Insurance is a contract between you and a company. You pay a regular fee (called a premium), and in return, the company agrees to help cover costs if something goes wrong and it’s covered by your policy.
For example:
If your car is damaged in an accident, auto insurance may help pay for repairs.
If you pass away, life insurance could help your family cover living expenses or pay off debts.
Your policy outlines:
What’s covered: The types of events or losses your insurance will help pay for and under what conditions.
How much they’ll pay: The maximum amount the company will cover.
How to keep your coverage active: What you need to do -- like paying premiums on time or reporting changes.
There are different kinds of insurance to protect you from different risks. Some are required by law, while others are optional but helpful depending on your needs.
Mandatory in New Brunswick if you own a car. It helps cover costs if you’re in an accident or your vehicle is damaged.
Learn more about auto insurance
Often required by mortgage lenders. It protects your home and belongings from fire, theft, or water damage.
Learn more about home insurance
Recommended if you have dependents or financial responsibilities. It helps your loved ones manage expenses if something happens to you.
Learn more about life and health insurance
Useful if you travel outside your province or Canada. It covers medical costs while you’re away.
Learn more about travel insurance
Insurance can feel overwhelming, but it doesn’t have to. Whether you’re buying your first policy or reviewing your current coverage, here are a few simple tips to help you feel confident about your choices:
Know what you’re getting: Before you sign anything, make sure you understand what’s covered—and what’s not. Ask questions if anything is unclear.
Cheaper isn’t always better: Lower premiums may mean less coverage. Make sure the protection fits your needs.
Pick insurance that works for you
Life changes, like starting a family or buying a home, can affect your insurance needs. Review your policy annually.
Ask about discounts: Some companies offer savings if you bundle policies (like home and auto)
Choose the right amount of coverage: Your insurer won’t pay more than your policy allows. Make sure your coverage matches the value of what you’re protecting.
Insurance is meant to give you peace of mind, but that only happens when you work with someone you trust.
Before you buy insurance, share personal information, or make a payment, make sure the person and company are licensed to sell insurance in New Brunswick, even if you are working with them over the phone, by email, or online:
How to check:
Visit fcnb.ca/check-now
Or email insurance.licensing@fcnb.ca
Scammers may send emails that look real but are designed to trick you. If you get a message asking for banking details or login info, don’t respond right away. Contact your insurer directly using a trusted phone number or email to verify the request.
Insurance companies won’t ask you to pay using cryptocurrency, wire transfers, or money apps. Stick to trusted options like credit cards, debit cards, or direct bank payments.
It’s important to make sure your coverage stays active so you’re protected when you need it most:
Pay your premiums on time: Setting up automatic payments or reminders.
Keep your insurer updated: Report changes like a new address or car purchase.
Renew your policy on time: Your policy will outline when and how to renew.
If something goes wrong—like damage, loss, or an accident—and you think it’s covered by your insurance, making a claim is how you ask your insurer to help with the costs.
Check your policy: Before you submit a claim, review your insurance policy. Look at the terms and conditions, including any limits or exclusions, to see if your situation is covered. Insurance companies only pay for the types of losses listed in your policy.
Submit your claim promptly: Most insurers require you to file a claim within a set amount of time. Generally you have up to 90 days (or sometimes up to 12 months) after the date of loss to submit your claim. Check your policy or contact your insurance provider to confirm the deadline.
Provide details: After you submit your claim, your insurer may ask for more details or documents. They might also investigate to make sure the claim meets the requirements under the terms of your contract.
Keep receipts, photos, or other records that show what happened. These can help support your claim and make the process smoother.
Sometimes your insurance needs changes— maybe you’re switching providers, downsizing coverage, or just rethinking what you need. Whatever the reason, it’s important to understand how cancellation works under the terms of your insurance policy.
If you change your mind shortly after buying a life insurance policy, you may be able to cancel within a set period—usually 10 days—and get a full refund. This gives you time to review the policy and decide if it’s right for you. This option doesn’t apply to home or auto insurance.
Cancelling home, auto, or other types of insurance before the end of the term might come with a fee. Your insurer might charge a cancellation penalty or adjust your refund based on how long the policy was active.
Before cancelling, make sure your new coverage is active. Even a short gap in coverage could leave you unprotected.