There isn’t one home insurance price that applies to everyone or all situations.
There are a number of different insurance companies that sell home insurance in New Brunswick, and each company has their own set of “rating factors” that impact the price someone will pay for home insurance.
The most common rating factors are outlined below:
Home Rebuild Value – including materials the home is built out of, the year the home was built, square footage, additions, decks/porches, detached structures such as garages, and more.
Home Upgrades & Updates – including when your roof was replaced and the material used, heating type and year installed, plumbing material and updates, and electrical and wiring details.
Location factors – including how often there are losses in your area and how severe those losses are, closeness of bodies of water, area population, etc. Most companies have New Brunswick broken down into different “rating territories” that impact the price of home insurance in that area.
Optional Coverages – Home insurance coverages offer many levels of protections (more about that here) adding specialized coverages for collectables or high value items may cost a little more – but will also save you in the event of a loss.
Discounts – including credit-based discounts, occupation / alumni discounts, multi-policy discounts, and stability discounts.
Each insurance company has their own equation that calculates how these rating factors impact the home insurance price offered to each person. Pricing varies from person to person based on these factors.