Are you looking for life insurance for you or your spouse or maybe home insurance for a new home? No matter what insurance product you need, you can get the best insurance quotes from Compare Insurances Online.
Are you a homeowner, renter, or co-owner in Montreal and looking for the best insurance? Compare Insurances Online – Home Insurance, a platform for online price comparison, is the right tool for you.
You can find the right insurance coverage with the best insurance company when you have 3 insurance quotes from leading insurers to compare.
Homeowners in Montreal face many challenges and risk throughout each year. Fire and water damage can make your home unlivable and place you in a very difficult situation.
You can get coverage to protect you from devastating loss and damage to your home and property with different types of insurance that can be tailored to meet your needs.
While home insurance is not mandatory under the law, condo owners and homeowners are advised to get coverage to protect you from financial risks.
Our partner insurers and brokers can offer different policies of home insurance to suit your unique needs and budget. Because every family has a different lifestyle and type of home, comparing multiple home insurance products will help you identify the right coverage for you.
All-risk insurance is the most comprehensive coverage available. It includes essential protection from most risks. But despite its name, not everything is covered. Exclusions can vary from one insurer to another. This type of coverage, however, include other risks that are not part of basic insurance. These include paint stains, bleach stains on the wood, and stains of oil or gasoline on the asphalt.
This type of policy is also called “comprehensive” home insurance but it does have exclusions listed. It is still your safest best to covering potential risks with insurance protection.
The most common exclusions of “all-risk” home insurance include:
Below is a list of what is generally covered by all-risk insurance:
It is important to know what your risks are so you can get coverage that is tailored to your needs. Some special perils such as earthquake, flood, or sewer back-up can be added as a rider or as a separate policy.
Basic insurance includes protection from the most common risks to homeowners such as water damage, fire, theft, or vandalism. It is suitable to most homeowners and provides coverage from many situations. It is, however, the least extensive, and it is advisable to check inclusions and exclusions of your basic coverage. It is possible to select additional options, depending on your individual situation.
This type of insurance allows you to add optional protection to basic insurance. For example, you could add protection for sewer backup, earthquake, swimming pools and spas.
Extended Formula in Montreal
The extended formula combines “all-risk” insurance, which applies to the property, and the “specified risks” insurance, which applies to the building. It provides the most complete protection.
Personal property insurance is designed to cover loss or damage to personal property. It is important to take out insurance that reflects the accurate value of property you own. Some objects are particularly expensive (camera, collectibles, etc.). You have to think about declaring valuable property to the insurer to increase the limit on your policy.
Maybe you moved into an inherited house, or left your home for an extended stay somewhere and you left no personal property in your house. Vacant building insurance allows you to insure only the building, and therefore excludes the protection of personal property.
Liability insurance in Montreal
Liability insurance is included in all types of home insurance. It allows you to be covered if an incident occurs on your premises. If someone gets hurt in your home while going down the stairs, you are covered for civil liability.
Both homeowners and renters should have liability insurance in place.
There are many names used by insurers for home insurance policies including broad home insurance (between all-risk and basic coverage), no-frills home insurance (the cheapest and simplest type of coverage).
Broad home insurance coverage generally covers 2 parts – your home (except for excluded risks) and named risks (as listed in your policy). If all-risk or comprehensive coverage is too much for you but basic coverage is inadequate, you can go for a broad home insurance policy.
Not all home insurance products are alike. Most insurance types are tailored for individual and specific needs.
Depending on whether you are a renter, a homeowner, or a condo owner, you can find the most suitable home insurance for you.
Are you renting an apartment, home, or condo in Montreal? It pays to have tenant or renter insurance.
Your landlord is responsible for any damage to the building but not to your personal property. If a visitor gets injured in your home, you can also be held civilly liable.
With renter insurance, you have peace of mind that your valuables are insured against loss, damage, or theft.
Renter or tenant insurance is much cheaper than homeowner insurance. It is very affordable coverage that will come in handy if your home has a break-in or theft. Because renter insurance covers your personal belongings (furniture, clothing, devices, etc.), you will need to make an updated inventory for your insurance company.
Jewelry can be covered up to a certain limit. If you have expensive artworks or antiques, you might need a separate policy to properly insure them for their value.
Renter or tenant insurance can also pay for living expenses if there is a fire at the apartment you are renting and you need to stay somewhere else for the time being.
Owning a home in Montreal means you have invested a lot of money into your property. Surely, you want to ensure that your biggest asset is protected against damage and loss.
A homeowner insurance coverage protects you from common risks such as fire, water damage, theft and vandalism, and more. You can also get other optional coverage such as if you live in flood prone areas, earthquake, etc. Most homeowner insurance also includes liability coverage.
If you are a condo owner or renting a condo, you will need your own home insurance.
As a condo owner, the original structure of your unit is covered by the condominium corporation’s insurance. However, any improvements or additions, as well as your personal property, are not covered.
You also need to have liability insurance for any untoward incidents that may occur inside your unit.
Condo insurance will pay for the following:
You can ask qualified brokers or insurers about co-owner insurance for condominiums or multi-family type dwellings. You can also request for free insurance quotes to compare costs and benefits using our short online form.
When you buy home insurance, you will pay premiums for your coverage (monthly, quarterly, or annually).
The cost of your premium varies from one insurance company to another but they usually consider the following factors:
The size and type of your properly plays a big role in the pricing of your insurance. The bigger the home and the higher the value, the more expensive your home insurance premium will be. This is because the more valuable your property, the more expensive it will be to replace it if it gets damaged.
Aside from its square footage, insurers also factor in the age of the property and the quality of the construction.
The contents of your home will also play a role in pricing. Do you use a wood stove? This poses a risk for carbon monoxide poisoning and fires. If your home is also filled with expensive furniture or vehicles, your home insurance will also be more than basic coverage.
Home renovations or improvements
If a homeowner renovates any part of the home (kitchen, basement, exterior, bathroom, etc.), he must inform the insurance company immediately.
The value of the home will increase after a renovation and this higher value must be reflected on the policy. If you fail to inform the insurer and your home gets damaged, it may not be covered by your insurance.
This is also true if you replace your roof, add a deck, change your sump pump, or install a home security system. Not only will an insurer need to adjust the value of your property but these changes may even help to reduce your premiums due to lower risks.
History of claims
Insurers take into account (no claims) history which means you have not filed a claim for insurance in the past. This can help to lower your premiums. A homeowner with previous claims filed with the insurer or another insurer may have higher premiums.
When you buy home insurance, you will need to choose the amount of deductible which is the amount you will pay when something is lost or damaged. The insurer will only pay for the amount in excess of the deductible.
For example, if your laptop worth $2,700 is stolen from your vehicle and your deductible is $1,000, the insurer will only cover its value in excess of $1,000.
The higher the amount of your deductible, the lower your insurance premium.
The importance of your home insurance policy will never be as evident as when you need to file a claim. For instance, if your roof sustains damage or your home is damaged by fire, the insurer will be obligated to compensate you.
Remember that for your claim, the insurer will pay only the excess of your deductible. The compensation you receive will depend on the deductible amount and your replacement choice – actual value or replacement value.
Actual cash value provides you the cost of the item at the time of loss, less the cost of depreciation. This takes into account the age and condition of the item. Depreciation cost is calculated by the insurer.
Thus, if you file for a computer damaged in a fire, the insurer will only pay you the reduced value of the computer at the time of filing.
What is replacement value?
Replacement value means the insurer will compensate you the cost of a new item (the same quality) of a covered loss. Hence, if you file a claim for a damaged computer in a fire, the insurer will give you the cost of a brand-new item to replace it, minus the deductible, of course.
While replacement value can seem like a better option at the time of purchase, keep in mind that choosing replacement value over actual cash value will mean higher premiums.
You also need to remember that actual and replacement value also plays a part when it comes to rebuilding your property in case of partial or total damage.
Please note that your home insurance does not automatically cover your business equipment, office, supplies, and inventory at home.
If you have a home-based business, you need to inform the insurance company and get coverage for it.
In case of a fire or break-in, loss or damage to your home business may not be compensated by your insurer. Failure to disclose the fact that you have a home business may even invalidate your coverage.
Home insurance is different from business insurance. It won’t pay for injuries to a customer visiting you at home (personal liability) or for the loss of equipment at home or outside your home.
You can discuss with your insurer the appropriate coverage for your home-based business.
This is also true if you are renting a part of your home to third-parties. Your home insurance covers you and your family members. If you have a tenant, you must inform your insurer.
Before buying a home insurance policy, it is important to understand what are included and excluded in your coverage. You should ask the insurer about anything you are not sure about before you sign a policy.
In general, home insurance covers unexpected or unpredictable events like theft, fire, hail, wind, etc. although other natural disasters such as an earthquake is not covered.
Certain events that are related to the proper maintenance of your property are not covered. For instance, if your pipes freeze and you have been on vacation for some time, your insurer may refuse to compensate you. If you fail to properly maintain your roof and it gets damaged and needs replacement, your claim may also be refused.
In other words, a homeowner is expected to take every precaution to protect the property from known perils. Home insurance will not compensate for damage that could have been avoided with diligence. Some risks are also automatically excluded and will be listed in the policy.
Life insurance is not exciting to talk about. Unfortunately, we all need it, no matter what age we are. For any individual who wants to ensure that loved ones are taken care of financially if something should happen to them, life insurance products are necessary.
For individuals aged 18 to 55, term life insurance is the most affordable and easiest coverage for life insurance.
There are insurance companies that offer term life insurance protection instantly – with no medical exam. Of course, premiums are lower if you undergo an underwriting process which takes longer and requires a medical exam.
It is best to get life insurance while you are young and healthy to save on life insurance costs. You can apply for term life insurance for 5, 10, 15, 20 years with our simple and quick online form.
By obtaining term life coverage today, you can make sure your dependents receive benefits if something bad should happen to you.
Term life insurance is the cheapest type of home insurance. However, it only provides death benefits if you die within the term. If you outlive your policy, your dependents will not receive anything.
You can renew a term life insurance policy when it expires but the cost of your premium will increase every time. For example, if you buy a 10-year term life insurance and you decide to renew it at expiry date, the insurer will charge you a higher premium. It will also consider your new health status and can deny renewal if your health has deteriorated.
Some individuals prefer to have lifetime coverage or permanent life insurance. This type of life insurance offers unique advantages, including:
The premiums for permanent life insurance are higher than term life insurance. But they can be cheaper in the long run if you believe you want whole life coverage.
Permanent life insurance comes in the form of whole life insurance and universal life insurance. While both have lifetime benefits and have level premiums for life, universal life insurance is more complex because it has an investment component.
Both types of permanent life insurance are very expensive at the start but as time goes on, your policy builds cash value and if it earns dividends, they can be used to pay for the premiums.
Policyholders can also borrow against the cash value for emergencies. Unlike term life insurance which does not return premiums and has no cash value, you can get cash value if you cancel your permanent life insurance policy.
Choosing the right insurance coverage is not easy. You need to think not only about price but also make sure you have the right level of protection for the risks your home is exposed to. After all, if your home gets damaged by flood and your policy excludes it, you’ll find yourself in a tight spot.
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Our partner insurers will make sure to:
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