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In Quebec, everyone must have home insurance, both owners and tenants.
While it is not required by law, lender banks require it if you take out a mortgage. In the case of tenants, most landlords also require tenant or renter’s insurance.
This very important coverage can save you from serious financial trouble in the event of an unexpected disaster.
Unfortunately, many people choose their home insurance the way they shop for a pair of socks: they take the first one they see. This is a big mistake!
There are many insurance companies in the province and prices vary significantly from one insurer to another.
Below is a comparison of the prices from 20+ home insurance companies for you to see. You can save a lot of money from your premiums by choosing the best deal.
First of all, let us ask you a question: Do you think you are paying the best price for your home insurance?
At your last renewal, did you take the time to compare at least 3 insurers, or did you simply accept the price that your current insurer offered you?
If you renewed your policy without shopping around or negotiating, you are paying too much.
Don’t worry, this is the last time this will happen because we will show you how to compare insurers and their products so you can be sure you’re paying the least amount for the right level of coverage.
Remember, a mere difference of $12 per month amounts to $144 per year and totals $720 after 5 years. Are you going to throw that money away?
Start comparing home insurance offers from top home insurance companies today.
Just fill out the short online form on this page to receive FREE QUOTES!
The damage insurance market in Quebec is very competitive. Indeed, various private insurance companies enjoy a high reputation for integrity, quality, and reliability. Large banks also offer insurance products.
Choices are aplenty but each insurance company utilizes its unique methodology for calculating premiums.
It is therefore to your advantage to compare multiple offers before you choose. The company that gives YOU the best price may not be the same company that would give your NEIGHBOR the best price.
Here is the list of the TOP 20 home insurance companies in Quebec, in no particular order:
To find out which company can give you the best price, all you need to do is to compare multiple quotes, free of charge! You can save a lot of time and money with our comparison platform.
Before showing you the prices of home insurance, you need to understand why insurance companies offer different prices for the same type of coverage.
Basically, each company has a team of actuaries who create calculations to establish the insurance premiums to be paid by their clients. Various factors go into the calculations, and here are a few examples:
With so many different factors to consider, it is normal for insurers to arrive at different results in their calculations. Prices, therefore, vary from one company to another, even if the customers’ profiles are 100% identical. This demonstrates the importance of shopping around for home insurance to find the best premiums.
We’ve been telling you from the start that home insurance prices can vary from one company to another.
To prove it to you, we asked our partners to do a simulation with a typical property profile.
The following table presents the prices obtained from 10 different insurers. As the results clearly show, prices vary significantly for the same property.
The important lesson to learn here is that it pays to SHOP AROUND AND COMPARE PRICES!
|EXAMPLES OF PREMIUMS FOR HOME INSURANCE FOR 10 QUEBEC INSURERS|
|Insurer #9||1 207$|
*Prices are for information only. Based on a simulation made by our partner brokers.
Getting the best home insurance in Quebec is not just about finding a good insurance provider. It is also very important to choose the right home insurance coverage for your needs.
Home insurance policies come in different forms – basic, broad, and all-risk coverage. The type of coverage you choose will determine the price of your premium and the compensation you will get in case of damage.
You can save on premiums if you choose only basic coverage or if you underinsure your property. But if something bad happens, you will not get enough compensation to rebuild. That is a huge risk to take!
To help you understand your options, below is a brief overview of the types of home insurance.
Basic or Standard Coverage
This is the cheapest type of coverage if you are comfortable with taking risks. It only covers fire, burglary, or theft, among other risks.
You can only get compensation for risks that are indicated in your policy. Hence, some insurers call it a named-perils policy.
This type of policy costs a little more than a basic policy and covers a few more perils.
It protects your home from the same risks as in a standard policy but it gives homeowners more flexibility without a big price tag. This means you get more extensive protection at a lower price than a comprehensive policy.
One of the reasons it is much cheaper than comprehensive coverage is that while you get more extensive protection for the home, your contents have more limited coverage.
Some perils that are not likely to be covered by broad home insurance include:
Please note that these risks are also not covered by standard home insurance. Named perils may vary from one insurer to the next.
In most cases, insurers do not include the above risks in both the broad or comprehensive policies because they are not common in Canada.
You can always speak to your home insurance provider if you wish to add extra protection to your policy.
Comprehensive home insurance
This is the widest and most expensive type of home insurance but it is ideal for homeowners who want well-rounded and reliable protection.
It protects your home and its contents from a longer list of perils including:
If your home sustains damage from any of these risks, the insurer will pay for the replacement cost or repair costs.
Now that you are familiar with the differences in the types of coverage available to you, it is up to you to decide which one suits you most.
In many cases, comprehensive home insurance is best for high-value properties to ensure the building and its contents will be compensated in case of loss.
For young homeowners that don’t need extensive coverage because their valuables are limited, a broad home insurance policy may be adequate.
At the end of the day, your choice comes down to your budget and your needs. You can always upgrade your home insurance coverage when you renew or replace your policy.
Getting a quote from one insurance company takes time because they will ask you to provide information.
This means you will need to fill out a form. If you want to get multiple quotes from each home insurance company, you will need to repeat the whole process over and over. That’s just a waste of time, isn’t it?
This is precisely what we want you to avoid by using our comparison platform to get multiple quotes from top home insurance companies.
Compare insurances online is a 100% free platform that allows you to compare home insurance prices quickly and easily using just 1 short online form. When we receive your request, we will forward your information to our partner insurers and brokers so they can prepare bids for you to compare.
Rest assured that your information is kept strictly confidential.
The best part is that you won’t have to pay for this service and there is no obligation on your part to buy anything unless you are completely satisfied.
Would you like to get lower home insurance premiums? Fill out the form below to get connected with our partners and receive your FREE quotes.
Compare Insurances Online is an online bid solicitation service for insurance brokers and direct insurers. Our network of partners covers Quebec: Montreal, Quebec, Laval, Longueuil, Sherbrooke, Trois-Rivières, Gatineau, etc. All types of insurance are available for all kinds of budgets.