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Modern Home Insurance in Newfoundland and Labrador.

We've shopped the world to provide Newfoundland and Labrador home owners with real time quotes from A+ rated carriers. Get more for less with InsureCert.

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Homeownership in Newfoundland and Labrador.

A unique province on the east coast of Canada, Newfoundland and Labrador’s area consists of islands and a small population of just over 500, 000 people who primarily take up residence on the Avalon Peninsula. The capital city, St. Johns is located on the north side of the province.

Covering a vast area of 405,212 km², this province enjoys a rather varied climate from Sub-Arctic in the south, to the Arctic Tundra in the north of Labrador. Newfoundland’s climate is Maritime Continental, and much milder. The terrain is somewhat mountainous with Newfoundland’s Long Range Mountains forming the north end of the Appalachian Mountain Range.

The province is Canada’s most unified area, linguistically, with over 97% speaking English as their main language.

Cost of living in Newfoundland and Labrador

Newfoundland and Labrador offer an excellent and affordable quality of life. The cost of living in this province is much lower when compared to many of the larger centers in Canada, such as Toronto or Vancouver.

Though the province has a low average income for families in Newfoundland with a mandatory minimum wage of $11.00/hr, housing and heating costs, as well as the cost of living generally, are among the lowest in Canada.

Economy

The main driving force for Newfoundland and Labrador’s economy remains its excellent fisheries. Mining, especially of iron ore, produces around 50% of Canada’s iron supplies with offshore oil rigs fueling 20% of the province’s GDP.

Newfoundland and Labrador provide immigrants with many opportunities in the fields of fishery and resources. Considering the richness of the land in the aforementioned resources, there is a constant need for skilled workers.

Demographics

Residents are fondly known as "Newfoundlanders" and "Labradorians", with an incredibly diverse population of British Isles (English, Irish, and Scottish), South Asian, Chinese, and aboriginal people. The predominant religion is Protestant at 59.7% and Catholics at 36.3%. English is predominately spoken in the province by almost half a million people, while French trails behind at around 2000 speakers.

As the capital city of Newfoundland and Labrador, St John's is home to over 150 000 people, with the provincial government being the largest employer in the province.

How we find you the best home insurance in Newfoundland and Labrador.

Home, condo, or renters insurance is a type of insurance that covers loss and damages to your home and any assets in it. Home insurance also provides liability coverage against accidents that occur in or on your property. While home insurance coverage isn’t mandatory in Canada, you’ll be hard pressed to find a lender who will give you a mortgage without it. That’s why finding the right home insurance in Newfoundland and Labrador is so important.

With InsureCert.ca, you can compare home insurance quotes from Newfoundland and Labrador’s top home insurance brokers and agents in just a few minutes. All you have to do is select your preferred quote, and an Newfoundland and Labrador home insurance provider will be in touch to help you secure it. Not ready to fill out a form? No problem. We answer some of the biggest questions you may have below.

Your Newfoundland and Labrador home insurance questions, answered.

How much is home insurance in Newfoundland and Labrador?
It’s difficult to say exactly what your home insurance price in Newfoundland and Labrador will be. Because insurance is such a customized product, your costs will depend on the home insurance company in Newfoundland and Labrador you choose to work with. Furthermore, the average cost of home insurance in Newfoundland and Labrador probably wouldn’t be an indicator of what you’ll pay. Home insurance rates will vary based on the age of property, construction, wiring, and other elements. One of the fastest ways to get an Newfoundland and Labrador home insurance estimate is to fill out a form on a rate comparison site like InsureCert. We’ll show you quotes from the top insurance companies serving Newfoundland and Labrador.
What perils are specific to Newfoundland and Labrador?
While property insurance in Newfoundland and Labrador doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of. For example, the province is prone to wildfire damage, even though Newfoundland and Labrador is relatively protected from this issue, especially when compared to other cities. However, Newfoundland and Labrador homeowners are vulnerable to other risks including: Internal water damage from burst pipes due to the very cold winters. Sewage pipe backup. Overland flooding.
What does home insurance cover in Newfoundland and Labrador?
Generally speaking, house insurance in Newfoundland and Labrador will cover: Repairs to structural damage caused by certain types of perils. A home’s contents, including the personal belongings of the home’s residents, and the belongings of guests. Personal belongings include electronics, clothing, silverware, jewelry, sporting equipment, trees and plants. However, most insurance policies do put a limit on these types of benefits. Liability, which protects the policyholder and family members from lawsuits as a result of bodily injuries. The insurance policy will pay court costs up to the limit of the policy. What many people don’t know about home insurance is that a typical policy will also cover liability or negligence anywhere in North America, subject to exclusions for business and professional activities. Generally speaking, your home insurance coverage in Newfoundland and Labrador will include the following risks:
  • Fire.
  • Lightning.
  • Smoke damage (excluding fireplaces).Theft.
  • Wind and hail.
  • Electrical current.
  • Explosion.
  • Vandalism.
  • Water damage.
  • Broken windows.Wind and hail.
  • Falling objects (unless propelled by a landslide, avalanche, or earthquake)
What risks won’t home insurance cover in Newfoundland and Labrador?
Most home insurance providers in Newfoundland and Labrador won’t cover two kinds of risks: uninsurable perils and optional coverage:

Uninsurable perils are predictable events that aren’t covered by insurance. That’s because the odds are high for a payout. An example of perils that may not be covered is flooding. Optional risks are those that aren’t covered but you can buy insurance for them. These would include sewage backup or earthquakes. Other things home insurance won’t cover include natural wear and tear, government actions, and the failure to make repairs. In Newfoundland and Labrador, most home insurance policies won’t automatically cover things like sewage backup, earthquakes or flooding without additional insurance, which are called endorsements.
What kind of home insurance do you need in Newfoundland and Labrador?

Standard homeowners insurance in Newfoundland and Labrador comes in four different forms: comprehensive, basic, broad, basic and no frills.

Comprehensive - This type of insurance covers the building and contents from all insurable perils.

Basic or Named Perils - This policy insures your home and property for perils specifically named in your policy.

Broad - A broad policy insures your home for all risks as a result of direct damage or physical loss, but the contents are only covered against perils that you name in the policy. It’s considered a middle-ground between a comprehensive and basic policy.

No Frills - As the name suggests, it’s basic coverage for properties that don’t meet normal insurance standards.

While Newfoundland and Labrador is less exposed to the kind of environmental perils than other cities, there are some endorsements homeowners and renters should consider including sewage backup, flooding and increased liability for your valuable items.

Purchasing extra coverage will likely increase home insurance premiums for Newfoundland and Labrador residents, but it’s important to ensure that your assets are adequately protected. If they’re not, the costs of repairs and damages might outweigh the cost of additional coverage.

What can you do to save on home insurance in Newfoundland and Labrador?

Living in a major city can be expensive, but finding cheap home insurance in Newfoundland and Labrador can help you cut costs. If you’re looking to lower the cost of your premium on your Newfoundland and Labrador home, you can:

  • Bundle insurance policies like home and auto.
  • Look into alumni or professional memberships for discounts.
  • Offer to pay a higher deductible.
  • Upgrade your home: replace knob and tube wiring, update valuable parts of your home like the kitchen or basement and replace lead pipes with copper or plastic.
  • Invest in a good security system.

Try to avoid living in areas that are known to be prone to floods, fires, or earthquakes. Finding affordable home insurance in Newfoundland and Labrador doesn’t have to be a struggle. Whatever your method of getting the best rate, comparison shop before you buy so you can compare current home insurance rates from Newfoundland and Labrador providers.

Most places will ask you a series of questions about your home before giving an estimate. You’ll be asked your address, postal code, the size and age of your home, the type of roof, whether you have a deck or a basement, and the type of electrical wiring throughout your home. All this will ensure you get the correct rate and the appropriate amount of coverage.

What are the best home insurance companies in Newfoundland and Labrador?

There is no single answer to this question. There’s no one insurance provider that provides the best home insurance rates to all Newfoundland and Labrador customers because everyone’s home insurance needs are different. The right company is the one that offers you the best rate for the type of coverage you need.

Not all insurance companies will be right for you. Here are several things to keep in mind when you’re choosing an insurer in Newfoundland and Labrador:

  • Do they belong to a reputable association such as the Insurance Brokers Association of Canada?
  • Are they licensed?
  • Is the company in good standing? You can check review sites.
  • Can they provide references from current and previous clients?
  • How long have they been in business?

Ease of contact with your agent and company after you’ve purchased your home or renters insurance policy. Finding an Newfoundland and Labrador home insurance quote online can be the fastest way to get in touch with the right provider that suits your needs.

What if I own a condo or rent? Can I still buy property insurance online?
You’re in luck! We offer policies to renters and condo owners. If you’re on the market for either of these policies, you can actually fill out the property insurance form above and select the Condo Insurance or Renters Insurance option on the first page. If you’re looking for more information about either of these products, feel free to visit our Home Owners link in the top menu of this page.
Home Building Growth 2020 in Newfoundland and Labrador 37.0%
Home Ownership as a percent of population: 76%
Average cost of a home in Newfoundland and Labrador $239,500
Average Newfoundland and Labrador home insurance premiums per month: $36

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Payment Options

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Monthly Withdrawals

Paying your insurance each month may be a more affordable option for you. We’ll divide your premium equally (plus an administration fee) over your 12-month term and automatically withdraw payment from your bank account every month.

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Pay your entire insurance premium upfront so you don’t have to think about it until renewal. For new policies, full payment is due before the policy effective date. For policy renewals, full payment is due one business day before the renewal date.

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