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Prince Edward Island Home Insurance

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Home insurance = peace of mind 

Prince Edward Island is one of Eastern Canada's maritime provinces, situated in the Gulf of St. Lawrence. With a population of almost 160,000 people, this large island is most notable for its red-sand beaches and lighthouses and is renowned for its various seafood. The island has remained sparsely populated and only has two significant urban areas (Charlottetown and Summerside) with the rest of the island being rolling hills, sandy beaches and woods. A large part of the economy is tourism, but PEI also relies on agriculture where it supplies most of the country's potato crops and of course small fishery. PEI is a beautiful place to live and raise a family, it has a low cost of living and housing costs. There are higher education institutions in the province, a university, college, and bible college which are all considered excellent in their relative fields. The top 5 cities to live in PEI are Greenwich, Suffolk, Murray River, Breadalbane and Stanhope.

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.

Comparing rates from Canada’s leading Home insurance providers
Wawanesa Insurance
Pembridge Insurance
Intact Insurance
Jevco Insurance
Types of coverage we provide
Home Insurance
This provides coverage for loss and damage to your property and/or any assets.
Liability Coverage
This would provide protection against claims resulting from injuries, and damage to people and/or property.
A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.
Sewer Backup, Overland/Ground Water
These are optional coverages you can buy that protect you for water damage such as sewer back up and fresh water flooding
Claims Forgiveness
This allows for the protection of your “claims free discount” in the event of your first claim.
Scheduled Items
Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.
Comprehensive Insurance Coverage
When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.
Broad Coverage
When you purchase broad home coverage, it limits your contents coverage to only specific coverages, (ie. theft, fire, water damage, etc.)

Home Insurance in PEI

Home insurance isn't required by law in P.E.I., 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 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:

  • 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
  • Plumbing
  • Your home’s electrical system

Everyone wants a chance to lower their home insurance costs! 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 policy with them.
  • Always compare and shop around before purchasing
  • 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 overinsure it.
Top Sites in Prince Edward Island
  1. PEI National Park
  2. Green Gables Heritage Place
  3. Confederation Bridge
Best Parks in Prince Edward Island
  1. North Cumberland Provincial Park
  2. Prince Edward Island National Park
  3. Upton Farmlands
Popular Food in Prince Edward Island
  1. Oysters
  2. Mussels
  3. Potatoes

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Have questions? We’ve got answers:

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 are not regulated in PEI.

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 experience 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 advisor 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 P.E.I. 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 policy covers your specific needs.

We've partnered with some of the best insurance companies in Prince Edward Island 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 PEI has to offer. Here is who we work with:

  • RSA
  • Intact
  • Economical
  • Travelers
  • Wawanesa
  • Aviva

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.

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