4.9
4.9/5
on Google and Facebook!

Affordable Home Insurance in New Brunswick

3 minutes can save you hundreds. Enter your postal code below and join thousands of Canadians saving on home insurance.

Secure. No Spam. No Fees.

Why You Can Trust MyChoice

MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

Square One

How to Compare Home Insurance Quotes with MyChoice

Comparing home insurance quotes with MyChoice is as simple as it gets:

Share Your Home Insurance Needs

Tell us what you want out of your home insurance.

Shop for the Best Deals​

Compare home insurance quotes from the best Canadian insurers.

Secure Your Rates​

Pick the best deal and lock your rates on our site.​

Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$92.69Dec 02, 2024, 08:44 AMAuto33FemaleBelleville
$43.43Dec 02, 2024, 03:37 PMHome41MaleOttawa
$25.68Dec 02, 2024, 09:59 AMTenant25MaleBrantford
$32.58Dec 02, 2024, 12:36 PMLife30FemaleHamilton

How MyChoice Works

0

Canadians

have compared rates and saved money over the last 24 hours
Secure. No Spam. No Fees.
Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on November 11, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated November 11, 2024

Visit author page

9 minute read

Article Contents

As a homeowner in New Brunswick, navigating the home insurance landscape is a challenge. There are so many coverage options, risk factors, and different insurance companies, so it can get overwhelming.

A good grasp on New Brunswick home insurance is essential to make informed decisions about your policy. 

Discover what types of home insurance coverage are available for New Brunswick homeowners, what can raise or lower your rates, and how to save money on home insurance in the province.

Quick Facts About Home Insurance in New Brunswick

  • The average annual cost of home insurance in New Brunswick is around $743.
  • Some of the most common natural risks to your home in New Brunswick are from a hurricane, flooding or a sewer backup.
  • New Brunswick is one of the cheapest provinces on average for home insurance in Canada.

Quote data from MyChoice.ca, November 2024

Common Risk Factors for Homeowners in New Brunswick

Different regions in Canada have different risk factors for homeowners. Here are several common risk factors you should prepare for as a homeowner in New Brunswick:

Overland Flooding

Storm surges and winter thaws may increase the occurrence of overland flooding. A notable example of this is the 2000 major storm surge event in Beaubassin, which resulted in millions of dollars worth of home insurance claims.

Hurricanes

The coastal parts of New Brunswick may be vulnerable to hurricanes, tropical storms, and other adverse weather effects. The city of Saint John is known to be one of the hurricane-prone cities in the province.

Sewer Backup

The risk of sewer backup is minor, but the frequency might increase if homeowners in your area are finishing basements to use outside storage purposes.

Does Where You Live in New Brunswick Affect Your Home Insurance?

Where you live in New Brunswick does affect your home insurance. Living in areas with a higher risk of natural disasters or other potentially damaging incidents may raise your insurance rates. For example, a house in hurricane-prone Saint John may land higher insurance quotes than a comparable home in a less hurricane-prone area.

Housing Data in New Brunswick

Curious about the housing landscape in New Brunswick? The 2021 Census of Population has all the answers – here’s an overview of housing in New Brunswick:

Type of Occupied Dwelling

Single-detached houses are the most popular type of dwelling in New Brunswick, making up 67.8% of total homes in the province. Apartments in buildings with less than five storeys come in second at 15.4%, far more numerous than apartments with over five storeys that only make up 1.3% of the province’s total homes.

Owner vs Renter Stats/Condo vs Non-Condo Owner

73% of homes in New Brunswick are owned homes, while 26.2% are rented. Non-condos make up the vast majority of homes in the province at 96.1%, with condos making up only 3.9%.

Private Dwellings by Period of Construction: New or Older Homes?

Slightly over half the homes in New Brunswick were built before 1980 (51.8%), signifying that most of the province’s homes are relatively old buildings. Meanwhile, new homes constructed between 2016 and 2021 are rarer at just 4.4% of the province’s total homes.

Major Repairs or Just Maintenance Needed?

Most of New Brunswick’s homes are well-maintained, with 92.2% of them only requiring regular maintenance and minor repairs. However, 26,245 homes need major repairs, making up 7.8% of the province’s total dwellings.

How Does Home Insurance in New Brunswick Work?

Home insurance in New Brunswick works like home insurance in most of Canada. It provides financial coverage if your home or its contents is damaged due to unforeseen events. If the damage is caused by a peril covered in your policy, you can make an insurance claim to repair or replace the damage. Tenant insurance and condo insurance work on the same principle, only for different types of dwellings.

Here’s a look at three types of home insurance policies available to New Brunswick homeowners:

Basic coverage is also known as named perils insurance and is the cheapest. It’s affordable because it only covers damage caused by specific perils listed on the policy. If an unlisted peril damages your home, you won’t get any coverage.

This mid-price option usually grants near-complete protection for your home’s physical structure. However, it only provides basic coverage for your home’s contents and personal belongings.

As the most expensive home insurance type, comprehensive coverage protects your home and your belongings from all perils, save for the ones that are explicitly excluded from your policy. You may need insurance add-ons to enhance your comprehensive home insurance protection.

Most New Brunswick home insurance policies come with a standard set of coverages. Here’s a look into what kinds of coverage you can get from a common New Brunswick home insurance policy:

  • Additional living expenses: This covers living expenses if you need to live away from home in case an insured peril damages your house.
  • Detached private structure: This covers damages to any detached structures on your property. Some common examples are tool sheds, pool houses, and standalone garages.
  • Dwelling building: This covers damages to your home’s main structure as well as any structures attached to it. This coverage also extends to swimming pools and permanent outdoor installations.
  • Personal liability: This covers lawsuits and settlement fees if somebody gets injured on your home’s premises.
  • Personal property: This covers damages to your personal belongings and your home’s contents. Specialized items or expensive things like jewellery and artwork may need extra insurance coverage.
  • Voluntary medical payments: This covers medical costs for any injuries that happen on your property.
  • Voluntary property damage: This covers damages to another person’s property caused by you or a member of your household.

You also have some options for additional home insurance coverage in New Brunswick. Here are some home insurance policy add-ons you can get:

  • Credit/debit card forgery and counterfeit: This protects you from financial losses caused by credit card forgery and counterfeiting.
  • Earthquake: This provides financial coverage to repair earthquake damage to your property. 
  • Freezer food: This reimburses you for damage to food caused by freezer failure.
  • Identity theft: This reimburses the costs associated with the fallout of identity theft incidents.
  • Lock replacement: This helps replace your lock after a theft.
  • Mass evacuation: This pays for extra living expenses if you have to evacuate your home.
  • Overland water: This pays for damages caused by flooding.
  • Sewer backup: This pays for damages caused by sewer water backing up into your property.

FAQs About Home Insurance in New Brunswick

How much is home insurance in New Brunswick?[2]

The average cost of home insurance in New Brunswick is about $719 annually depending on the type of dwelling, location, and other factors. Home insurance costs differ between home insurance providers. Note that several considerations can increase or decrease the cost of your New Brunswick home insurance, such as your home’s value and the property’s condition.

For a better overview of the cost of home insurance in New Brunswick, talk to an insurance broker or look up quotes on MyChoice.

Is home insurance mandatory in New Brunswick?

No, home insurance isn’t mandatory in New Brunswick. However, if you take out a mortgage on your home, your lender may require you to get coverage as a condition of getting a loan.

It’s also highly recommended that you get home insurance even if it’s not mandatory, so you can protect your house and personal property in case of unforeseen events like fires and hailstorms.

Do I need home construction insurance in New Brunswick for my renovation?

Yes, if you’re planning a major home construction or renovation project in New Brunswick, home construction insurance will protect you and your home during the process.

 Also known as builder’s risk insurance, home construction insurance provides coverage in the event of damage or loss to your home and construction materials during the construction process. Some companies that offer this policy type even have liability coverage in case someone gets injured on your property during construction.

What is the home insurance claims process in New Brunswick?

The home insurance claims process in New Brunswick varies between insurers, but it generally consists of the following steps:

Report the claim: Contact your insurer and inform them about the damage or loss, including relevant details and evidence like videos or photos.

Claim evaluation: Your insurer will assign an adjuster, who will schedule an assessment of the value of any loss or damage.

Approval or denial: After the home inspection and evaluating your documentation, your insurer will either deny your claim or approve it, offering a settlement for repairs or replacement of damaged property.

Claim resolution: If you accept the offer, the payment will be made. If not, you can negotiate with your insurer or file a dispute with the Financial Services Regulatory Authority of New Brunswick (FSRA).

Can you cancel home insurance in New Brunswick?

Yes, you can cancel your home insurance policy in New Brunswick. The process may vary depending on your insurer and policy terms. 

Generally, you’ll need to contact your insurance provider to let them know. Some insurers may require written notice of cancellation by mail or email. 

Keep in mind that if you cancel your policy before its expiry date, you may be subject to penalties or cancellation fees.

Do I need home insurance for Airbnb in New Brunswick?

Yes, you may need home insurance for Airbnb in New Brunswick. While Airbnb has some host protection insurance, its coverage is limited and may not cover all types of liabilities or damages if you’re using your home for short-term rentals. Having a home insurance policy can provide additional protection and peace of mind.

Note that renting out your property as an Airbnb without telling your insurer may void your policy, and not all home insurance policies include coverage for short-term rentals. Check with your home insurance company to see if your policy has this protection or if you need to get additional coverage.

I have a vacation home in another city in New Brunswick. Can I insure that home too even if I don’t always live there?

Yes, you can insure your vacation home in another city in New Brunswick even if you don’t always live there. There are insurance policies specially tailored to cover seasonal or vacation homes to protect your property, belongings, and other liabilities from damage or loss. 

Typically, these policies offer coverage for damages due to risks like fire, theft, and water damage. They may also have coverage for additional situations such as temporary living expenses if a covered risk makes your vacation home uninhabitable.

Home insurance companies have different requirements and limitations for vacation home insurance. In some cases, you may be required to take out additional coverage or accept different terms and conditions.

Is fire insurance mandatory in New Brunswick?

No, fire insurance is not mandatory in New Brunswick. However, it’s highly recommended that property owners get it to cover damages or loss to their property caused by fire, smoke, and other related perils.

Note that some New Brunswick mortgage lenders may require borrowers to have fire insurance coverage as a loan condition. This is because the property is collateral for the loan, and the mortgage lender may require coverage to protect the property from loss or damage.

Can I bundle home insurance with auto insurance in New Brunswick?

Yes, you can bundle home insurance with auto insurance in New Brunswick. Insurance companies typically offer bundled packages, and getting one can lead to big cost savings. It can also be more convenient for managing your insurance policies and premium payments, so you should compare bundles between insurers to see what discounts and levels of coverage they offer.

It’s my first time owning a house in New Brunswick. What type of home insurance should I get?

Before choosing a home insurance policy, first-time homeowners should consider the following factors:

– Financial capability
– Risk of exposure to specific risks in their area, such as flooding or earthquakes
– Home value and condition

If you’re on a low budget and live in an area that isn’t prone to natural disasters or crime, a basic policy may be enough for your needs. But if you want to cover all your bases, comprehensive home insurance will help you rest easy. 

Talk to your insurance provider to find the best option for your budget and the coverage you need.

Who has the best home insurance rates in New Brunswick?

There’s no definitive company that offers the “best” home insurance rates in New Brunswick. This is because different providers will have their own processes for assessing the cost of providing coverage, so premiums vary from company to company for the same homeowner-applicant.

To find the best New Brunswick home insurance rates, compare offers through MyChoice’s home insurance calculator. We can help you find the most affordable options on the market.

Will I be charged if I switch home insurance providers in New Brunswick?

Yes, you may be charged if you switch home insurance providers in New Brunswick. Depending on the terms of your current policy, your provider may charge a fee for cancelling your policy before its expiration, while others don’t. Review your policy and talk to your provider to prepare for potential penalties.

What companies offer high-risk home insurance in New Brunswick?

Most insurance companies in New Brunswick offer high-risk home insurance. However, the rates that they’ll present will vary depending on their assessed risk of insuring your property in your area, as well as the factors that make you “high-risk”.

High-risk home insurance can be much more expensive than a standard policy, so compare rates through MyChoice to find affordable coverage for your home.

What is a home insurance peril?

A home insurance peril is a risk or event that may cause damage or loss to your home, covered by your home insurance policy. Examples of perils typically covered by standard home insurance policies in New Brunswick are:

– Hail and ice damage
– Fire and smoke
– Damage from lightning strikes
– Theft
– Vandalism

Do I need home insurance before closing in New Brunswick?

You need home insurance before closing in New Brunswick if your mortgage lender requires it. Lenders require you to get home insurance because they have a stake in your property as well.

What factors aren’t used to calculate New Brunswick home insurance rates?

Factors that aren’t used to calculate New Brunswick home insurance rates include:

– Disability
– Marital status
– Political affiliation
– Race
– Religion
– Sexual orientation and gender

How is home insurance regulated in New Brunswick?

Home insurance in New Brunswick is regulated by the Financial and Consumer Services Commission, licencing insurers and overseeing their operations.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

1. Statistics Canada, 2021, Census of Population, New Brunswick, Housing Statistics. Data Published March 29, 2023.

2. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

Congratulations! You made it to the end!

Now, here is the easy part: complete your quote in under 2 minutes
Secure. No Spam. No Fees.

Discover More About

Western University launched the Canadian Severe Storms Laboratory to research severe weather patterns. Learn about the CSSL’s effect on insurance.
Home insurance deductibles can help you save on your yearly premiums. Read on to learn how to choose the right amount for maximum savings.
Making home insurance claims can result in higher monthly premiums. Click through to learn about different scenarios and how you can avoid premium increases.

Even More Ways To Save