Home Insurance in St. John’s

What does standard St. John’s home insurance cover?

Standard home insurance in St. John’s is designed to offer homeowners financial security if something goes wrong. However, a fire breaking out on your property or lightning causing severe damage can be very expensive to fix, especially when you consider that such risks could damage not only the structure of your home but also the belongings inside of it. Thankfully, home insurance exists to help mitigate these risks.

Whether you’re looking to purchase vacation property & cottage insurance, condo insurance, or something in between, you will find that the intention of the coverage is the same: to protect your property. Keep reading to learn more about what home insurance in St. John’s covers.

Dwelling coverage

Dwelling coverage is generally the type of coverage that people think of when they think of home insurance. It is a must for all types of buyers, including first-time home buyers. This coverage offers financial security in the event that your physical home suffers damage. For example, if a window or door is broken or your home’s foundation is impacted, you can file a dwelling coverage claim - so long as the damage in question was caused by a covered or insured peril listed in your policy. Read through the terms and conditions of your policy to confirm which perils are covered. However, most home insurance plans in St. John’s offer protection against the following:

• Fire
• Lightning
• Smoke
• Theft
• Wind
• Car / aircraft impact
• Explosion
• Falling objects

Content(s) coverage

Contents coverage is also important to add to your St. John’s home insurance plan. Why? It picks up where dwelling coverage leaves off. More specifically, contents coverage will pay to repair or replace the personal items inside your home if they are lost or damaged due to a covered peril. Again, covered perils range between insurance providers, but generally speaking, they are similar to those covered by dwelling coverage, e.g. fire, lightning, theft, smoke, wind, etc. When adding content(s) coverage to any homeowner’s insurance plan, take care to choose a coverage limit that reflects the worth of all belongings inside your home. In the event of a total loss, you can receive a payout from your insurer that will adequately cover the cost of replacing the missing items.

Suppose your home contains lots of valuable items, such as jewellery, original artwork, or musical instruments. In that case, you may wish to consider buying high-value home insurance coverage or specific coverage for particular items, such as a jewellery rider for a specific piece of jewellery that offers coverage whether you lose a diamond or the item entirely, no matter the location where the item is lost or stolen.

Personal liability coverage

Personal liability coverage is the third type of home insurance coverage that is standard in St. John’s, Newfoundland. Liability coverage comes into play if someone files a third-party claim against you due to property damage or personal injury that results from them being on your property. The classic example is someone slipping and falling on an icy walkway leading to your front door. Since this walkway is technically on your property, if this person is injured, they could sue you for bodily harm.

The cost of fighting a lawsuit, not to mention the associated medical fees, can be high. But with a home insurance policy that contains personal liability coverage, your insurer will help you cover these costs. Other costs that personal liability coverage may pay for include legal fees and property damage repair bills.

What other types of St. John’s home insurance coverage are out there?

If you want additional protection for your St. John’s home, adding more coverage to your policy is the best way to do this. While you can certainly increase your coverage limits for dwelling, contents, and personal liability coverage, you can also choose to add other types of coverage to your policy. For example, some people choose to add Airbnb/accommodation insurance or home renovations insurance to their St. John’s insurance plans. Meanwhile, others may be inclined to add home business insurance or a form of flood insurance like overland water coverage. Continue reading to discover a few types of extra home insurance protection you might be interested in purchasing.

Home business coverage

Home business coverage, as the name suggests, safeguards damage caused by business-related activities in the home. Keep in mind that this coverage is not just for business owners who operate their business out of their homes, it is also well-suited to people who work from home regularly, even if they are not self-employed. Generally speaking, if your home contains business-related equipment or inventory or you have clients or customers visiting your home regularly, then adding home business coverage to your St. John’s homeowner’s insurance plan is important. Otherwise, you would not be protected if damage occurred due to your business operations.

Equipment breakdown coverage

Equipment breakdown coverage is also important for many St. John’s homeowners. It can give you peace of mind knowing that if an expensive piece of equipment in your home, such as the oven, broke down, that your insurer would help you pay to repair or replace it. The only catch is that equipment breakdown coverage does not cover general wear and tear or intentional damage. It will only cover you if the breakdown is due to a mechanical or electrical failure. However, if this is the root cause of the breakdown, you can file a claim and receive a payout. Many types of household equipment are covered, like dishwashers, refrigerators, ovens, washing machines, dryers, furnaces, air conditioners, and more.

Sewer backup coverage

Sewer backups are one of the worst disasters that can happen to homeowners in St. John’s. This is due to the fact that water damage can wreak serious havoc on a home and ruin all kinds of personal belongings in the process. Thankfully, if this worst-case scenario occurred but you had sewer backup coverage as part of your St. John’s home insurance plan, your insurance provider would issue a payout to help pay for the damage. Whether this money goes toward paying for necessary repairs or replacing ruined items, it would come in handy. Although adding sewer backup coverage to your policy will likely increase your rates, you may qualify for a discount if you install a sewer backup detection device. These preventative devices can be used to prevent flooding and sewer backup while simultaneously reducing your St. John’s home insurance premiums.

Overland water coverage

Overland water coverage is another type of flood coverage to be aware of. Flooding coverage is generally recommended for homeowners who live on or near large bodies of water, such as the Atlantic Ocean. Overland water coverage specifically protects homeowners against water damage caused by a nearby lake or river, overflow, heavy rain, or rapid snow melt.

How are St. John’s property insurance rates calculated?

St. John’s property insurance rates are calculated using various factors. The age of your home, the crime rate in your neighbourhood, and the condition of your home’s plumbing, heating, roof, and electrical systems will all be considered. Before reaching out to BrokerLink for a free home insurance quote, read through the list of factors below to better understand how insurance companies calculate rates.

• How valuable your home is
• How safe and desirable your neighbourhood is
• How close your home is located to emergency services
• The age and condition of the roof on your home
• The type, age, and condition of the heating system that your St. John’s home uses, older systems like oil tanks or wood stoves, may lead to higher premiums
• The type, age, and condition of the electrical system in your St. John’s home
• The type, age, and condition of the plumbing system in your St. John’s home
• Whether your St. John’s home is equipped with a security system or flood warning system, and if so, what type of system it has
• If there are any additional or detached structures on your property that need to be insured

How to save money on your St. John’s home insurance premium

Finding affordable home insurance just got easier, thanks to BrokerLink. Follow the tips below, prepare to pay less for your property insurance coverage, and avoid an insurance premium increase next year!

Update your St. John’s home insurance policy as needed

Changing house insurance might seem daunting, but the reality is that updating your policy on a regular basis or even changing your provider altogether might be the best thing for your needs and budget. The reality is that the home insurance you buy during your first year of home ownership likely should not be the same policy you have 20 years down the line. Why? Your insurance needs to change. As you and your home age, you may want to consider extra forms of protection, like equipment breakdown or sewer backup coverage.

Further, if you worked from home when you first bought your policy but now work out of the office, you may want to remove home-based business coverage from your plan. To ensure you are never overpaying for home insurance, be sure to update your policy regularly so that it continues to align with your budget, needs, and lifestyle. A BrokerLink insurance advisor can also help you do this.

Install a security system in your St. John’s home

Home security can make a big difference regarding your home insurance premium in St. John’s. Many Newfoundland insurance providers offer discounts to customers who install security systems in their homes. Since not all security systems have the same capabilities, with some being more advanced than others, we recommend contacting an insurance broker to find out how the insurance discount for a home alarm system works and exactly which systems can result in a drop in your premium.

Bundle home and car insurance in St. John’s

Bundling home and auto policies can also help you lower your St. John’s home insurance premium. In fact, it can also help you lower your St. John’s car insurance premium. This is because bundling multiple insurance policies in one may give you a discount on both plans. The only catch is that not all insurance products qualify. That said, most of the time, home and car insurance bundles are available.

Choose a higher home insurance deductible if you can afford it

Premiums and deductibles are linked, meaning that the deductible you choose will significantly impact the premium you pay for your St. John’s home insurance plan. We’ll let you in on a little secret: high deductibles typically result in lower premiums, whereas low deductibles result in higher premiums. For this reason, if you want to keep your property insurance rates low, consider raising your deductible to the maximum amount you can afford to pay in case of a claim.

Reduce energy consumption through solar panels

Did you know that many insurance companies in St. John’s now offer property insurance discounts to customers who install solar panels on their homes? It’s true. Since solar panels reduce one’s overall energy consumption, an insurance company may reward you with a cheaper rate.

Install a sewer backup prevention device or sump pump on your St. John’s property

Since flood damage is often one of the most expensive forms of damage to a home, installing a device that helps mitigate such events can save you money on St. John’s home insurance. For example, many policyholders who install sewer backup detection devices or sump pumps on their property receive home insurance discounts from their providers. Speak with a BrokerLink insurance broker to learn more about these discounts.

Pay your home insurance installments on time

If you opted for a monthly payment plan for your St. John’s home insurance policy, make sure that you pay your bills on time. Otherwise, you run the risk of the provider cancelling your policy, which could make it more difficult and expensive to obtain coverage down the road. Thus, if you want to keep your premium low, always pay your bills in full and by the specified deadline.

We’re in your community

BrokerLink prioritizes the needs of the St. John’s community. That is why we call ourselves a customer-driven insurance brokerage. We are on a mission to find personalized coverage for each customer, whether they are looking for home insurance, car insurance, pet insurance, or more. Contact us today to learn all about BrokerLink’s core values regarding our customers.

Contact us

At St. John’s BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, travel plans, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or visit any of our locations across Newfoundland and Labrador. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool to provide a competitive quote in minutes.

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St. John’s home insurance FAQs

Am I required to buy home insurance in St. John’s, Newfoundland?

No. Property insurance is not a legal requirement anywhere in Newfoundland, and the government does not require you to purchase it. That said, you won’t find many homeowners or tenants who do not have some form of property insurance due to the peace of mind it provides. Plus, some customers are contractually obligated to purchase home insurance through their lease agreements or mortgage agreements. Learn more about tenant and renters insurance policies for St. John’s renters.

How can I avoid a fire in my St. John’s home?

Practicing fire safety on a daily basis is crucial if you want to avoid a fire in your St. John’s home. The basics of fire safety include inspecting and testing all smoke detectors and replacing them as necessary, having your chimney inspected and cleaned at least once (or as needed) annually, installing a fire extinguisher in your kitchen and any other room with an appliance that could cause a fire (wood stove, pellet stove, propane stove), and never leaving open flames, such as candles, unattended.

What isn’t covered by St. John’s home insurance?

Although St. John’s home insurance plans might seem all-encompassing, they do not cover everything. In fact, there are a few risks that you will not be covered for, no matter what type of coverage you add to your policies. These include general wear and tear, intentional damage to your property, and damage caused by neglect. In addition, unless you specifically add extra coverage to your policy, standard homeowner’s insurance plans do not cover damage that occurs while a home is vacant for 30 days or more, damage that occurs while your home is under renovation, damage that occurs due to business activities in the house, and damage due to flooding.

If you have any questions, contact one of our local branches.