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Provides protection against a lawsuit resulting from damaged property or personal injuries.
These are optional coverages you can buy that protect you for water damage such as sewer back up and fresh water flooding.
Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.
When you purchase broad home coverage, it limits your contents coverage to only specific coverages, (ie. theft, fire, water damage, etc.)
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Iqaluit, the capital of Nunavut, is located on Baffin Island along the shores of Frobisher Bay. Known for its striking landscapes of ice-capped mountains and tundra valleys, Iqaluit—meaning "place of many fish" in Inuktitut—sits near the mouth of the Sylvia Grinnell River, which flows into the bay. As Nunavut’s largest community and only city, Iqaluit blends modern life with a deep connection to traditional Inuit culture.
Iqaluit is a hub for Inuit artists, filmmakers, and musicians. The city hosts arts and cultural festivals in the spring and summer, drawing talent from across the territory, and making it a vibrant center of creative expression and cultural celebration.
Getting the best home insurance in Iqaluit may feel like a challenge, but, when you team up with a Surex insurance advisor, it becomes a breeze. Our experienced advisors can answer any of your insurance questions. Once your questions have been answered, we can help you find competitive online insurance quotes from the top home insurance companies in Canada. Call or click to start saving as much as 25% on the best insurance coverage in Winnipeg.
Home Insurance in Iqaluit - What You Need to Know
Home insurance in Iqaluit is not legally required if you’ve paid your house in full, but it is required if you need to secure a mortgage. A bank will not lend you money if you do not have homeowners insurance to protect your one most valuable asset.
If you own your home outright — then you can choose to not purchase home insurance. That said, if you were to choose that route, that’s a horrible idea! Say your home was to, unfortunately, burn down because you left the stove on. Without an active home insurance policy, you’d be solely responsible for replacing your home, if you chose to do so, as well as held liable for any damages caused to other people and/or structures.
The best insurance broker knows that the number one reason a person will switch their home insurance policy from one insurance carrier to another is price — the most affordable home insurance price wins. This is why we get as many discounts as we can through our home insurance partners. Discounts for online insurance can include the following:
- Good credit discount
- Mortgage-free discount
- Renewal discount
- Occupational discount
- Alarm/home security discount
- Bundle discount
- Claims-free discount
- Sewer back-up discount
- New business discount
- Flex discount
- Loyalty discount
- Age discount
- Smoke-free home discount
- Household discount
- Multi-lines discount
- Gated community discount
There are four basic types of home insurance:
Comprehensive: This provides the most coverage and is the most expensive. It covers your home and its contents against all perils (except the ones specifically excluded from your insurance policy)
Standard: This covers your house and its contents against named perils and is less coverage than a comprehensive policy.
Broad: This is coverage that is right between a standard policy and comprehensive, covering your home against all risks (minus exclusions) and coverage for your contents against any named risks.
No frills: This provides minimal coverage, and is the most affordable home insurance. It is usually for homes that don't meet underwriting standards (doesn't meet normal insurance standards).
Talk to the best insurance broker about what coverage you need and also about any additional coverage options you may require. Optional add-on coverage costs extra but protects your home against specific risks posed by Winnipeg's climates.
- Personal home insurance history - The home insurer you choose to place your home insurance business with will need to know your past home insurance claims history. If applicable, they’ll need to know your most recent 10 years of home insurance claims history.
- Bill payment history - The home insurer you choose to place your business with will need to know your history of paying your home insurance bills. If you have a good track record, you’ll be able to choose whether you pay your annual home insurance premiums monthly or annually.
- Claims - This relates to the amount of home insurance claims insurers have had, or haven’t had, in your area. If you live in an area with minimal claims, then your home insurance will be less -- all things equal -- compared to a home in an area that has frequent home insurance claims.
- Coverage - Depending on where you live in Nunavut, some home insurance coverages will be mandatory by the home insurer you’re looking to place your business with.
- Options - If a home insurance coverage isn’t mandatory, then you can choose whether to add it to your home insurance policy or not. Again, we want you to have the exact home insurance policy to match your needs. This is why we don’t do cookie-cutter home insurance policies.
- Deductible amount - The most common home insurance deductible amount in Nunavut is $3000. This is the amount you, the insured, would need to pay -- out of your own pocket -- to activate your home insurance policy, in the event of a home insurance claim.
- Upgrades - If you live in an older home in Nunavut and do certain upgrades, you can be eligible to lower your annual home insurance premium amount by up to 10%. These upgrades would include upgrading outdated electrical, upgrading your home’s plumbing and/or installing a sump pump or backflow valve.
- Security system - If you’re considering securing your home with a certified home automation system, this is a great way to protect your family as well as become eligible for a home security discount. A home security discount can save you up to 10% off your annual home insurance premium amount.
The cost of home insurance in Iqaluit depends on a number of factors including the construction of the home, updates to heating, electrical, plumbing, and roofing, chances of water damage, prior claims, and more. It’s best to budget approximately $600 to 1500 annually for home insurance costs, but again this will vary person to person.
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 affordable home insurance.
Typically, home insurance in Iqaluit will include:
- Any damage or loss to your home
- Any personal property that was stolen from your vehicle
- Any damage or injury to others who visit your home (or property)
- Any accidental damage you may cause to somebody else’s property or to a person
- Any additional living expenses, like hotels or renting a home, if you’re temporarily unable to stay at our property
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