Bundle Your Home & Auto To Save up to 25%!
Home insurance = peace of mind
New Brunswick is one of the three Maritime provinces and one of the four Atlantic provinces and is Canada’s only officially bilingual province with both French and English speaking languages. With a population of almost 800,000, it is a popular destination for downsizers and people who want a simpler, more quiet life. New Brunswick sits on the Atlantic coast and has an abundance of forests and lakes with almost 80 percent of the land being heavily forested with many wildlife inhabitants. New Brunswick doesn't have a dynamic economy, the main industries being agriculture and aquaculture, but the real estate industry is amongst the cheapest in Canada. The top 5 cities to live in New Brunswick are Dieppe, Fredericton, Moncton, Riverview and Rothesay.
Home insurance is not legally required in Canada, especially for those who have paid off their home. But, it is mandatory for those who need to get a mortgage. Since buying a home is one of the biggest investments people make, it's important to consider getting homeowners insurance to protect the place they live, raise a family and keep their belongings. These are all things that a homeowners insurance policy can cover and we can help with that.
Home Insurance In New Brunswick
The cost typically depends on a number of factors including the construction of the home, updates to heating, electrical, plumbing, and roofing, chances of water damage, prior claims, and more. It’s best to budget approximately $800-2600 annually for home insurance costs, but again this will vary from person to person.
There are four basic types of home insurance you can get:
Comprehensive: This provides the most coverage and is the most expensive. It covers your home and its contents against all perils (except the ones specifically excluded from your insurance policy)
Basic or Named Perils - This coverage insures your home, contents and property for perils that are specifically named in your policy
Broad: This is coverage that is right in between a standard policy and comprehensive, covering your home against all risks (minus exclusions) and coverage for your contents against any named risks.
No frills: This provides minimal coverage, and is the cheapest. It is usually for homes that don't meet underwriting standards (doesn't meet normal insurance standards).
And of course, if you feel you need more coverage you can inquire about extra coverages (or endorsements) that will cover certain risks that can affect your area such as:
- Overland flooding
- Windstorm damage
- Sewer backup
We've partnered with some of the best insurance companies in New Brunswick to provide you with 10 + quotes for you to compare and get the best quote and price for your situation! Let Surex find you the best Home insurance New Brunswick has to offer. Here is who we work with:
A licensed insurance advisor can offer home insurance quotes for you in New Brunswick. If you contact the broker channel they can provide you with more than one option, so you can see comparables in price and insurance coverage!
- Fundy National Park of Canada
- Kouchibouguac National Park
- Roosevelt Campobello International Park
- Miramichi River
- Cains River
- Restigouche River
- Chicken Fricot
Have questions? We’ve got answers:
You will need the following information to ensure quote accuracy:
- Square footage of your home
- Year your home was built
- Details on any upgrades or modifications
- Your exact address
- Your personal home insurance claims history
In New Brunswick, the Financial and Consumer Services Commission is responsible for the licencing of insurers, adjusters, agents brokers and damage appraisers. It also manages the daily administration of the Insurance Act.
There are many things you can do to save and lower the cost of your premium. Here are some suggestions you can consider doing:
- Bundle your insurance: Bundling always helps you save, whether it's your phone, tv and internet! So, if you have a car, or any other insurable item, think about going with the same insurance company, who will most likely reward you with a discount!
- Increase your deductible: This is the amount you pay towards an insurance claim, so by offering to pay a higher percentage of a future claim, your insurance company will decrease the cost of your premium. But, keep in mind you will be paying more out-of-pocket when, and if, you ever file a claim.
- Professional membership: Do you belong to a union, an alumnus at a particular university or college, or a CAA member? Some insurance companies will offer a discount or group policies to professional members, associations and organizations.
- Home Upgrades: Doing some upgrades will benefit you in the long term as well as possibly lower your insurance rate. Things like replacing knob and tube wirig, replace lead pipes with copper or plastic and updating the valuable parts of your home (basement, kitchen) should help.
- Reinforce your Property: Doing this will prevent damage and liability claims as a result of certain risks such as snow, ice, overland flooding and sewer backups.
New Brunswick, along with the rest of Atlantic Canada, can experience a bulk of environmental risks that will impact the type of home insurance coverage you choose. Here are some risks in the province that you may want to take into consideration when purchasing your home insurance:
- Overland flooding (from storm surges or increased frequency of winter thaws)
- Sewer back up due to flooding
- Increased chance of hurricane damage
If you have a good history of paying your home insurance bills, insurers will offer the option to choose whether you pay your home insurance premiums monthly or annually.
If you have a history of having your insurance cancelled, due to non-payments, then the monthly option might not be available to you and home insurer will require you to pay for your year’s worth of premiums upfront.