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Compare and purchase the best
home insurance rates in Prince Edward Island.

Compare and purchase the best
home insurance
rates in Prince Edward Island.

Get free & accurate quotes from Canada’s top home insurance providers.
In just a few minutes, our quoter can unlock discounts that can have
you saving hundreds of dollars a year on average.
Get free & accurate quotes from Canada’s top home insurance providers. In just a few minutes, our quoter can unlock discounts that can have you saving hundreds of dollars a year on average.
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PEI home insurance rates vs. other provinces

Prince Edward Island is in the top of most affordable provinces to purchase a home in. Insurance however is on the higher end. Also being on the east coast there can be a lot of active weather. Make sure you have the right coverage at the right price. Start a free quote with us today and find out.

Province

Average Rates

Prince Edward Island

$1,145

Alberta  

$2,304

Ontario 

$1,797

Nova Scotia

$2,788

New Brunswick 

$2,402

Newfoundland & Labrador 

$2,513

Manitoba 

$1,335

British Columbia 

$2,389

Yukon 

$1830

Nunavut 

$3,516

Saskatchewan

$1,873

Northwest Territories 

$3,367

See how our customers save big on home insurance

At Surex, we’re dedicated to helping you find the right insurance for the best price. We do all the heavy lifting for you, so you can be sure you’re getting the lowest possible rate. Check out how we’ve helped these Prince Edward Island homeowners save on home insurance.

Customer

City

Type

Average Rate

Lowest Rate

Savings

Home Insurance in PEI - What You Need to Know

Home insurance isn't required by law in PEI, but it is always recommended that homeowners get coverage. A good home insurance policy means that in the event of damage or loss you won't have to worry about unexpected expenses. Homeowners do however need home insurance to secure a mortgage, a bank will not lend you money without insurance. Home insurance PEI is extremely important to keep you, your belongings and your property protected.

There are many different types of home insurance policies in PEI that an insurance advisor can help you select which one suits your needs best. They range from full coverage to more economical packages — there is one to meet the specific needs of all PEI homeowners!

Here are the different categories:

Comprehensive or All Perils: This is the most thorough of coverages (and most expensive) that you can get for a building and its contents. It obviously doesn't include optional coverage or predicted events. Most insurance policies include personal liability coverage.

Basic or Named Perils: This is a more economical coverage option that only covers what is specified in the policy.

Broad: This is seen as the middle ground coverage between comprehensive and basic. It only covers the building and names contents or perils.

No Frills: This is an option for homes that don't meet the usual standards for most insurance companies. It is usually for a property that requires a lot of upgrades/repairs or has major physical problems.

And, of course, if you feel you need more coverage, you can always inquire about add-ons or endorsements. These are extra coverages you can add to your existing policy. They usually cover damage caused by perils that are not included in a standard policy.

For example, if you are in an area with certain risks such as earthquakes, floods or sewer backups, you may want to consider them. Residents who live in low-lying areas may want to get extra coverage for water damage, the cost is more on your premium, and all depends on your location and quality of your home's structure. The extra coverage will cost more but could save you thousands down the road in damages and repairs.

Here are some things that are taken into consideration when calculating your home insurance premium in PEI:

  • The square footage of your home
  • Contents and quality of construction of your home
  • The location of your home
  • Distance to a fire hydrant
  • Your claims history
  • The age of your roof
  • Plumbing
  • Your home’s electrical system

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Insurance Broker
How you can save money on home insurance?

Home insurance has many factors when calculating the rates.  Plus, every home insurance company underwriters risk differently, so that is why getting to compare quotes is important. Here are a few things to keep in mind:

Advisor
Increase your deductible

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, your insurance company 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, or 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!

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.

How it works
How it works

Get a personalized quote in minutes! We’ll help you compare multiple offers from Canada’s top insurers. Your dedicated advisor is here to help every step of the way.

Why Surex?
Why Surex?

Surex makes it easy to compare, purchase, and save up to 25% on your insurance needs. We shop the market for you, finding the best rate for the coverage you need.

Our Advisors
Our Advisors

We’ll match you with a dedicated insurance advisor who can walk you through your options, answer your questions, and help you find the right coverage at the best price.

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