Mortgage and Home Insurance Requirements in New Brunswick
FCNB says home or property insurance is usually required as a condition of obtaining a mortgage and that most financial institutions will not provide a mortgage without proof of insurance. That is a lender requirement, not the same thing as a general provincial law requiring every homeowner to insure every home.
What to know
Use this as research context and verify the current policy wording for a real property, renewal or claim.
Use this as research context and verify the current policy wording for a real property, renewal or claim.
Use this as research context and verify the current policy wording for a real property, renewal or claim.
Use this as research context and verify the current policy wording for a real property, renewal or claim.
The lender protects its collateral
A mortgaged home secures the loan, so the lender has a financial interest in the property remaining insured. The borrower still needs to decide on contents, liability, deductibles, water endorsements and other household-specific coverage choices.
Mortgage approval does not prove every risk is covered
Showing proof of insurance can satisfy a lender while still leaving policy limits, exclusions and optional endorsements to review. A certificate of insurance is not a substitute for reading the contract.
Replacement cost matters to both household and lender risk
Market value and rebuild cost can move differently. A homeowner should understand the insured replacement-cost basis rather than assuming the mortgage balance or municipal assessment is the correct building limit.
Check the current New Brunswick source
Hazard maps, emergency guidance and insurance consumer information can change. Use the official source below before making a property or claim decision.
FCNB — Home and Tenant Insurance →