HOME INSURANCE

It depends on your personal situation. The coverage you need will be different if you’re a homeowner, a condo owner, a rental property owner, or a tenant. You may want insurance on the building and everything on the property, or on your personal belongings or for personal liability.

You should also identify your needs to choose the home insurance that’s right for you.

If you're looking for a new home insurance policy, it's a good idea to have the details of your current policy on hand.

If you’re a homeowner, you should know the size of your house, the year it was built and any renovations or maintenance work that was done.

You should also consider having your personal belongings appraised in advance.

Home insurance premiums are specific to each insured person. For example, if you have a claim-free history, your insurance premium will likely be lower.

The characteristics of your home such as its age, general condition, construction materials, renovations over the years, heating system and cost to rebuild also have an impact on your premium.

An older roof or water heater can increase your home insurance premium. If they’ve reached the end of their useful life, there’s a greater risk they could cause water damage.

Other factors that can impact your home insurance premium include your credit score, where you live, how close your home is to a fire hydrant, etc.

External factors can also affect home insurance premiums, such as the rising cost of building materials and labour, which makes it more expensive to rebuild a home.

The insurance industry has had to adapt to many changes in recent years. These include increased costs for materials and labour as well as rapidly rising claims due to natural disasters. Changes like these drive up the cost of claims, which in turn impacts insurance premiums.

Here are some tips to lower your home insurance premium:

• Bundle your home and auto insurance policies. This will help you save on both premiums.
• Let us know if you have other iA Financial Group products. Adding them to your file can save you up to 10%.
• Install a home security system connected to a monitoring centre. Protecting your home against theft will give you a discount on your home insurance premium.
• Contact us. Updating your file will ensure your coverage is right for your current situation. We can offer you a range of attractive options.
• And if your situation has changed following a marriage, divorce, move, etc., it’s important to let us know. You should also notify us of any renovations or improvements to your home. Some changes could lower your premium.

Unlike auto insurance, home insurance is not mandatory in Quebec. But it is highly recommended. And if you take out a mortgage to buy your home, your lender will require home insurance.

Imagine if a fire started in your home or a broken pipe caused serious water damage. Without home insurance, you will have to pay for the repairs yourself. That’s why it’s important to make sure you’re covered!

As a tenant, you should know that even if the owner of your building has insurance coverage, your belongings are not included. In other words, if you don’t have coverage, you will not be reimbursed if your belongings are damaged or destroyed.

Also, if you rent an apartment, your landlord may require you to have tenant insurance so that you are covered for any harm you may cause to others (liability coverage).

For your roommate to be insured under your policy, they must be added as a named insured. If you are a full-time student, you may be covered by your parents’ insurance policy. Ask them to check with their insurer.

There are several reasons why you might want to cancel your home insurance policy. For example, maybe you’re moving out of the country. Before you cancel your policy, take the time to talk to your insurer first. They may be able to advise you and suggest various options.

However, if you’re certain that cancelling your policy is your only option, you can do so by email, by letter or by calling your insurer directly.

Finally, be aware that a cancellation fee may apply depending on the number of months remaining on your policy.