Even though it's not required by law in Quebec, home insurance remains a highly recommended protection to cover your property and civil liability. Because it requires regular payments, it's natural to look for the cheapest coverage possible.
But should you settle for the cheapest coverage? What is the average cost of this type of coverage in Quebec? Are there ways to save? We will tell you all about it.
Should you choose the cheapest plan?
The answer is no. While it may be tempting to choose the cheapest home insurance policy without thinking twice, it would be a serious mistake to choose your policy based solely on the price you pay.
It's perfectly normal to look for the lowest cost for the coverage you need. However, choosing the cheapest plan on the market could backfire. For example, by not including certain coverages that are necessary for your situation.
That's why it's a good idea to shop around and prioritize the types of coverage you want based on your actual needs. You can then compare prices based on the criteria you've established.
What is the average monthly cost of home insurance in Quebec?
According to the Insurance Bureau of Canada (IBC), in 2022, Quebecers paid an average of $956 per year to insure their property, regardless of the type of dwelling (apartment, house, condominium). This corresponds to a premium of just under $80 per month.
The Ratehub platform estimates the average cost of home insurance in Quebec at $984 per year, or $82 per month.
When you consider that, according to IBC, it costs the insurer an average of $16,652 to compensate you for a claim, you can see that this is a low price to pay individually for protection against the risk of damage.
Of course, the cost of insurance can vary greatly from one situation to another, depending on:
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Your status as an owner, co-owner or renter;
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The type of home covered;
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The location of your home;
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Its size;
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The value of your possessions (furniture, personal effects, valuables, etc.);
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Your individual protection needs;
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Etc.
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How can I pay less for my insurance?
There are many ways to save on your home insurance without compromising the quality of your coverage. Here are some of them.
Avoid over-insurance
Being underinsured can be harmful. But being overinsured, that is, having too much coverage for your needs, is also a situation you should avoid.
Any protection you add to your policy comes at a cost. As they accumulate, they increase the cost of your insurance.
So make sure each one is relevant to your situation. Eliminate extraneous ones to reduce the cost of your policy. For example, if you have sewer backup coverage, but you live on the 4th floor of an apartment building, there's a good chance that coverage is unnecessary.
Similarly, the amount of your coverage may be too high for the actual value of your possessions. An inventory of your possessions can help you determine the ideal value for your coverage.
Increase your deductible
The deductible is the amount you must pay out of pocket if your home suffers a loss. It is one of the many factors that affect the cost of your home insurance.
The higher your deductible, the more you save on your premium. So it may be a good idea to increase your deductible to pay a lower daily cost.
Just make sure you can afford to pay your deductible in the event of a claim.
Group your insurance
Most insurance companies offer their customers a discount if they purchase more than one policy with them. You may want to consider grouping your insurance policies (home, car, motorcycle, etc.) with a single insurer to reduce your payments.
What type of home insurance should you choose?
Choosing the right home insurance policy depends on several factors.
First, you'll need to determine the value of your possessions and their replacement cost, as well as the estimated cost to rebuild your home. This will help you determine the amount of coverage you need.
You can then choose between the different types of coverage available, depending on the risk of loss you'd like to be protected against. There are two types of home insurance:
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Specified Perils Coverage, which protects you against the "basic" claims listed in your policy;
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All Perils Coverage, which protects you against all claims with a few exceptions listed in your policy.
In addition to these predefined formulas, you can add additional clauses to meet your specific protection needs. These are called endorsements. Don't hesitate to discuss with your insurer whether any of these might be useful to you.
In most cases, your homeowner's policy will include liability coverage. You'll need to decide how much coverage you want.
You should also be aware that just because you rent doesn't mean you don't need a home insurance policy tailored to your situation. This is a very useful way of protecting your property against various risks, such as fire, theft or damage to property.
Where can I find home insurance at a good price?
There are many ways to find the right home insurance at the right price. For example, you can use online comparison tools, or you can contact different companies yourself and request a quote by phone or through their website.
Whichever method you choose, it's a good idea to compare several quotes to make an informed choice. What's more, the services of an insurance broker can be invaluable in helping you find the best home insurance policy for your situation.
Photo: Freepik.com (Drazen Zigic)
Insurance quotes to compare costs
There are many home insurance companies in Quebec. They're constantly competing for new customers, which works to your advantage. You'll be spoilt for choice when you buy your policy.
Before choosing your insurer, ask for offers from several companies to compare their offers (conditions, prices, etc.). To get a good sample, we recommend that you get at least 3 quotes.
Of course, they must be for similar insurance products. For example, if one company offers you $40,000 worth of All Risk coverage, while the other offers you $30,000 worth of Basic coverage, the latter is bound to be less expensive. This type of comparison won't help you find the best deal.
By comparing similar quotes, you can choose your insurer with confidence that you're getting the best possible price for coverage tailored to your specific needs.
An insurance broker to find the best coverage
Shopping around for insurance is the best way to get the best price because costs vary widely from one insurer to another. However, it can be a long and tedious process.
To assist you in your search for a home insurance policy, an insurance broker can be of great help. This professional acts as an intermediary between you, the client, and the various insurance companies in the province.
His expertise allows him not only to advise you but also to negotiate the best insurance offers for your needs and to facilitate the management of your contract. What's more, his services are completely free of charge!
Are you looking for a home insurance policy?
XpertSource.com can help you find the home insurance that fits you. When you tell us about your project, we put you in touch with qualified resources for free. Simply fill out our form ( it only takes a few minutes ) and we will connect you with professionals.
