What BMO Home and Auto Insurance Includes
BMO home and auto insurance combines property and automobile coverage under a single policy framework, typically offered through BMO Insurance, the insurance arm of Bank of Montreal. The bundle is designed to simplify coverage for homeowners or renters who also hold a vehicle, aligning with the bank's broader strategy of cross-selling financial products to existing customers.
More from this site
Keep reading the latest coverage
Standard home coverage under BMO usually includes dwelling protection for the physical structure, personal property protection for belongings, liability coverage if someone is injured on your property, and additional living expenses if your home becomes uninhabitable. Auto coverage typically includes liability for bodily injury and property damage, collision, comprehensive, uninsured motorist protection, and accident benefits, though exact limits and endorsements vary by province and the specific plan selected.
How BMO Home and Auto Premiums Are Calculated
BMO uses a combination of factors to set premiums for its home and auto insurance bundle. For home coverage, these include the property's location, construction type, age, replacement cost, proximity to fire services, and claims history. For auto, rating factors typically involve the driver's record, the vehicle's make and model, annual mileage, and the territory where the car is garaged.
Because the policies are bundled, BMO often applies a discount that reduces the total premium compared with buying home and auto separately. The exact discount percentage is not publicly fixed and can depend on the lines of business, the customer's claims history, and provincial regulations. Existing BMO banking customers may also qualify for additional affinity pricing, though the savings are not guaranteed and must be confirmed at the quote stage.
The Claims Process and Customer Experience
BMO routes home and auto claims through its insurance subsidiary, which generally means a single point of contact for both policies. Policyholders can report claims online, by phone, or through the BMO mobile app, and the insurer assigns an adjuster to assess the damage and determine settlement. BMI's claims process follows standard industry timelines, but resolution speed depends on the complexity of the loss and the availability of local adjusters.
Customer feedback on BMO insurance is mixed, as with most large carriers. Some policyholders report smooth experiences with bundling and billing, while others note that claims handling can feel bureaucratic when the loss involves both home and auto components that need separate assessments. The bank's existing relationship can help streamline communication, but it does not override the insurer's independent claims procedures.
When BMO Home and Auto Bundling Makes Sense
The BMO home and auto insurance bundle is most beneficial for customers who already hold a mortgage or bank account with BMO and want to reduce the number of insurers they manage. The potential premium discount, single renewal date, and unified billing can lower administrative overhead, especially for households with multiple vehicles or rental properties.
However, the bundle is not automatically the cheapest option. Customers should compare BMO's quoted premium against standalone home insurance from a dedicated insurer and auto coverage from a brokerage or direct writer. In some cases, the convenience of a single relationship is worth a slightly higher premium; in others, unbundling saves money without sacrificing coverage quality.
Availability and Regional Considerations
BMO insurance products, including home and auto, are available in most Canadian provinces, but coverage details, endorsements, and pricing are regulated at the provincial level. Some territories or regions with high catastrophe exposure may have restrictions on available policy forms or deductible options. BMO also participates in FAIR plans or assigned-risk pools where standard market coverage is unavailable, though those placements come with specific underwriting conditions.
Before committing to BMO home and auto insurance, confirm that the policy form meets local requirements for mandatory coverage, that the dwelling is insured to replacement cost rather than market value, and that any high-value items such as jewelry or electronics are scheduled under the personal property endorsement if needed.