she’s built good financial habits is by budgeting and tracking her spending through the YNAB budgeting app. She also automates her savings so she never forgets to put aside a portion of her income into her TFSA. She believes investing and passive income is key to earning financial freedom. She also uses her Aeroplan TD credit card to collect Aeroplan points so that she can save money when she travels.

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Make Smarter Borrowing Decisions

Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.

Save With Loans Canada

Special Offers

Earn 5% Cash Back With Neo

Earn 5% Cash Back With Neo
No annual fee!

Earn an average 5%¹ cash back at thousands of partners and at least 1%² cashback guaranteed.

View Offer
Build Credit With Refresh Financial

Build Credit With Refresh Financial
Popular

Build credit while spending money with the Refresh Financial VISA card.

View Offer
Build Credit For $7/Month

Build Credit For $7/Month
Popular

With KOHO’s prepaid VISA card you can build a better credit score for just $7/month.

View Offer
Industry Spotlight

What's happening with Canada's credit industry?

Lexop ⎯ Improving The Collection Process By Putting The Consumer First

Lexop ⎯ Improving The Collection Process By Putting The Consumer First

In an industry that doesn’t often put the consumer first, Lexop is changing the way companies manage their collection process. 

Read Post
Locator
Find The Best Rate
In Your Region
OR
Best Personal Loan Provider by Greedy Rates
Icon

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.