Compare home insurance quotes in Prince Edward Island for free.

Compare and find the lowest property insurance rates in Prince Edward Island, save up to 32%.*

Get quotes from 50+ Canadian providers in 3 minutes.

 

32,327 Canadians

have compared rates and saved money over the last 24 hours

What our users say:

April 22
Your agent Nathan was amazing and so…
Your agent Nathan was amazing and so helpful.
Alecia O'Brien
April 20
They took some basic information and…
They took some basic information and had me connected to a broker within minutes...
Jennifer Maybue
April 19
Prompt response
Prompt response. Good info to make a decision. Helpfull that info was sent to ...
Margaret Bird
April 19
Sean was easy to talk too and very…
Sean was easy to talk too and very informative.
Angela
April 19
Good job
The staff was helpful and knew what were doing.
Franziska Pedersen
April 18
Francesco he is a very helpful…
Francesco he is a very helpful gentleman, and I’m happy with the discounts tha...
ANTONIO NUNES
April 18
I was connected with Ryan
I was connected with Ryan, who was patient in listening to my car insurance frus...
Betty Weintraub
April 17
Good pricing
Pleasant broker and helpful
Phyllis
April 17
filled out form online less than 5mins…
filled out form online less than 5mins called right away and setup call with bro...
ct
April 16
The Agent was very kind and helpful!
The Agent was very kind and helpful!
Istvan Kiraly
April 16
Great customer care she is good 👍
Great customer care she is good 👍
Anthony Odia
April 15
Simple and clear!!
Fast response ! Friendly knowledgeable staff!
Kent Fewer
April 15
great rep provided all the information…
great rep provided all the information I needed to make an informed choice
KAREN FOBERT
April 12
After I got the quotes somebody…
After I got the quotes somebody followed up with me and put me trough with an ag...
Stefan Ciucas
April 12
fast responce
fast responce, great people to talk to explaining everything, What a Great web s...
Larry Rowthorn
April 9
Very helpful advice and great overall…
Very helpful advice and great overall service.
mark
April 6
Easy to deal with and very helpful
Very easy, good use of technology and customer follow up was awesome
Steve Miller
April 6
Easy and friendly process.
Easy and friendly process.
shr
April 5
So good service ,,
So good service ,,, Tammy service me so so good
Son Nguyen

How comparing home insurance quotes works. Hint: it’s free!

Compare

Next, we’ll show you quotes from 50+ Canadian providers. It’s free, with no commitment.

Save

When you find the best quote, secure your Prince Edward Island home insurance rate by talking to a licensed broker or agent.

How we find you the best home insurance quotes in Prince Edward Island.

While home insurance isn’t required by law in P.E.I., we recommend 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.

But choosing a policy can be a confusing process. There are a lot of providers to choose from and each one offers different rates for different amounts of coverage.

That’s where we come in. LowestRates.ca helps you comparison shop, connecting you with the brokers that can offer you the right amount of coverage at the best rate.

Below, we’ve answered some of the most frequently asked questions people have when they’re shopping for home insurance in P.E.I.

 

Tips on how to lower the cost of your home insurance policy in Prince Edward Island

Getting insurance for your home is easier than you think. To get the lowest rate possible, the Financial Consumer Agency of Canada recommends following these steps when shopping for home insurance.

Compare home insurance quotes from various providers.

Ask your broker or agent about bundling your home and car insurance policies.

Ask your broker or agent about which discounts you qualify for.

You might be able to further reduce your by increasing your deductible (the amount you pay toward a claim before your insurance kicks in) and by offering to pay your insurance bill annually instead of monthly.

Increasing your deductible is a great way to save on home insurance in the short term, just make sure you have money reserved for this purpose. Focusing on finding cheap quotes isn’t always a good idea. Having the right amount of coverage — now that should always be the goal.

Factors that determine your home insurance quote in Prince Edward Island

Your home insurance policy will be customized to suit your needs and the property you’re insuring.

Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.

Here are some of the criteria insurance companies look at when calculating your premium.

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

What you need to know about home insurance in Prince Edward Island.

 

What affects home insurance rates in Prince Edward Island?

Premiums are calculated based on certain risk factors pertaining to your home, including:

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

Risk factors in Prince Edward Island

As an island, P.E.I’s coastline is impacted by wind, waves, and snow. Climate change is also causing these weather events to become stronger and more frequent.

If you’re shopping around for a house in P.E.I., make sure you consider its location and how prone it is to such storms. Your policy will only help to pay for some of the costs in the event of a loss.

This includes the replacement of a house’s structure and its contents, and additional living expenses. However, you won’t receive market value, i.e., the total value of the land and house.

Coastal erosion, flooding and rising sea-levels

The sea level surrounding P.E.I. continues to rise due to climate change and it's putting coastal properties at a higher risk of flooding.

Strong winds can trigger storm surges, which can result in overland flooding. And for low-lying coastal properties, which already have had a front-row seat to coastal erosion, flooding is expected to become even more severe.

Since there are currently no insurance products which specifically address coastal erosion in Canada, you will want to examine the risks associated with your property and ways to protect from damage.

Regions at highest risk: Residences that are located right on the coast.

Snow and ice

Winters in P.E.I. bring snow and ice, with temperatures dipping well below the freezing point. If a passerby slips on your yet-to-be-shovelled property, you are at fault for any damage, but if you have insurance, you'll be covered for any liability. Snow and ice can also cause flooding, frozen pipes, and other forms of damage to your property. Be sure to check that your house is up to standard and that your policy covers your specific needs.

Regions at highest risk: The entire island.

What kind of coverage do you need in Prince Edward Island?

There are several types of home insurance policies to meet the specific needs of homeowners in P.E.I. Categories vary from full coverage to more economical packages. A broker can help you identify how much coverage you need.

Here’s an overview of the different categories:

Comprehensive or All Perils - The most thorough coverage for the building and its contents, not including optional coverage and predicted events. Property-specific coverage is needed for condos and mobile homes.

Basic or Named Perils - The economical option which covers only what is specified within the policy; if you can cover some costs yourself, this might be your best option.

Broad - The middle-ground between a basic policy and a comprehensive policy, it covers the building and named contents or perils.

No-Frills - If your home requires upgrades or has physical problems, this option is for the homes which don’t meet the standards of most insurers.

Most insurance policies include personal liability coverage. In the event someone a visitor or passer-by injures themselves on your property — your neighbour slips on your driveway or your friend falls in your home, for example — personal liability coverage will help cover any damages you may incur.

Endorsements are extra coverages you can add to your policy. Endorsements cover damage caused by a peril that's not included in a standard policy. For example, endorsements are offered for earthquakes, floods, and sewer backups. P.E.I. residents who live in low-lying areas will want to consider buying extra coverage for water damage, in particular. The cost of extra coverage could range from between 5% and 50% of your premium, depending on where you live and the quality of your home’s structure.

Who regulates the home insurance industry in Prince Edward Island?

The Office of the Superintendent of Insurance is the government watchdog in charge of overseeing financial institutions operating in P.E.I. The province’s Insurance Act requires all agents to be licensed. Home insurance premiums, on the other hand, are not regulated in P.E.I.

If a claim you’ve filed is denied, there are ways to appeal the decision. Start by contacting the insurer’s own ombudsperson. If that fails, you can file a complaint with the General Insurance Ombudservice, a self-regulatory organization operating in each province. Your final chance at a successful appeal is in civil court.

What can you do to save on home insurance in Prince Edward Island?

Here are some things you can do that might lower the cost of your premium:

  • Increase your deductible, if you can afford to.
  • Install a theft alarm system and smoke detector.
  • Upgrade your electrical, heating and plumbing systems.
  • Protect your home from severe weather and water damage.
  • Ask your broker or agent for discounts.
  • Pay your premium annually instead of monthly.
  • Quit smoking for a lower risk of fires.
  • Insure your home for the cost to rebuild it (don’t overinsure it).
  • Bundle with your home insurance with your car insurance.
  • Compare home insurance rates from various providers.

What companies offer the best home insurance in Prince Edward Island?

Your policy should reflect your specific needs and budget, so what works for your neighbour may not be right for you.

Before you lock into a policy, create a rough inventory of the contents of your home and their value, and any upgrades you’ve made to your home. Remember to inform your lender of any changes or renovations you make to ensure your coverage and premium reflect your needs.

A few of the companies offering home insurance in P.E.I. include:

  • CAA.
  • The Co-operators.
  • PC Insurance.
  • Sonnet.
  • Belairdirect.

Home insurance news

Read More Like This

*Shoppers who obtained a property quote on LowestRates.ca from January to December 2023 saved an average of 32%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes tenant and condo insurance.