Compare Newfoundland home insurance quotes & save today

On average, homeowners in Newfoundland pay $780 per year or about $60 per month. However, if you're in St. John's, it'll likely cost more than Bonavista because the risk of theft and burglary increases in city centres. The location plays a critical role, as does the size and type of home you're in. 
For instance, if you are looking at condo insurance, you'll notice prices are closer to $30-$40 per month. If you rent your home and need tenant insurance, that could go for as little as $15 per month. 

Since you're probably not ready to pick up and move to a new location, here are some ways to save in the house you're in. 

Increase your deductible. The deductible is the portion you pay before your insurance company pays the rest. By increasing your deductible, you're telling your insurer you won't be making any small claims and therefore fewer claims. You're taking on some of the risks yourself, reducing theirs and you'll pay less.

If you can afford it, pay annually. Paying annually reduces administrative paperwork and you're less likely to leave mid-term. That's a win for the insurer and cheaper premiums will come. 

Install security alarms. Not only will your home be safer and deter potential thieves, but many insurers also offer discounts if you install a centrally monitored security system. 

Pay off your mortgage. This one is easy, right? Living mortgage-free means you don't have to pay any insurance at all. Best that you still do, though. Accidents happen and we can't control the weather. 

Ask for discounts. Sometimes, simply asking for discounts from your insurance broker can result in cheaper premiums. The broker can look for discounts like union memberships, university alumni discounts, and more. 

The good news is that by combining both your home and auto insurance in Newfoundland together, you can save up to 25%, depending on your provider. 

Getting the best insurance typically means you're buying extra coverage. In Newfoundland, consider add-ons like flood insurance and upping the limits on your contents insurance. 

Your standard policy only covers burst pipes, but if a sewer backs up into your home or water from nearby lakes (or oceans) flood your home, you may not be protected. 

Contents insurance covers your belongings (e.g. furniture, appliances, clothing), but there are limits to everything. So, if you have rare art, jewellery, or any collectable worth more than $2,500, ask your insurer about increasing the limits for extra protection. 

For car insurance, you can buy collision insurance to protect your car while it's moving and comprehensive insurance to protect your car while it's parked from theft or falling trees. You can also look to add standard endorsement forms (SEF) to any policy which can do many things including covering rental car insurance, extra family protection, or having your insurer pay for the rental car if yours is in the shop after an accident. 

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. If you provide your credit score, you can see a pretty big discount, but it's not mandatory. 

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. 

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 switch insurance companies. 

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.

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.

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.

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.