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Compare and purchase the best condo insurance rates in Prince Edward Island.

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Types of coverage we provide

Deductible
Deductible

A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.

Liability Coverage
Liability Coverage

Protects you if you cause injury or property damage to others in an accident. Helps cover medical costs, legal fees, and/or repairs.

Comprehensive Insurance Coverage
Comprehensive Insurance Coverage

When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.

Replacement Cost
Replacement Cost

Actual cash value policies are based on the items' depreciated value while replacement cost coverage does not account for depreciation

Claims Forgiveness
Claims Forgiveness

This allows for the protection of your “claims-free discount” in the event of your first claim.

Scheduled Items
Scheduled Items

Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.

Recent condo quotes in Prince Edward Island

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Our Reviews

Tiffany
5
I have been with Surex for quite a few…

I have been with Surex for quite a few years now and anytime I need something changed or even simple explained my insurance advisor is always there to help fast and efficiently! Would 100% recommend to anyone

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Joe
5
Matthew Gill
My representative, Matthew Gill, went above and beyond for me time and again. I could've been looked at as a nuisance these past few weeks looking at buying a new vehicle, and combining my insurance policies. But with patience and professionalism, Matthew sorted out all my needs and even saved me some money. Thanks Surex and Matthew.
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R E
5
Very satisfied

I'm very happy with the service and my policy. Devlin was quick to respond and answered all my questions clearly. He made the insurance process easy and straightforward. I’m happy with my rate and the overall customer experience, and I really appreciated his helpful, professional service.

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DIEGO MATALLANA
5
Great advice
Since day one, when contacting Dayana Nunez, we received all the information requested with all pros and cons. Thanks to her services we took the policy for our cars and tenant’s insurance. Thanks!!
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Sam
5
Lisa Clark helped me with my insurance

Lisa Clark helped me with my insurance! It was so easy and fast to get a quote and set it up. Super appreciative of Lisa and her hard work right when I needed it most. Got approved for insurance and am now driving my first car :)

10/10 service all the way around

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Prince Edward Island condo insurance rates vs. other provinces

Prince Edward Island offers relatively affordable condo insurance compared to other provinces. However, as a coastal region, it faces unique weather risks, making it important to have comprehensive coverage. Start a free quote with us today to ensure your condo is well-protected at a competitive rate!

Province

Average Rates

British Columbia

$840

Ontario

$534

Alberta

$493

Manitoba

$404

Saskatchewan

$491

Nova Scotia

$501

New Brunswick

$405

Prince Edward Island

$484

Condo Insurance in PEI - What You Need to Know

No, condo, home, or tenant insurance is not mandatory in Canada, although the condo association, or the owner of the condo, may require you to have to move in. You also need insurance to secure a mortgage to purchase a home or condo. So, even though it is not legally required to have, there are other outlets that may require the homeowner to purchase it.

If you own a condo or rent a house or apartment, some landlords may require tenants to have tenant insurance before moving in and condo corporations and lenders may require condo unit owners to show proof of insurance before moving in as well.

You do not want to get stuck with condo insurance that provides unclear provisions on what is covered and what is not. Your condo insurance should provide coverage for:

  • The contents in your condo- All contents inside the condo including but not limited to electronics, furniture and clothing are protected against perils such as theft, fire, explosions and water damage caused by overflows and bursting pipes, up to the insured amount. Contents such as fur and jewelery will often have specific limits of coverage that can be increased for an additional premium. Also, be keen on other exclusions such as computers, cameras and recording equipment, especially for people who work from home. 
  • Personal liability- Personal liability provides coverage for bodily injury to other parties such as visitors and neighbours. For instance, your visitor may trip over a rug and sustain injuries. Your bathtub may overflow and cause water damage to the apartment below, inflicting damage worth tens of thousands. This insurance will provide coverage for such unpleasant occurrences. 
  • Walls and floors- The condo owner is responsible for insuring their specific condo unit, including fixtures, floors, walls, ceilings and appliances.

There are a few things you can do to help save money on your condo insurance. Talk to your advisor about your options today! Here a few things to consider:

  • Bundle your policies 
  • Increase your deductible
  • Maintain a good credit score
  • Shop around and compare prices and quotes

Condo building insurance is different. This is purchased by the condo corporation to cover damage to the building and the common areas and liability on the property. This is usually included in the monthly condo maintenance fees.

There are a few factors that determine your monthly condo fees,  they include:

  • The size of the building (a larger building has more owners to share the cost)
  • The age of the building (newer buildings may have lower fees)
  • The amenities 
  • The neighbourhood

Most insurers provide coverage for pets if notified beforehand. However, there are limitations on the type and breeds of pets that will be insured. While most insurers provide coverage for dogs, there are limitations based on the type of breeds. Pit bulls, for instance, may be difficult to insure given the perceived higher risk of bites. Also, most insurance providers have limitations on the type of pets that can be insured. 

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Samantha Schmidt

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Samantha Schmidt
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