Home Insurance – Prince Edward Island
Your home is more than just a roof over your head. It’s where memories are made, where you find comfort, and where your life unfolds. Home insurance is at the heart of peace of mind – in Prince Edward Island (PEI), it’s essential to have coverage that meets the unique needs of your island lifestyle.
Whether you’re nestled in the quiet beauty of rural PEI or enjoying the vibrant charm of Charlottetown, let Westland Insurance help you find the right home insurance to protect what matters most.
Get InsuranceTypes of home insurance in Prince Edward Island
Condo insurance
Suited for condo owners, this protects your unit, what’s in it, and renovations and upgrades you might make inside it. Made to complement your condo corporation’s insurance, it’s the protection you need to safeguard your investment.
Tenant insurance
While your landlord’s policy will protect the structure of your home, you’ll still want tenant insurance – also referred to as renters or contents insurance – to keep your personal belongings safe.
Insurance for rental properties
Get the proper protection for your rental property to safeguard your investment. Be covered for rental income loss, commercial use, and personal property you’ve trusted your tenants with (like yard maintenance equipment).
Cabin & cottage insurance
Protect your home away from home with a policy for your cottage or cabin. With specialized coverage, we’ll help you find the right policy for even the most remote locations.
Mobile home insurance
Similar to homeowner’s insurance, mobile home insurance reflects unique aspects of a mobile home. Mobile home insurance policies offer typical coverages that ensure you can return to normal as quickly as possible.
Home insurance in Prince Edward Island, explained
Home insurance in Prince Edward Island is essential for protecting your home and belongings and providing financial security against the unexpected, like storms, fires, and theft. It typically covers Dwelling repairs, Personal Property, Liability for injuries, and Additional Living Expenses if your home becomes uninhabitable.
Given the province’s unique weather risks, optional add-ons like flood or extended water damage coverage may be necessary. Factors such as your home’s location, value, and claims history influence premiums.
Dwelling coverage helps cover the cost of rebuilding or repairing the structure of your home in the event of an insured loss.
This protects the personal belongings inside your home. They’ll be repaired or replaced if they’re damaged or lost due to an insured loss. Most standard home insurance policies will protect them whether they’ve been damaged at home or anywhere in the world.
This protects additional structures on your property, like a shed, guesthouse, or gazebo.
Protects if someone is injured on your property by covering legal costs if you’re held legally responsible. This will also cover you if you cause injury or property damage to others at home or anywhere in the world.
Suppose your home can’t be occupied due to a related insurance claim; your home insurance policy will cover Additional Living Expenses (‘ALE’) over and above your normal living costs during this time. The cost of alternative living arrangements will be covered, even extending to additional cost of meals over and above your normal food costs until you’re back home or have access to cooking facilities in your temporary accommodation.
Helps cover loss or damage caused by water entering your home due to torrential rainfall, the sudden rising of a fresh body of water, or the sudden melting of snow or ice.
Covers damage caused by the escape of wastewater or sewage into your home.
It helps pay for the repair or replacement of service lines to your home. This coverage can include underground water and sewer piping, electrical service lines, and more.
Add this endorsement to avoid having your first home insurance claim impact your premium.
Get help through the recovery process if you or someone in your household is a victim of identity theft.
This covers standard equipment in your home, like heating and air conditioning systems, if they fail to operate because of mechanical or electrical failure.
If your home requires repairs, this coverage protects you from any improvements required due to updated by-laws.
You can add certain belongings to your policy for extra coverage – think jewellery, fine art, expensive sports equipment. There are generally specific limits on standard home insurance policies to ensure your valuables are adequately protected.
Many homeowners opt to add personal cyber protection to their home insurance policy. With more elements of day-to-day life being online, it’s more important than ever to protect your personal information and digital identity.
What factors determine the cost of home insurance in Prince Edward Island?
How much you pay for home insurance in Prince Edward Island depends on the coverage you choose, the type of home insurance you need and other factors, including:
Depending on how old your home is, it could be more at risk of a claim than others.
Your address provides insight into whether your area is prone to flooding, at risk of crime, and other common types of claims made. Its distance to services is also considered – the proximity of your home to emergency services like a fire station or fire hydrant will affect your claims risk and premium.
Some materials are more complicated to work with, could pose an increased risk, or increase the cost of repairs/replacement. The materials used during the construction of your home will inform the price of your insurance.
Your home insurance premium can be reduced when you’re eligible for discounts. Most insurance companies in Prince Edward Island offer discounted rates for things like consenting to a credit check, having a good claims history, and more.
How to save on home insurance in Prince Edward Island
Review and optimize your policy
You can adjust your coverage limits, add or remove optional endorsements, and adjust your deductible to save on your home insurance premium.
Take advantage of discounts
Many insurance companies in Prince Edward Island offer a menu of discounts you may be eligible for, bringing down the cost of your insurance.
Discounts on home insurance in Prince Edward Island
Mature customer
Customers 55+ can save more on home insurance.
Claims-free
Get rewarded for having a good home insurance claims history.
Monitored alarm system
Protect your home with an alarm system to deter break-ins and theft.
Renewal
Enjoy a loyalty discount when you stay with your insurance provider for multiple consecutive years.
Mortgage-free
No mortgage on your home? Get an extra discount on your home insurance coverage.
Multi-line
Bundle your home and car insurance with the same provider for added savings.
Why choose Westland for your home insurance needs?
Expert advisors go above and beyond
Our advisors go the extra mile every step of the way and do the legwork to provide personalized home insurance coverage in Prince Edward Island to suit your lifestyle.
Our extensive network of insurers means more choice
We have a large network of insurers we can tap into - guaranteeing great rates and options - so you know you’re not missing out.
We work hard to make things simple
Whether finding the right home insurance coverage or navigating a claim, we keep things simple and use language everyone can understand.
Get coverage that goes further with Westland Insurance
Example of a home insurance claim in PEI
You come home after a long day to find your home flooded. The floors are soaked with wastewater, your furniture has been ruined, and the water accumulated in your home is ankle-deep. What now?
Your home insurance will spring into action, with different parts of your policy stepping in to help:
-
Additional Living Expenses
It’s unsafe for you and your family to stay in a house with wastewater and potential water damage, so you must find alternative living arrangements. A rental, hotel room, food, and other living expenses above and beyond your regular living expenses will be covered while your home is being repaired.
-
Building/dwelling
Damage to your home’s structure will be addressed and repaired to make things safe for your family again.
-
Personal Property coverage
Damaged items – like furniture, clothes, and electronics – that need to be repaired or replaced are covered under your Personal Property coverage.
-
Sewer Backup
This endorsement will cover water damage to the inside and structure of your home.
-
Claims Forgiveness
You’ve had to make a claim due to the incident, but rest assured, it won’t impact your premium when it’s up for renewal.
Connect with us
Our expert advisors are waiting to help you find the perfect home insurance policy in PEI.
Find a branch
Come in and speak to an advisor to get a customized policy made just for you.
Request a quote
Start an online quote at your convenience, and we’ll help you select a plan that works for you.
Areas we serve in Prince Edward Island
FAQs about home insurance in Prince Edward Island
Home insurance is highly recommended for homeowners in Prince Edward Island (PEI). While it is not legally required, having home insurance provides financial protection for your home, personal belongings, and liability in case of accidents or damage. Lenders will typically require home insurance if you have a mortgage on your property.
Standard home insurance policies in PEI typically include:
- Dwelling coverage: Protects the structure of your home from risks like fire, wind, and vandalism.
- Personal Property coverage: Covers personal belongings, such as furniture, electronics, and clothing.
- Liability coverage: Protects you if someone is injured on your property or if you accidentally cause damage to someone else’s property.
- Additional Living Expenses: Covers temporary living costs if your home becomes uninhabitable due to a covered event.
You may also consider optional add-ons, such as coverage for Sewer Backup, Overland Flooding, or High-Value coverage for items like jewellery and collectibles.
The cost of home insurance in PEI varies depending on factors such as:
- The value and location of your home
- The age and condition of the property
- The type and amount of coverage
- Your claims history and deductible amount
To find out how much home insurance might cost for your home, get a quote from Westland Insurance.
No, there is no Harmonized Sales Tax (HST) applied to home insurance premiums in PEI. However, certain fees or additional services associated with your policy may be subject to HST.
Many insurance providers offer specialized coverage for mobile homes in PEI. Mobile home insurance typically includes similar protections to standard home insurance, such as coverage for the Dwelling, Personal Property, Liability, and Additional Living Expenses. Work with a Westland insurance advisor to find the right mobile home insurance policy today.
Buy home insurance in Prince Edward Island with confidence
Whether you’re buying your first home, shopping around ahead of your renewal, or need to discuss your current coverage, our local advisors in PEI are ready to help. Connect with us today to get started.
Need some help?
Visit Client Support
Check out our resources page for helpful content or connect with our client support team.
Contact Client Support