Home insurance in St. John's 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.

A licensed insurance advisor can offer home insurance in St. John's . If you contact the insurance broker channel they can provide you with more than one option, so you can see comparables in price and coverage!

There are four types of home insurance in St. John's:

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 St. John's  climates.

The cost of home insurance in St. John's 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 from person to person.

Factors that influence the cost of home insurance in St. John's include: the age of the home, the size of the home, the number of residents, the cost of replacement, the internal and exterior construction, the location, as well as the proximity to local services like fire and police stations.

Home insurance is a tricky thing to predict, as many factors come into play when calculating the rates. Things such as the age of the structure and the construction of your home, wiring etc...all these items that can be found in and around your home all affect the rate. Plus, the top rated home insurance companies in Canada underwrite risk differently, so that is why getting to compare insurance companies and quotes when you get insurance online or over the phone.

Here are a few things you can to help reduce the cost of your home insurance:

Increase your deductible: This is the amount you pay towards an insurance claim, so by offering to pay a higher percentage of a future claim, the top rated home insurance companies in Canada will decrease the cost of your premium. But, keep in mind you will be paying more out-of-pocket when, and if, you ever file a claim.

Bundle your insurance: Bundling always helps you save, whether it's your phone, tv and internet! So, if you have a car, or any other insurable item, think about going with the same insurance company, who will most likely reward you with a discount!

Ramp up your home’s security: Getting a home security system can help, specifically ones that are monitored 24/7 by a security company. Also, inquire if your insurance company is partnered with a specific one for more of a discount.

Don’t switch before renewal: Breaking your contract before the renewal date could incur penalties.

Renew with your current provider: Homeowners who stick with one insurance company for years, will likely get to enjoy some discounts!

Review your insurance policy annually: Review your policy annually to make necessary adjustments after life changes, you may need less or more coverage, so keep up-to-date.

Shop around: Always compare home insurance quotes to see what all your options are on similar policies. No two policies are the same, so comparing will let you choose what's right for you.

It's important to understand what types of coverages are part of your home insurance plan. Here are four main areas you should know about in your home insurance:

• Building a detached structures - this includes your primary residence plus other structures on your land like garage, shed, garden, and deck
• Personal contents and belongings - this includes personal items such as clothing, furniture, equipment, and electronics. It also includes appliances, décor, tools, and other items against loss or damage.
• Liability - this helps protect you financially if you accidentally cause damage or injury to a third party. 

Additional living expenses - for those situations that arise where you may lose access to your house and have to stay elsewhere.

You will need the following information to ensure quote accuracy:

• Square footage of your home
• Year your home was built
• Details on any upgrades or modifications
• Your exact address
• Type of electrical
• Home Exterior (brick siding stucco etc)

Your personal home insurance claims history