Home Insurance in Charlottetown

Protect Your Valuables and Your Property in Charlottetown

The capital city of Charlottetown in Prince Edward Island features heritage, culture, beaches and stunning natural sites. Charlottetown features a harbour that opens up to the Northumberland Strait and the Gulf of St Lawrence. The city is full of charm and island adventures. This area is known for being the setting of the Anne of Green Gables book series.

You’ll need to cross the world’s longest bridge over icy waters, the Confederation Bridge, when driving from New Brunswick into Prince Edward Island and Charlottetown. Prince Edward Island has a population of 154,331, with more than 68% of the population owning their own homes. The average yearly income in Charlottetown is $78,220.

Residents and property owners in this area have to face risks related to climate change and localized weather events. It’s essential to have home insurance in Charlottetown that protects your investment from possible challenges while living in Prince Edward Island. Some of the top threats in this area include coastal erosion, post-tropical storms, summer heat waves, flooding and winter ice storms.

Types of Home Insurance Charlottetown Coverage

Home insurance is not required by law in Canada if your home is fully paid for. If you finance your home purchase through a mortgage, the loan provider will typically mandate home insurance coverage. When it comes to home insurance Charlottetown coverage, you and your family have choices.

Personal Property Insurance

A standard home insurance Charlottetown policy will include personal property coverage. Property coverage includes the building of your home and any other outbuildings on your property, such as a detached garage or shed. Homeowners in Prince Edward Island can file a claim for repairs or the replacement value of their property with this type of protection.

Personal Liability Protection

Personal liability coverage is another component of a typical homeowners policy in Canada. This coverage extends to other people and other properties related to losses or damages. Unlike personal property coverage, personal liability coverage covers the homeowner’s actions, anywhere in the world, as they relate to damages. If someone is injured on your property or if the homeowner’s actions cause damage or injury to another person or property, this coverage is applicable.

Covered Perils in Charlottetown

Homeowners insurance is also limited to covering only specific perils that could damage a property. It’s essential to check over your policy’s documents to see what is included in your coverage. Here are common perils that are often covered in a home insurance Charlottetown policy:

• Vehicle impacts
• Fire
• Theft
• Burglary
• Wind
• Hail 
• Electrical surges
• Vandalism
• Falling objects
• Lightning

Other Options for Home Insurance

In some cases, your home may need a more specific type of home insurance plan. Individuals who live in certain types of housing, own multiple properties or live in flood-prone areas, may need additional coverage.

Condo Coverage

For condo owners, they may have coverage from their condo association for the building and roof. Additionally, they may be required to have a separate personal property policy for the items within their unit.

Short-Term Rentals and Vacation Homes 

Property owners with short-term rentals and vacation homes may qualify for add-on policies that provide coverage. A second home may be added to a policy as a seasonal dwelling.

Heritage Home Coverage

Canada also features a number of heritage homes that are part of the country’s history and culture. These homes may incur higher costs for repairs and replacements due to the need for work approvals and specific materials that are historically appropriate.