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How comparing home insurance quotes works. Hint: it’s free!

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Next, we’ll show you quotes from 75+ Canadian providers. It’s free, with no commitment.

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When you find the best quote, secure your Montreal home insurance rate by talking to a licensed broker or agent.

How we find you the best home insurance in Montreal, QC.

Home insurance isn’t required by law, but it is recommended for homeowners and condo dwellers in Montreal. The right insurance policy means you won’t have to shoulder the entire financial burden should anything happen to your home. Having home insurance is also a prerequisite for most mortgage lenders.

Your Montreal homeowners' insurance will cover you for expenses incurred from fire, vandalism, and, occasionally, flooding. At the same time, different lenders offer different rates, so doing a little comparison shopping is important.

LowestRates.ca shops the market for you and lets you compare home insurance quotes from 75+ Canadian providers. It’s free and no-obligation. We’ll connect you with the Montreal home insurance broker or agent that can secure your new (lower) rate.

Our site is updated throughout the day, every day, so that we only bring you the most current home insurance rates for Montreal.

Still want more info about how home insurance works? We’ll try to answer some of the more immediate questions you might have about getting house insurance in Montreal.

Outline of a house. Illustration.

See how much you could be saving on home insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from January 21, 2022
Type of home
Detached 1,491 sq ft
Location
Montréal
Previous claims
None
Lowest Rate
$149/mth
$1,792/yr
Average rate
$343/mth
$4,119/yr
Saved
$194/mth
56.00%
Quote from January 20, 2022
Type of home
Detached 2,250 sq ft
Location
Montréal
Previous claims
None
Lowest Rate
$69/mth
$828/yr
Average rate
$301/mth
$3,608/yr
Saved
$232/mth
77.00%
 

Tips on how to lower the cost of your home insurance policy in Montreal

Getting insurance for your home is easier than you think. To get the lowest rate possible, the Financial Consumer Agency of Canada recommends following these steps when shopping for home insurance.

Compare home insurance quotes from various providers.

Ask your broker or agent about bundling your home and car insurance policies.

Ask your broker or agent about which discounts you qualify for.

You might be able to further reduce your by increasing your deductible (the amount you pay toward a claim before your insurance kicks in) and by offering to pay your insurance bill annually instead of monthly.

Increasing your deductible is a great way to save on home insurance in the short term, just make sure you have money reserved for this purpose. Focusing on finding cheap quotes isn’t always a good idea. Having the right amount of coverage — now that should always be the goal.

Factors that determine your home insurance quote in Montreal

Your home insurance policy will be customized to suit your needs and the property you’re insuring.

Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.

Here are some of the criteria insurance companies look at when calculating your premium.

  • The square footage of your home.
  • Contents and quality of construction.
  • The location of your home.
  • Distance to a fire hydrant.
  • Your insurance claims history.
  • The age of your roof.
  • Your home’s plumbing.
  • Your home’s electrical system.

Your questions about Montreal home insurance, answered.

How much is home insurance in Montreal?

Price data for home insurance Montreal is hard to come by. Unlike auto insurance, home insurance is unregulated in Canada. That means private insurance companies do not have to disclose price changes or the average cost of home insurance in Montreal.

Even still, average prices are not a reliable way to determine whether you are overpaying for home insurance. Everyone’s home insurance needs are unique, which is why no one pays the average price for home insurance.

Without a detailed picture of your situation and your needs, it’s tough to get an accurate sense of how much your Montreal home insurance premium will be.

One of the best ways to estimate your Montreal home insurance costs is to fill out a form on a rate comparison site like LowestRates.ca. That way, you can compare home insurance quotes from 75+ of the top providers across the country. There can be a large variance between providers. It’s pretty eye-opening.

The key takeaway from all this? The best insurance rate for your Montreal home will be the one that offers the coverage you need at a price that’s manageable for you.

What perils are specific to Montreal?

The following perils are common to Montreal:

  • Sewage pipe backup. Shifting weather patterns have caused severe rainfalls that current drainage infrastructure cannot accommodate. Flooding can result in sewage backing up into homes.
  • Overland flooding. Overland flooding occurs when water leaks into buildings through cracks, windows and doors, or when a river or lake overflows due to severe rainfall, causing damage to your home and contents.
  • Extreme cold. Montreal is known for its icy winters. Extremely cold weather, which causes a buildup of snow and ice, can affect your property in a couple of ways. Pipes can freeze and burst, causing damage to your property and leaving you without a water supply. Passersby can slip and fall, leaving you responsible for their accident.

What does home insurance cover in Montreal?

Risks to your home may differ based on region, geography and neighbourhood. That means premiums for property insurance in Montreal will differ according to your location, the size and condition of your home, and your personal tolerance for risk.

Most home insurance companies in Montreal provide coverage for the following perils in a standard policy:

  • Damage or loss as a result of an accidental fire.
  • Wind damage to the outside of your home.
  • Theft.
  • Overland flooding is increasingly offered as an add-on to your policy.
  • What risks won’t home insurance cover in Montreal?
  • Damage or loss as a result of a fire that was set intentionally.
  • If your roof is not up to standard, your home won’t be covered in the case of wind damage.
  • Theft is covered, but theft after a fire is generally not included.

Earthquake insurance is not standard in most policies, but an endorsement can be purchased in addition to your policy. Since it is an additional coverage, it will raise the cost of your Montreal home insurance policy.

What kind of home insurance do you need in Montreal?

There are several types of policies to meet the needs of Montreal homeowners. Maybe you want full coverage or maybe you want something more economical. While it’s best to clarify the specifics with your insurance company, categories include:

Comprehensive or All Perils - This type of policy offers the most coverage for the building and its contents, excluding optional coverage and predicted events which are not included.

Basic or Named Perils - An economical option, if you can cover some costs yourself in the case of damage or loss. This policy will cover only what is specifically stated within it.

Broad - A happy medium between a basic policy and a comprehensive policy, this covers the structure and named contents against any named perils.

No Frills - The option for homes that don’t meet the standards of most insurers and require upgrades for structural problems.

Personal liability - If someone is injured on your property and they’re not a resident, personal liability insurance will cover some damages. For example, a passerby slips because you have not yet shovelled the snow on your walkway.

Endorsements - These are additional or optional forms of coverage. In Montreal they are recommended for:

  • Earthquakes.
  • Sewer backup.
  • Overland flood damage.
  • Objects of high-value such as art, furniture and jewellery.

What can you do to find cheap home insurance in Montreal?

Rate comparison sites such as LowestRates.ca can help you find an affordable home insurance policy for your Montreal home. In just three minutes, you can compare home insurance quotes from 75+ of Canada's top insurance providers.

But there are other things you can do to lower your Montreal home insurance rate:

  • Limit the risk of slips and falls in your home.
  • Update your home’s infrastructure to prevent damage in the case of flooding or an earthquake.
  • If you can afford to, increase your deductible (the amount you pay out-of-pocket for repairs or replacement).
  • Install a theft alarm system and smoke detector.
  • Upgrade your electrical, heating and plumbing systems.
  • Ask your broker or agent for discounts.
  • Pay your premium annually instead of monthly.
  • Quit smoking for a lower risk of fires.
  • You can opt for less insurance on your home by choosing a basic policy.
  • Bundle your home and auto insurance policies with the same provider.

What are the best home insurance companies in Montreal?

There is no such thing as the ‘best’ insurance company for everyone. What matters is that you get the coverage you need at a price you can afford. Shop around and compare Montreal home insurance quotes to ensure that your specific needs will be met.

 Insurance companies will often offer a discounted policy to members of certain alumni associations and clubs that they partner with.

But most importantly, read your policy thoroughly to ensure you ask the right questions and understand everything you’re agreeing to.

Most major Canadian home insurance companies serve Montreal homeowners. Compare quotes online from Montreal home insurance providers for your home to find your new best rate.

What if I own a condo or rent? Can I still buy property insurance online?

LowestRates.ca can help renters and condo owners find property insurance. Just indicate which type of policy you’re looking for on our quickstart form above.

Alexandra Bosanac

Alexandra Bosanac

About the Author

Alexandra Bosanac is the Core Content Manager for LowestRates.ca. Her reporting has appeared in Canadian Business, the Toronto Star, the National Post, and the CBC.

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