Matt Hands, VP, Insurance and MoneySense
Home insurance isn't required by law in New Brunswick – as well as the rest of Canada. While it's highly recommended that you carry some form of coverage to protect such as large asset, it's also entirely up to you as the homeowner.
The one exception, however, is if you have a mortgage on the property. It's no surprise that most lenders will require you to carry home insurance as part of the lending agreement to safeguard their investment.
A home insurance policy doesn't just pay for the repair and replacement of your property in the event of physical damage. It can also cover all the personal belongings within it and act as a financial safeguard against liability claims. To learn more about all things home insurance in New Brunswick, be sure to read on.
There are various different home insurance policies you can choose from – here, we cover three common types of plans, so you can choose the best one for your needs. It's important to note, however, that most homeowners will opt for the comprehensive choice as it offers the highest level of coverage.
Additional living expenses coverage
You can also customize your New Brunswick home insurance policy further with optional add-ons (also known as endorsements). While the available options will differ depending on the insurer you choose, here are some common ones you can ask your insurance representative about.
Home-based business insurance
If you run a business from home, you may want coverage agaisnt commercial-related risks (e.g. damaged stock).
These policies are typically sold separately. They offer an extension to your auto or home insurance's liability limit – plus cover additional forms of liability.
Identity theft insurance
If your information is stolen with the intent to commit crime, this coverage can help you with the recovery process financially.
Extended contents insurance
Some items (e.g. art, jewelry) have set coverage limits. With this add-on, you can increase the limit for peace of mind.
This covers you for flood damage (which can include overland water and sewer backup) – highly recommended for homes in flood-prone areas.
Earthquakes are usually an uninsured peril unless you add the coverage to your policy. Consider doing so if you live in an area that could be impacted.
Get the best home insurance quotes in New Brunswick.
In just a few minutes, view customized home insurance quotes from top providers across New Brunswick – find your best rate with us today.
New Brunswick homeowners pay an average of $781 per year, or about $65 per month, depending on many different factors. To find out if you could be paying less, take a few minutes to compare personalized home insurance quotes with us.
Home replacement cost
Renovations & betterments
Pools & acessory dwellings
While insurers are the ones that ultimately determine the price you'll be paying, there are many steps you can take to ensure you're getting the best possible premium – here, we cover eight different ways to get cheap home insurance in New Brunswick.
Shop and compare
With Ratehub.ca, you can compare personalized home insurance quotes from top New Brunswick companies, all in one instance. You won't know which insurer offers the best rate until you shop the market.
By securing your home insurance policy plus other coverage needs (e.g. auto, condo, tenant) under one provider, you'll be eligible for a multi-policy bundle discount.
It's no surprise that insurers value customers who stay with them long-term. If you're renewing a home insurance policy with your current insurer, be sure to ask about loyalty discounts.
Upgrade your property
While some upgrades (e.g. remodelled kitchen) can increase your premium, others (e.g. new roofing) can help lower it instead.
Improve your credit
Many home insurance companies look at your credit score as an indicator of the risk you bring. Opting in for a soft credit check (and having a good score) will lead to the cheapest insurance rates.
Install safety systems
Certain safety systems, such as a centrally monitored alarm system, can lead to a discount – insurers like to see you lower your risk of having to make a claim.
Increase your deductible
Your deductible is the amount of money you agree to pay for a claim before your insurer meets the rest. Choosing a higher one leaves you with more risk, but it'll lead to lower rates.
You never know what discounts you can qualify for unless you ask. For example, you may be eligible alumni group rates.
Ready to secure the cheapest home insurance in New Brunswick?
We've got you covered – compare New Brunswick home insurance rates with us today to find your best option.
What is the average home insurance cost in New Brunswick?
The average price of homeowners insurance in New Brunswick is $781 per year or about $60 per month. However, the price fluctuates greatly based on location, size of your home, and type of home insurance.
So, let's say you're looking for condo insurance, your cost is likely closer to $40 per month because the building also has its own insurance (which you pay for through your condo fees).
If you need apartment insurance, it gets even cheaper. You could get a price for as little as $15 per month depending on the value of your possessions. Renters insurance does much more than just protect your contents, though. It also gives you liability in case someone injures themselves on your property and pays for room and board if you need to live elsewhere following a claim.
How do I get the best home insurance in New Brunswick?
To ensure the best home insurance you often need extra coverage. That could include buying flood insurance or extra contents insurance to protect yourself from risks not included on a standard policy.
Understand that most comprehensive policies are otherwise relatively complete covering fires, windstorms, and other perils from damaging your house (dwelling) and detached structures (e.g. fence, gazebo, etc.)
You also get liability insurance for anyone that injures themselves on your property and chooses to sue.
To save more money, consider renovations and upgrades that improve safety to reduce the risks of a home insurance claim. You can even go so far as to install a monitored alarm system to deter thieves, and maybe earn further discounts on your New Brunswick home insurance premiums.
What factors aren't used to calculate New Brunswick home insurance rates?
Unlike New Brunswick car insurance, where age and gender can play a role in determining your rate, home insurance only cares about the home itself. You can get married, share the home with your new spouse, and even add children if you want to and it won’t affect the rate you pay.
What is not covered by a typical home insurance plan?
There isn't much excluded from standard policies. If it's not covered, it's most often due to wear and tear that gets worse due to negligence. For instance, mould is seen as a lack of maintenance from a homeowner. If a home insurance claim could have been avoided with regular maintenance, you can expect it to not be covered.
Other common exclusions include infestations from termites or rats, home businesses, dangerous dogs, and sewer backup.
Otherwise, you're likely covered. The question then becomes should you make a claim? The easiest answer is the cost of the claim should grossly outweigh the cost of your deductible. If your kid smashes a window and you want to file an insurance claim, first get an estimate on the repair. If the repair is $200 and your deductible is $1,000 then it really doesn't make any sense to file a claim.
Can you cancel home insurance?
Yes, if you’re unhappy with your rate or customer service, feel free to move on. However, before you do, it’s important to shop around for new home insurance quotes online, select your new provider, inform your old provider and ensure there are no coverage gaps while you transfer. For more details, read our blog on how to change insurance companies.
What is a home insurance peril?
A home insurance peril is an unknown or accidental event. For instance, if your home is struck and damaged by lightning, creating a hole in your roof, there is no way you could have prevented it. But a home insurance policy is not a maintenance plan so if your roof has slowly degraded over time and now needs replacing, it is not a peril since its eventual replacement is expected.
How do home insurance claims work?
Make a complete list of damaged or stolen items. Call your insurance provider as soon as you can and ask about what you’re entitled to, especially if you can’t currently live in your home as you may be entitled to hotel and food expenses. A claims adjuster will be in contact with you to fill out a proof of loss form. Ask about using your own contractor or if you’re required to use one they supply to repair the property.
What is a home insurance deductible?
Your deductible is the portion of the claim you’re responsible for paying before the insurance company will pay the rest. A higher deductible, meaning you'll pay more than standard in the event of a claim, will result in lower premiums.
Do I need home insurance for Airbnb?
Yes, is the simple answer. While Airbnb does provide host protection, it may not be enough. You should contact your insurance provider before any changes to your policy and that includes renting it out. If they’re not ok with you renting your property, you can move your policy to another provider who will.