Save up to 25% on home insurance in PEI with Surex
Po-tay-to, poh-tah-to. PEI, Prince Edward Island. Whatever you call it, you’re probably familiar with the untamed beauty of this wonderful province. Prince Edward Island may be the smallest province in Canada, but it’s presence is mighty. The province grows approximately one third of the potatoes in Canada, making it an agricultural powerhouse. But that’s not all…
Prince Edward Island is also a fantastic place to live (we’re sure all of the “islanders” out there can back us up!). The quaint province is home to two major cities: Charlottetown and Summerside. Both cities have a relatively low cost of living. If you want to start a family in PEI, then you’ll need to look for a place to live; this means that you’ll need home insurance in PEI. Are you having a hard time finding affordable home insurance in PEI? Then it’s the perfect time to reach out to a Surex insurance advisor (our preferred term for insurance broker). The best insurance broker can provide you with several top-notch quotes from the top home insurance companies in PEI. Contact us today to learn how we can help you save up to 25% on home insurance in PEI.
Home Insurance in PEI - What You Need to Know
Home insurance isn't required by law in PEI, but it is always recommended that homeowners get coverage. A good home insurance policy means that in the event of damage or loss you won't have to worry about unexpected expenses. Homeowners do however need home insurance to secure a mortgage, a bank will not lend you money without insurance. Home insurance PEI is extremely important to keep you, your belongings and your property protected.
There are many different types of home insurance policies in PEI that an insurance advisor can help you select which one suits your needs best. They range from full coverage to more economical packages — there is one to meet the specific needs of all PEI homeowners!
Here are the different categories:
Comprehensive or All Perils: This is the most thorough of coverages (and most expensive) that you can get for a building and its contents. It obviously doesn't include optional coverage or predicted events. Most insurance policies include personal liability coverage.
Basic or Named Perils: This is a more economical coverage option that only covers what is specified in the policy.
Broad: This is seen as the middle ground coverage between comprehensive and basic. It only covers the building and names contents or perils.
No Frills: This is an option for homes that don't meet the usual standards for most insurance companies. It is usually for a property that requires a lot of upgrades/repairs or has major physical problems.
And, of course, if you feel you need more coverage, you can always inquire about add-ons or endorsements. These are extra coverages you can add to your existing policy. They usually cover damage caused by perils that are not included in a standard policy.
For example, if you are in an area with certain risks such as earthquakes, floods or sewer backups, you may want to consider them. Residents who live in low-lying areas may want to get extra coverage for water damage, the cost is more on your premium, and all depends on your location and quality of your home's structure. The extra coverage will cost more but could save you thousands down the road in damages and repairs.
Here are some things that are taken into consideration when calculating your home insurance premium in PEI:
- The square footage of your home
- Contents and quality of construction of your home
- The location of your home
- Distance to a fire hydrant
- Your claims history
- The age of your roof
- Your home’s electrical system
Everyone wants a chance to obtain affordable home insurance in PEI! Here is a list of suggestions that you can do to try and save on your premium:
- Bundle and save! Most insurance companies offer discounts to those clients who have more than one insurance policy with them.
- Always compare insurance companies and shop around before you get insurance online or over the phone
- Increase your deductible, if you can afford to, this will help lower your cost
- Pay your premium annually instead of monthly
- Inquire about alumni or membership discounts that might apply
- Be safe and install a security alarm system and smoke detector
- Upgrade your electrical, heating and plumbing systems
- Do what you can to protect your home from severe weather and water damage
- Quit smoking (less of a fire risk)
- You can insure your home for the cost to rebuild it, but don’t over-insure it.
- PEI National Park
- Green Gables Heritage Place
- Confederation Bridge
- North Cumberland Provincial Park
- Prince Edward Island National Park
- Upton Farmlands
Do you have questions about home insurance in PEI?
The Office of the Superintendent of Insurance regulates the business of insurance in Prince Edward Island. All insurers, agents and adjusters operating in the province are required to be licensed under the Insurance Act. Fun Fact: Home insurance premiums in PEI are not regulated.
There are risks everywhere and each homeowner should be aware of the certain risks known to their location. PEI, being an island, has more risk to the coastline which can get heavily impacted by wind, waves and snow. These weather events are accelerated and made stronger now by climate change, making them become more frequent. So, if you are house-hunting in PEI, be aware of your location and what specific weather events can be damaging to your home. A couple of them to be aware of are:
Coastal erosion, flooding and rising sea levels: The sea levels surrounding the island continue to rise, which unfortunately put coastal properties at more risk of experiencing flooding. The homes can also experience overland flooding from strong winds that trigger storm surges. And any low-lying coastal properties that are already experiencing erosion, the flooding there can be more severe. For places like these, there are no insurance products that specifically target coastal erosion in Canada, so be sure to assess all the risks with your insurance broker and make sure you and your property are properly covered.
Snow and ice: Snow and ice can also cause flooding, frozen pipes, and other forms of damage to your property, especially with winters in PEI where the temperatures dip well below the freezing point. Be sure to check with your insurance advisor that your house is up to standard and that your home insurance policy in PEI covers your specific needs.
We've partnered with some of the best insurance companies in Prince Edward Island to provide you with ten (or more) quotes for you to compare and get the best quote and price for your situation! Let Surex find you the best home insurance PEI has to offer. Here is who we work with:
The most affordable home insurance provider in PEI 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.