Insurance amount is usually calculated at the time of quotation, with the help of the software or based on the answers provided by you about your house and its contents. This amount is usually the reconstruction value, which is more than the building value mentioned in the municipal assessment.
Even if you are renting the place, insurance is always recommended. In case of a loss caused directly or indirectly by you, you could be personally liable for the loss of the property. For ex- Fire set by your actions (unintentionally or by intention) ignited the whole house on fire, owner’s insurance company can sue you for the damages to the property.
In Montreal, Quebec, the average cost for tenant insurance is between 20-40$/month. This amount could be lower or higher depending on the situation. Value of the content or risk in the house are the main factor for premium calculation.
Water Damage is not included by default but are added as an option into a home insurance policy. One should always check if they have Sewer Backup damage and Extended Water Damage (like accumulation of ice, Hail, above ground, flooding).
You should always declare if you have any pet to an insurance provider, so that you are covered in case of damage to others, caused by your pet.
Yes, centrally connected fire and theft alarm decreases the risk of the property, and insurance companies give discounts if the system is present and active in a home.
Yes, you should always declare to an insurance company if you are leaving your house unoccupied for a longer duration, most insurance companies have unoccupancy rule. Contact your broker to find out the exact rule in your insurance policy.