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Did you just buy a beautiful home in Quebec? That’s really good news. But while you are celebrating this momentous event, you must also consider what you need to protect your investment.
In 2021, Quebecers spend an average of $1,100 yearly on home insurance. Of course, this varies depending on the location, age of the home, its features, value, and the risks you want protection for.
While the province of Quebec enjoys the lowest premiums in all of Canada, the rates are rising.
To make sure you get the lowest possible rates for the best type of coverage, make sure you understand how home insurance in Quebec works.
Compare multiple quotes from top home insurance companies to find the best rates to save time and money!
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Home insurance is not required by law in Quebec but for homeowners with a mortgage, lenders generally require it. In any case, it is always better to have protection in place should something unexpected happen.
Home insurance companies offer 3 types of home insurance. Many Quebecers choose comprehensive coverage, the type that gives the highest level of coverage, due to the minimal price difference and bigger benefits.
Below you will find the 3 types of home insurance to consider:
Type of Coverage |
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Some insurance companies call this policy Named Perils, the most standard and cheapest option available.
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If your home gets damaged by a fire, partially or completely, your home insurance policy will give you the money to rebuild.
For this reason, it is very important to get the best type of coverage with the appropriate insured amount so that you have peace of mind.
Several factors impact Quebec home insurance premiums. The age of your house, location, condition, and risks are assessed before you get a quote.
Here are the 10 important factors that home insurance companies look at to calculate your premiums.
#1: Type of Dwelling
What type is your home – 2-story home, bungalow, semi-detached, or condo? Every type of dwelling is assessed differently because they each have different risks.
#2: Cost of replacement
The cost to replace your home is based on how much you will need to restore your home to its present state. Please don’t confuse this to the market value of your house. It also does not include the value of the land.
You must also inform your home insurance company of any upgrades you do to your house to ensure that your coverage is updated. For contents, your policy will have limits such as for jewelry, special equipment, etc. If you need a higher amount of coverage for expensive items, you can add an endorsement or rider.
It goes without saying that the higher the cost of rebuilding your house, the higher the amount of insurance you need, thus impacting the cost of your premiums.
#3: Location
If your house is located in an area with many crimes, your insurance premiums will be higher due to risks of vandalism, break-ins, and theft.
Houses near water, far away from fire hydrants, or located where water may accumulate will also have more expensive premiums.
#4: Credit score
Are you baffled why your credit score will affect your home insurance premiums? Many insurers use your credit score to calculate your premium except in Newfoundland where the practice is banned.
Insurers believe that credit history is associated with higher risks. If you have a good credit score, you can save around 25% from home insurance premiums.
#5: Roofing
In Quebec, home insurers provide homes with high-quality roofing with lower insurance premiums. If your house has a well-maintained roof, the risk of leaking water or water damage is reduced.
#6: Pets
Owning pets can increase your home insurance premiums. Animals pose risks for damage to your property and they could be a danger to other people who could file a claim against you. This means you need liability insurance.
#7: Components of your home
Major components of your home also carry risks and potential hazards, such as:
· Plumbing
· Heating
Keeping these components in good working condition can lower the cost of your home insurance premiums. Dated systems are more hazardous and home insurers take these risks seriously.
#8: Accessory structures and Swimming Pool
A pool poses risks of drowning and could increase your home insurance premiums. Other detached structures such as a gazebo, shed, or laneway suite should also be covered by your policy. Obviously, your home insurance premiums will increase.
#9: Claims History
Home insurance protects your property from risks but when making a claim, make sure you are doing it right. If you have multiple claims, your home insurance premiums rise.
With this in mind, don’t make claims for minor damages. File a claim only if the cost outweighs your deductible significantly.
#10: Special Use
If you are operating a home business, your home insurance premiums may rise but not in all cases.
A daycare business in your home poses higher risks whereas a small printing business is not as risky. Inform your insurance company if you have a home business to ensure your coverage is adequate. Failure to inform your insurer could result in a denial of a claim in the future.
If you have a home renovation or do upgrades on your property, always communicate with your insurer so that your insured amount and coverage are also updated.
We already mentioned earlier that the amount of home insurance you need is based on the cost to build your home, not its market value.
If you didn’t build your house, it can be a bit tricky to determine the cost.
Your home insurance company will be able to help you with this because they have the necessary tools to do the estimation. They will be asking you questions such as:
· The square footage of your home
· The number of bathrooms
· Type of roof, siding materials, etc.
· Detached structures
Be sure to give the accurate square footage to your insurer!
Regarding the contents, make an inventory of all your contents (furniture, devices, appliances, jewelry, art, clothing, etc.) Your insurer will make an estimation of the value and double it.
Home insurance policies follow a standard procedure that includes coverage for the following:
1. Building – the cost of the structure
2. Living expenses – in case you have to stay elsewhere if your home gets damaged
3. Contents
4. Private structures – garage, shed, gazebo, etc.
5. Liability– coverage for lawsuits filed against you if someone gets injured on your property. It can also cover damage to someone else’s property unintentionally caused by any member of your household as well as medical payments for an injury suffered by someone else on your property.
The goal is to get the amount of insurance you will need in case you home is totally damaged and all your belongings in the home.
If you are underinsured, you will need to pay for the difference out of pocket. Don’t try to save money by being underinsured.
Finding the best home insurance in Quebec can be simple and easy. Before you start shopping, though, check out these frequently asked questions to guide you in your search.
How can I get the best home insurance in Quebec?
To get the best home insurance means you have sufficient coverage to lower your risks. Comprehensive or all-risks insurance has broad protection but you can also add a few things to your policy such as:
· Earthquake insurance
· Flood insurance
· Sewer backup
· Increased limits for expensive items like jewelry, antiques, or artwork
These are generally not covered by your policy but you can pay extra to get coverage.
Is home insurance mandatory in Quebec Province?
No, it is not mandatory to get home insurance in Quebec. However, if you have a mortgage, you will be required by your lender to get it.
What are the best home insurance companies in Quebec?
There are many reputable insurance companies offering home insurance in Quebec namely Desjardins, Intact, TD, etc. The best way to choose your insurance company is to compare their products and prices using our short online form.
You can also get more information from our list of Top 20 home insurance companies in Quebec.
What risks are generally excluded from a standard home insurance policy?
Damage due to wear and tear, damage due to negligence, and caused by natural disasters such as earthquakes or landslides are not covered. Also not included are sewer back-up, pest infestation, and home businesses.
How do you make a claim from a home insurance policy?
If you suffer loss or damage, contact your insurance company as soon as possible. Check your policy for what you are entitled to and make a detailed list of what has been lost or damaged.
A claims adjuster will contact you and request you to submit a loss form. You should also ask about entitlement to living expenses (if you need to stay at a temporary lodging) and if you can use your own contractor if doing a repair or replacement.
Usually, you pay for the cost and get reimbursed by your home insurance company, minus your deductible.
What are home insurance deductibles?
A deductible is a portion you must pay if you file a claim. Let’s say your loss amounted to $5,000. If your deductible is $1,000, your insurer will only reimburse you $4,000.
The higher the deductible, the lower your insurance premium so consider the amount of your deductible carefully when buying a home insurance policy.
Is condo insurance the same as home insurance?
If you live and own a condo, you need condo insurance and it costs much less than a standard home insurance policy.
Condo owners pay condo fees and this takes care of the building insurance. Condo insurance pays for the loss or damage of the contents of your unit and any upgrades you make to your unit. It also pays for damage you cause to someone else’s unit or if a visitor gets injured inside your unit.
How can I save on home insurance?
There are a few simple tricks to lower your home insurance premiums. You should start by comparing multiple quotes from insurance brokers in our network. Increase your deductible but be sure you can afford it, for example, from $500 to $1,000 or $2,000. You can also install a monitored home security system and bundle your home and life insurance under one insurance company.
Where do I buy home insurance?
There are several sources of home insurance. You can buy from an insurance agent or get from direct insurers online. But why settle when you can compare multiple insurers to get the best home insurance coverage?
Our network consists of hundreds of insurance brokers who work with the best home insurance companies in Quebec. They can shop around for the best policy and premiums on your behalf. They evaluate your needs and find the right coverage that suits your needs and budget so your investment is protected.
Brokers don’t charge you for their service so you can an expert working for you to find the best home insurance, free and no-obligation! Just fill out the form on this page to get free quotes to compare.
Whether you need home insurance or condo insurance, you can get it right here!
Our network consists of experienced and reliable brokers in Quebec who will gladly look for the best coverage for your home at the best rates!
Brokers will give you valuable advice, free of charge, to make sure your risks are covered so that you have peace of mind and financial security.
Our partner brokers can help you with new home insurance or to switch to another insurer. Unlike insurance agents who work for one insurer, brokers work with a variety of insurers so they can find you the better deal.
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