Home Insurance in Newfoundland & Labrador

When you apply for home insurance, you’ll notice that we need information including the year your home was built and the years of any updates/upgrades to things like heating, roofing, plumbing, and electrical. So why do companies want to know this?

One reason they want to know is for discounts! Insurance companies will provide discounts for certain types of heat sources, and provide discounts and lower prices for homes that have been updated. Having a home that is up-to-date shows the insurance company that the home is well cared for, and lessens the risk they are taking on. This results in lower home insurance costs for you!

Another reason is for rebuild costs. The price of your home insurance policy is almost completely based on the dollar amount it would take to rebuild your home back to the way it was prior to any loss. Having the correct information on how your home is constructed and renovated allows for an accurate rebuild cost assessment and makes sure you have adequate coverage if your home needs to be rebuilt.

Home Insurance companies also want to know the age of the home and any updates for eligibility reasons – some companies are only willing to accept homes that were built or updated after a certain year – this information is important so that we can make sure you’re placed with a company that provides the best coverage for your house in particular. Some companies also do not offer coverage for certain types of plumbing or heating (such as kitec or cast iron).

Yes – and it’s a great idea! At Cheep, we work with more than a dozen insurance companies to help you find the best price on home and auto insurance. Bundling the two (or more!) together can save you up to 15% on both policies! Not only will you save money by bundling your policies together, but many clients also find it easier to manage policies when they are bundled with the same company.

When a home insurance policy is written, any person who is named on the Deed of the home must be a “Named Insured”. This simply means that the names on the policy must match the names on the Deed. This is because if multiple people own the home, multiple people should be reimbursed if something happens to that home.

If your home is mortgaged, the mortgagee or finance company must be named as a “Loss Payee” or “Mortgagee” on the policy. Finance companies will be sure to check that they are listed on the policy so that their financial interest is protected, and they are paid if something happens to the home.

There are other cases in which people should be named on your policy. If you have a girlfriend/boyfriend, common-law spouse, or unrelated person living in your home, you may want to list them as an “additional insured” on the policy so that the liability portion of your policy extends to cover them, and the policy covers their personal belongings in case of a loss as well. Children do not need to be listed on the policy.