The average price of home insurance in New Brunswick is approximately $780 per year or $60/month. But remember, your home insurance costs depend on a multitude of factors so it's best to prepare to pay more so you are not surprised when your online insurance quote comes back higher. For example, you may want some extra add ons for more coverage. So, it's best to have a range from $800-$1,500 to make sure you cover all your avenues!

The most affordable home insurance provider depends on how your situation fits into the formula companies create to evaluate policyholders. Comparing quotes with Surex will allow you to get the cheapest price on home insurance and get you the best insurance coverage for your situation.

For homeowners who hold a mortgage, having home insurance is a necessity. This is because banks and mortgage lenders want to know borrowers (i.e. homeowners) have a backup plan in case one of three unfortunate events happens: (1) something happens to the homeowner’s home (either repairable damages or a total loss), (2) someone is inadvertently injured while on the homeowner’s property, or (3) the homeowner accidentally causes damage to another person’s property. A basic home insurance policy with cover a homeowner in any of those three scenarios, and will — by extension — ensure the homeowner will remain financially fit to continue servicing their mortgage.

On the other hand, if you own your residence outright (i.e. you’ve paid off your mortgage), you are not required by any level of government in Canada to hold a home insurance policy. However, when you compare the cost of an annual insurance policy — usually somewhere in the $800 to $1,200 range — to the value of your home and its contents, it becomes clear that protecting your assets is a wise move. Surex strongly recommends home insurance for all homeowners — just be sure to compare insurance companies with the best insurance broker find a policy that’s affordable!