Home insurance in Montreal

Home insurance is a type of insurance that protects the property you own, usually your principal address. Home insurance can also be found on properties that are not your principal residence, such as:

• A second home that you may live in
• A home you rent out for the purpose of generating revenue
• A cottage /chalet

As a general rule of thumb, home insurance brokers will want to insure your principal residence before or at the same time as any other property you may own.

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Your home insurance policy covers 5 main components that every insurance company includes. They are:

1. Your home (the building itself).
2. Your detached structures, when applicable (detached garage, shed, pool house, etc.).
3. Your contents (personal belongings, furniture, jewelry, etc.).
4. Additional living expense (this includes hotel, travel and food costs in the event you can’t live in your home due to a claim or mass evacuation).
5. Civil liability (damage you or your property may cause to others).

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When you need to cancel your policy, (if, say, you’re moving to another country), your insurance company will require a written request to cancel – an email is usually good enough. When simply choosing to non-renew your insurance policy come contract expiry, a phone call to your company will suffice. It is important to understand that, even if you pay monthly, your contract is annual. So when you cancel your residential insurance policy, you’re breaking a contract and with that will come cancellation fees (usually about 1 month’s worth of your contract). To avoid a cancellation fee, it’s always best to switch your policy on the renewal date.

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There are 5 main ways you can lower your home insurance cost:

1. Raise your deductible – The more you are willing to pay to have repairs done on damage to your home and/or property, the less you are going to pay for house insurance.
2. Avoid making small claims – Insurance was not designed to be a maintenance package. As a rule of thumb: If the cost to repair the damage is less than twice the amount of your deductible, avoid the claim and pay for it yourself instead.
3. Install anti-water damage systems, such as:
   a. A sump-pump
   b. A back-water valve
   c. Water leak detection sensors
   d. Automatic water shut-off
4. Install both fire and burglary alarms – that are connected to a central station.
5. Bundle with your car insurance – The more insurance products you have with an insurance company, the more discounts they can offer you.

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The term “named perils” refers to insurance for predetermined risks. With named perils insurance, the homeowner determines their list of covered incidents (Example: fire, theft and water damage) ahead of time. Unless it appears on the list, the peril is NOT covered. The only way for damage not listed as a named peril to be insured is if you add an endorsement (coverage add-on) to your insurance policy a-la-carte. Otherwise, the damage will not be covered.

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Sewer backup insurance is an endorsement (coverage add-on) that insures you in the event that sewage water re-enters your home. This can happen due to a blockage in your sewage pipe or if there is heavy water accumulation in your municipality’s sewage system. Without this endorsement, any water damage caused by a sewage backup is not covered on your standard home insurance policy. At KBD, we suggest having a back-water valve installed to block sewage water from re-entering the property.

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Earthquake insurance usually costs about $220 / year on top of your premium and comes with it’s own deductible of either 4% or 10% (your choice) of the reconstruction cost of your home.

Quebec has the second highest seismic risk in Canada in terms of severity, and we recommend all our clients to take earthquake coverage.

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When a Montreal home insurance company gives you a quote, they’ll ask for your consent to perform soft credit verification. It has no effect on your score itself.

The reason companies perform a credit check is because based on statistics, consumers with good credit scores tend to claim less than consumers with below average scores. The less likely you are to claim, the lower your homeowners insurance will cost – and vice-versa. You can choose to refuse the soft credit check, but be prepared to be underwhelmed by the home insurance quote you receive.

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High risk home insurance refers to a class of business that many companies don’t offer for two reasons:

1) The chance of having to pay a claim is higher than average

2) The potential claim amount ($) is also higher than average

You could be included in this category if:

• You’ve been cancelled for non-payment
• You have a criminal record
• High claims frequency
• Vacant home
• You live next to high risk neighbors (bar, night clubs, etc.)

KBD offers residential insurance for clients who are considered to be “high risk” with Intact.

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In 2022, the average home insurance price in Quebec is $1,450 per year, but your price will depend on a range of factors. No two homes are exactly the same size, same age or contain the same material value. These factors, along with the homeowner’s age, credit score, and claims history will ultimately determine the price you pay. Residential policies are not like cell phone or internet plans; the cost varies from person to person and property to property.

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1) Get a quote. You can get one by calling a Montreal home insurance company or visiting their website.

2) Once you find a quote you’re happy with, you’ll need to provide the insurance company with:

• Name of the bank / mortgage company
• List of all the owners of the property
• Banking info to pay for your premium

From there, the insurance company or insurance broker will send you proof of insurance, usually through email. This can be used as proof of insurance for the notary.

Once you get the proof of insurance, you’re good to go!

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Montreal home insurance policies vary greatly. What might be the best for you may not be the best for your neighbour, and vice versa. The only way to know company is best for you is by shopping amongst some of the great insurance companies, such as:

• Intact
• Belair
• Desjardins
• All-State
• Promutuel
• La Personnelle
• La Capital
• SSQ
• Wawanesa

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Because policies are tailored to the individual, you’ll need to provide certain info to the insurance company in order to receive a quote. When requesting a quote, be ready to provide:

• The name and date of birth for all owners of the home.
• Your consent for a soft credit check.
• Personal information concerning your background (criminal records, bankruptcies, claims, etc.).
• The address at which you currently live.
• The address you are looking to insure.
• Your current residential insurance company.
• The year your home was built.
• The type of wiring your home’s electricity runs on (knowing the system is even better).
• The proximity of the closest fire hydrant and fire department from your home.
• The material makeup of the home’s exterior(brick, wood, aluminum, etc.).
• The principal source of heating and any additional heating system.
• Whether the basement is fully finished (if not, the approximate percentage that is finished).
• The age of your hot water tank.
• The age of your roof and the type of material used.
• Approximate square footage or dimensions of your home.
• The number of bathrooms.
• Your mortgage company and their address.

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The term “all risk” can make a consumer feel like they are insured for every situation. That’s unfortunately not the case. All risk home insurance, as opposed to named perils, covers every risk UNLESS it is listed as an exclusion in the contract. The only way for damage listed as an exclusion to be insured is if you add an endorsement (coverage add-on) to your insurance policy a-la-carte. Without the add-on coverage, the exclusion will not be covered by your residential insurance policy.

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Flood insurance is an endorsement (coverage add-on) that most home insurance companies can provide; it does not come included automatically. Water damage represents the biggest risk for Montreal homeowners and is standard to have added to your policy. Oftentimes, insurance companies will bundle 2-3 different water damage protections, and mass flood is one of them. If you live in a Quebec flood zone, home insurance companies will deny offering you the coverage.

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There are a few ways to receive home insurance quotes online:

• Montreal home insurance broker websites (like KBD) who can compare prices for you
• Directly visit major insurance company websites:
  • Desjardins
  • Belair
  • La Capitale
• Aggregator websites like rates.ca or clicassure.com

A free 3-minute quote will provide more of an estimate than an accurate price.

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A deductible is the predetermined amount that the consumer has agreed to pay on each repair to their home in the event of damage. When submitting a claim, the customer can always expect to pay the deductible amount, with the insurance company covering the remaining cost.

Maintaining wear and tear is the responsibility of the homeowner and not the insurance company. In the case of each insurance claim, it’s important to consider your deductible amount vs the total dollar amount. Since claims stay on your record for 10 years and affect your future insurance costs, it might not make sense to submit a small claim you could pay for out of pocket.

Pro tip: Make home maintenance costs a part of your budget.

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Yes. Through Intact, KBD can provide residential insurance for property owners who live permanently outside of Quebec. Premiums are anywhere from 15% – 50% more expensive than average.

If the property is tenant occupied, it can be insured through our commercial insurance department.

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