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How we find you the best home insurance in Montreal

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.

Home insurance covers 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.

We’ll try to answer some of the more immediate questions you might have about getting home insurance in Montreal.

How much does home insurance cost in Montreal?

Without a detailed picture of your situation and your needs, it’s tough to get an accurate sense of how much your home insurance premium will be. One of the best ways to get an idea of how much home insurance will cost you is to fill out a form on a rate comparison site like LowestRates.ca. We’ll ask you a few questions about yourself and then show you what 10+ home insurance providers in Montreal are able to offer you.

What risks are specific to Montreal?

The following risks 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 risks does home insurance cover in Montreal?

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

The following perils are covered by most home insurance companies in Montreal:

  • 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

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 save on home insurance in Montreal?

Comparison sites such as LowestRates.ca can help you find the best home insurance policy for your Montreal home at the best price. But there are other things you can do to save on the cost of home insurance:

  • 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
  • Don’t overinsure your home — choose 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 quotes with levels of service and products offered, to ensure that your specific needs will be met. Often, insurance companies will offer a discounted policy to members of certain alumni associations and clubs that they partner with. Read your policy clearly, make sure you ask the right questions, and understand everything you’re agreeing to.

As part of your search, some of the major home insurance companies operating in Montreal include:

  • Allstate
  • PC Insurance
  • La Capitale
  • CAA Quebec
  • belairdirect
  • Intact Insurance
  • The Co-operators
  • RBC Insurance

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