How the Ratehub Mortgage Group Rate works
RH Insurance has partnered with Economical Insurance to offer a discounted insurance group rate to Ratehub's mortgage customers. Find out how you can access these exclusive insurance savings today.
How you can save with Ratehub's group rate discount
Connect with a broker
Book an appointment or call-in to the customer service line to connect with an insurance broker (varies by province).
Request a group rate quote
Identify yourself as a Ratehub Mortgage Client and provide details about your home insurance needs to get a quote.
Finalize the policy & start saving
Once you're ready to move forward with your policy - provide your mortgage closing date and complete your purchase.
What is the group rate discount?
Eligible Ratehub mortgage customers can receive a discount of 5% off their P&C insurance products including auto, home, and condo. The group rate provided by Economical Insurance starts at a lower base rate than the standard insurance market rating plus an additional 5% discount is applied making it one of the best rates in Canada!
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How to access the Ratehub mortgage group rate?
This discount is reserved for active Ratehub mortgage customers only. You are able to receive a complementary quote during your mortgage application, but in order to finalize your discounted group rate policy with Economical Insurance you will need to provide the closing date for your mortgage to your insurance broker.
How you access the group rate will depend on which province you live in:
Ontario mortgage customers
- Your quote and policy will be managed directly by RH Insurance.
- Start by clicking this link and booking a call with an RH Insurance broker to receive your quote.
- When you are ready to move forward with purchasing your group rate policy, you must provide your broker with your mortgage closing date.
Other eligible provinces (BC, MB, SK, QC, East Coast)
- Economical's Group Rate call centre has been set up to service the Ratehub mortgage customer base on behalf of RH Insurance.
- You can contact an Economical agent by either:
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- Toll Free Number - 1.866.247.7700
- Email - [email protected]
- Submiting an online form
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- You must reference the group rate name Ratehub Mortgage Clients.
- You must provide a mortgage closing date to finalize an insurance policy, but you can receive a quote at any time during your mortgage application process.
The group rate is not available to Alberta mortgage customers at this time.
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Common questions about Ratehub's group rate
Who is RH Insurance?
This is Ratehub’s in-house home and auto insurance brokerage.
Ratehub launched RH Insurance for a simple reason: Most Canadians are paying too much for their personal auto and home insurance. On top of that, Canadians often don’t know if they have the right level of coverage for their needs. That’s where we come in. By combining the latest online technology with our in-house expert brokers we get Canadians the right level of coverage at the right price for all of their insurance needs.
- 5-star Google rated sales & service teams
- Access to the best rates from Canada’s top insurance companies
- Experience and expertise to help you select the right policy
- Complementary market comparison and coverage assessment
- No purchase necessary
Who is Economical Insurance?
As one of Canada's largest personal and casualty insurance companies, Economical Insurance has been a staple in the Canadian insurance landscape since 1871. They pride themselves on being there when you need them most, employing a team of over 600 claims professionals who are available 24/7. The company partners with a network of independent insurance brokers to allow customers to make informed decisions based on unbiased advice.
What is Ratehub's relationship with Economical Insurance?
Economical Insurance is one of the insurance companies that Ratehub's brokerage RH Insurance has a contract with to represent and sell their personal insurance products. They have been a contracted partner since 2021.
Why do I need to call into a call centre to get the discounted rate? (applicable to all other provinces except ON and AB)
Economical Insurance has set up a direct line and service centre to support Ratehub and RH Insurance for Provinces we currently aren't able to service directly. Economical Insurance is operating on behalf of RH Insurance in these instances.
Provinces that are required to use the contact centre are:
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland
- Nova Scotia
- Prince Edward Island
- Quebec
- Saskatchewan
Why don’t we provide service in Alberta?
The province of Alberta is currently a hard market for insurance and we were unable to obtain a group rate discount at this time.
Is there a time-limit on this group rate offer?
Good news! There is no time limit as the group rate will be available as long as:
- You keep your mortgage with Ratehub's brokerage
- RH Insurance and Economical Insurance maintain this partnership
As long as the above conditions are met, you can take advantage of this group rate offer whenever you are ready. For example, some people may not be able to switch insurance companies until their policy is up for renewal.
What if I don't have a mortgage with Ratehub's brokerage?
Unfortunately you must have your mortgage brokered through our in-house brokerage to qualify for this group rate. You can shop online for the best mortgage rates here and book a call with a Ratehub mortgage broker if you want to know more.
What happens if I am no longer a Ratehub mortgage customer?
Your discount will be removed at your insurance policy renewal date. This assumes you were a mortgage customer when you first purchased your discounted group rate policy.
What if I never finalize my mortgage with Ratehub's brokerage?
The policy will most likely be cancelled as you failed to live up to the requirements of the program. Or, it will never be finalized (i.e. put in-force/active) because you failed to provide a mortgage closing date.
What if I want to cancel or switch my insurance policy?
You can connect with your insurance broker directly to address this request. It does not impact your Ratehub mortgage - you only need to have an active home insurance policy to be complicit with the terms of your mortgage. It does not have to be an insurance policy with Ratehub’s insurance brokerage (i.e. RH Insurance).