Home insurance in Newfoundland
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Home insurance = peace of mind
Newfoundland and Labrador form the most easterly province of Canada and is easily one of the most beautiful places in the country. It has a population of just over 5000, 000 people, with most of the population residing on the island of NFLD. It has a history that dates back centuries and is known for its colourful houses, ancient architecture, and winding streets. This charming province is home to some of the county's finest artists and performers, and has been known to loan them out (on occasion) to the rest of Canada! There are many beautiful outdoor parks and attractions such as Gros Morne National Park, which has cliffs, waterfalls, and glacial fjords, or, the 17th-century Signal Hill citadel which features a hillside walking trail. And, on Newfoundland island, you can find the Norse archaeological site L'Anse aux Meadows, the reputed settlement of Viking explorer Leif Erikson! The top 5 cities to live in Newfoundland are St. John's, Cornerbrook, Grand Falls-Windsor, Gander, and Labrador City.
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.
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
A licensed insurance advisor can offer home insurance quotes for you in Newfoundland. 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!
The cheapest home insurance provider depends on how your situation fits into the formula companies create to evaluate policyholders. Comparing quotes with Surex will allow you to get the cheapest price on home insurance and get you the best insurance coverage for your situation.
- Gros Morne National Park of Canada
- St. John's Signal Hill
- Western Brook Pond
- Signal Hill National Historic Site of Canada
- Cape Spear Lighthouse National Historic Site of Canada
- East Coast Trail
- The Boreal Diner
- Grates Cove
- Neddie’s Harbour