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Types of coverage we provide
A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.
When you purchase broad home coverage, it limits your contents coverage to only specific coverages, (ie. theft, fire, water damage, etc.)
Protects you if you cause injury or property damage to others in an accident. Helps cover medical costs, legal fees, and/or repairs.
When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.
This provides coverage for loss and damage to your property and/or any assets.
This allows for the protection of your “claims-free discount” in the event of your first claim.
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.
These are optional coverages you can buy that protect you for water damage such as sewer back up and fresh water flooding.
Recent home quotes in Prince Edward Island
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Our Reviews
Pratham Sood helped us with our home and auto insurance transfer in a very thorough and efficient way and made the whole insurance process simple and stress free. Great customer service, highly recommend.
I had the pleasure to deal with Devin M. Jeffrey from Surex insurance for my home & auto insurance. He is very knowledgeable broker. Highly recommend him for your insurance needs.
Adnan
Manjinder Singh was very patient and knowledgeable with the questions I’ve asked him, and he was able to beat multiple quotes that I received from other companies. I would recommend.
As always, my broker Greg Bourne is there for me when time is of the essence. He responded quickly to my needs for a new car insurance. He values my time and everything was completed within the day! Thank you so much, Greg!
Devin went out of his way to find a competitive insurance rate for my dream vehicle as well as coverage for my instrument collection. I highly recommend Surex and will to others.
PEI home insurance rates vs. other provinces
Prince Edward Island is in the top of most affordable provinces to purchase a home in. Insurance however is on the higher end. Also being on the east coast there can be a lot of active weather. Make sure you have the right coverage at the right price. Start a free quote with us today and find out.
Province |
Average Rates |
|---|---|
Prince Edward Island |
$1,145 |
Alberta |
$2,304 |
Ontario |
$1,797 |
Nova Scotia |
$2,788 |
New Brunswick |
$2,402 |
Newfoundland & Labrador |
$2,513 |
Manitoba |
$1,335 |
British Columbia |
$2,389 |
Yukon |
$1830 |
Nunavut |
$3,516 |
Saskatchewan |
$1,873 |
Northwest Territories |
$3,367 |
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
- Plumbing
- 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.
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Helpful home insurance guides
Explore helpful guides that explain how home insurance works in Canada, including coverage basics, cost factors, and common policy terms.
