Home InsuranceWhat are five ways to save on condo insurance?
KEY FINDINGS: Bundling condo and auto insurance saves 5% to 20%: Buying both policies from one insurer e...
20,893 Canadians
have compared rates and saved money over the last 24 hours
Compare the best home insurance quotes in Montreal for free.
Compare the lowest Montreal property insurance quotes and save up to 32%*.
Get 50+ quotes in 3 minutes.
What our users say:
Written by Alexandra Bosanac
Core Content Manager
Updated October 22, 2026
How comparing home insurance quotes works. Hint: it’s free!
Share
First, we need to know about you and your home. It only takes 3 minutes, and it’s 100% confidential.
Compare
Next, we’ll show you quotes from 50+ Canadian providers. It’s free, with no commitment.
Save
When you find the best quote, secure your Montreal home insurance rate by talking to a licensed broker or agent.
Is home insurance becoming costlier in Montreal in 2026?
Yes. Home insurance in 2026 is becoming costlier in Montreal, as part of a broader trend across Quebec. The average premium in Quebec went up 0.7% YoY in Q2 and down 1.8% versus Q1, as indicated by the Applied Rating Index. On the other hand, the national average went up only 5.8% YoY in Q2 and 0.8% versus Q1.
The outlook on Montreal's home insurance premiums in 2026
Home insurance premiums in Montreal are up YoY in 2026, as part of a grander trend for Quebec, and are likely to continue to climb as we head into 2027.
| Quarter | Alberta | Atlantic Provinces | Ontario | Quebec | B.C. | Sask. & Man. |
|---|---|---|---|---|---|---|
Q2 2026 | 11.9% | 8.9% | 4.2% | 0.7% | 1.9% | 10.8% |
Q1 2026 | 16.2% | 10.8% | 6.6% | 4.0% | 1.6% | 11.2% |
Q4 2025 | 13.5% | 9.4% | 4.3% | 6.4% | 1.7% | 9.0% |
Q3 2025 | 13.1% | 7.3% | 4.7% | 11.2% | 4.6% | 8.9% |
Q2 2025 | 9.5% | 7.0% | 5.0% | 10.1% | 1.0% | 9.4% |
Q1 2025 | 3.4% | 4.2% | 5.7% | 9.6% | -5.9% | 4.0% |
Q4 2024 | 7.0% | 4.5% | 8.9% | 8.5% | 4.7% | 7.9% |
Q3 2024 | 5.5% | 5.4% | 10.4% | 5.0% | 7.6% | 7.7% |
Q2 2024 | 5.9% | 7.9% | 12.5% | 4.7% | 10.7% | 8.3% |
Q1 2024 | 10.4% | 9.2% | 12.7% | 3.7% | 18.3% | 12.0% |
Note: The percentages listed above are derived from comparing rates from one quarter to the same quarter in the prior year (e.g., Q2 2026 is compared to Q2 2025).
Source: The Applied Rate Index (Q2 2026)
What's driving Montreal home insurance premium increases in 2026?
A recent study by Statistics Canada shows that intensification in extreme weather events in the last six years, combined with an increase in rebuilding costs, have led to significant challenges for insurers across Canada. Here are some highlights:
Factor #1: Extreme weather intensification
Quebec has felt the effects of extreme weather firsthand. In August 2024, the remnants of tropical storm Debby brought 100 to 175 mm of rain to many communities along the St. Lawrence, according to Environment Canada, affecting 52 municipalities and leaving more than 540,000 homes without power at the height of the outages. A year earlier, wildfires burned a record 4.3 million hectares, more than the total area burned over the previous 20 years combined.
As of now, there are no indications that this upward trend will reverse any time soon. Extreme weather is bound to only get worse in the future, with temperatures and precipitation continuing to increase at a rapid rate. Locally, a Quebec government report using Ouranos climate modelling projects that, under a high-emissions scenario, days above 30°C in the Montérégie region will climb from 10 per year to 38 by 2041-2070.
Factor #2: Surging rebuilding costs
As seen in the recent report by Verisk, residential rebuild costs in Quebec went up 26.8% from January 2021 to January 2026. As of 2026 Q1, YoY component costs are 3.8% higher across all of Canada, with B.C. in the lead at 4.7.% YoY and Ontario sitting in the second place at 4.4% YoY.
Furthermore, due to a growing skilled trades shortage — as job vacancies are expected to climb at a rate of 13% between 2026 and 2045 — there’s a high chance that home rebuilding costs will remain elevated as well.
Factor #3: Profitability concerns
All these issues have resulted in profitability concerns and pushed insurers to increase their premiums. According to the study, homeowners’ home and mortgage insurance increased 45% from December 2019 to December 2025, outpacing even the all-items Consumer Price Index (inflation), which went up 21% over that time span.
The outlook is grim, yes, but that doesn't mean that consumers have no options. Comparison shopping is still the best way, by far, to secure a cheap premium. And like all things financial, price shopping should be a habit rather than a once-in-a-blue-moon activity.
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
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 50+ 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
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.
Home insurance news
Home Insurance Read the Story
HomesHow to sell your condo in Canada
KEY FINDINGS Condo buyers evaluate more than the unit itself. Prepare to answer questions from intereste...
*Shoppers in Canada who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 32% The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes condo and tenant insurance.