Home Insurance Halifax

The average cost of home insurance in Halifax is approximately $65 per month, or $780 annually, and is based on location in the city and the neighborhood. But, always talk to your dedicated insurance advisor as prices are determined by multiple factors and your amount may differ. Here's why:

Home insurance rates in Halifax are impacted by a range of variables, including age and location of the home, type of home, home construction details, the replacement cost of the home, personal claims history, coverages selected, deductible amount, the value of possessions, nature of home improvements, neighbourhood crime rate, and home safety and security features. 

The top Canadian home insurance companies examine a number of factors when determining home insurance rates in White Rock. Here are some of the main variables that are considered:

• Coverages. Home insurance has three primary coverage types: Comprehensive (or All Perils), Basic (or Named Perils), and Broad. Comprehensive offers the most robust coverage for your home, and is, therefore, the most costly coverage type. Beyond these three main coverage types, if you require extra protection (i.e. for high-value items or water damage), you may be required to purchase additional coverages, which would result in a higher premium. Speak with a Dedicated Insurance Assistant to get a professional and unbiased opinion about what coverage type is right for you.

• Replacement cost. Home insurance is based on the cost to replace your home in its current condition, not the market value of your home. Therefore if the unthinkable happens and you lose your home in a fire, you would be reimbursed at the ‘replacement cost value of your home. For example, if your home costs roughly $400,000 to completely rebuild — even if it’s worth $750,000 on the open market — you would receive a $400,000 payout from your insurance company in the event of a total loss. So when purchasing home insurance, you only need coverage for the lower replacement cost value, not the higher market value.

• Residence type. The top Canadian home insurance companies consider whether you have a condo, townhouse, detached home, semi-detached home, seasonal residence, or rental property.

• Home improvements. Renovations and home betterment projects will likely raise the replacement value of your home, and will thus raise your premiums. Be sure to report all home upgrades to your Dedicated Insurance Assistant.

• Personal claims history. Insurance rates are always influenced by your claims history. If you have a track record of making few or no claims, you will be viewed as a low-risk customer by your insurance company, and should expect to see lower rates as a result.

• Home safety. Centralized sprinklers systems, carbon monoxide detectors, fire alarms, deadbolts, and proximity to police stations and fire hydrants could result in a discount to your premium.

• Value of belongings. Basic home insurance will protect your home and your belongings, but if you own high-value items, such as costly antiques or an expensive sound system, you may need to purchase additional coverage, which will raise your annual premium.

• Local crime. The crime rate in your neighbourhood could have an impact on your home insurance premium, as it may increase (or decrease) your chance of making a claim.  

• Deductible. The amount you’re responsible for paying in the event of a claim (i.e. your deductible) will have an impact on your rate. Generally, a higher deductible will lower your home insurance premium.

• Home construction factors. Variables such as type of electrical wiring, the condition of your roof, the quality and age of your plumbing, the heat source, and the age of your home are all considered by the top Canadian home insurance companies when calculating your premiums.

A basic homeowners insurance policy in Halifax will cover your home and its contents against a range of damages and perils. Here are some of the threats you can expect to be protected against:

• Weather-related damages are typically covered, including damages from thunderstorms, hail, severe wind, earthquakes, and hurricanes. However, water damage from flooding may require additional coverage, so speak with a Dedicated Insurance Assistant about what weather threats are covered, and what are not.

• Home break-ins, vandalism, and theft

• Explosion damage

• Impact from a plane, helicopter, or vehicle

• Fire and smoke damage

• Frozen pipe damage

• Detached structures on your property are covered, including guest houses, garages, and sheds. Be sure to disclose all structures prior to securing your home insurance policy.

• Coverage if someone is accidentally injured while on your property

• Coverage if you accidentally cause damage to another person’s property

• Coverage for the cost of temporary housing (i.e. apartment rental, hotel) for the duration of home repairs (or replacement)

Comparing quotes online is the easiest and fastest way to find cheap home insurance. By visiting Surex.com, Halifax homeowners can compare offers from up to 10 of Canada’s leading home insurance companies, all with a few clicks of a mouse. And the quotes they see are free and no obligation, so it’s the perfect low-pressure environment to find the best policy for your individualized property needs. Once homeowners find a competitive rate, they can speak on the phone with a Dedicated Insurance Assistant to learn about more ways to lower their home insurance premium, including bundling their policies, raising their deductibles, and paying annually instead of monthly. Comparing quotes online is the first step to finding the best and cheapest home insurance in Halifax.

When searching for an affordable home insurance policy, look for the best price, the appropriate type, and the right amount of coverage. To find a good rate, use Surex.com and ask your Dedicated Insurance Assistant about other ways to lower your premium. To find the right coverage type — Comprehensive vs. Basic vs. Broad — be clear about what’s important to you. If having protection against only certain perils is all you require, you may not need Comprehensive coverage. It’s best to explain your situation to a Dedicated Insurance Assistant who can walk you through the pros and cons of the various coverage types. Lastly, be sure you purchase enough insurance to cover the cost of replacing your home (as it currently is), and not enough to cover the market value of your home (which is usually higher). This is also something your Dedicated Insurance Assistant will be able to help you with over the phone.

There are several different types of home insurance policies you can choose from and purchase. They include:

Basic (or standard) policy: This is also known as ‘named perils’ and is the cheapest option. This covers your house and its contents against named perils. It only covers the insured perils that are specifically stated in your policy. 

Broad policy: This is considered a ‘mid-tier’ policy - more coverage than standard, but less than comprehensive. It covers your home against all risks (minus exclusions) and coverage for your contents against any named risks.

Comprehensive policy: This is the most expensive policy, but provides the most coverage. It covers the building, personal liability and all risks. It covers your home and its contents against all perils (except the ones specifically excluded from your insurance policy).

No Frills policy: This is coverage for properties that don’t meet normal insurance standards.

In order to purchase homeowners insurance, you’ll need to have a lot of information handy. Here is a summary of what you’ll need to track down: date of birth, home address, social insurance number, marital status, employment information, estimated home replacement value, square footage of home, property size, detached structure details, age of home, home construction information (ie. heating, roof, electrical, plumbing, heating/cooling, septic, materials used, fireplace), purpose of home (strictly residential? operating a small business?), other insurance information (e.g. past policies, current policies, length of time with providers), mortgage information, kitchen and bathroom details, security features (i.e. lock type, fire alarm, carbon monoxide protectors, sprinkler system, security system), and information regarding your personal belongings (including if you require additional coverage for high-value items or exotic pets).

A certain number of home insurance claims are expected by insurers, usually around 1 or 2 claims every 10 years. However, if a policyholder exceeds this, they risk being considered high-risk, and thus facing higher premiums. The amount that your insurance goes up after a claim depends on whether or not you’re a high-risk customer, the frequency of your claims, and the amount of your claims. There’s no standardized rate increase structure, so it could vary for each provider. It’s possible that your rates could jump by 30% following a major claim, or they may only go up 10% or 15%. One thing is for sure — home insurance claims will result in premium increases, and repeat claims could put you at risk of being denied coverage altogether. When possible, avoid making claims (especially minor claims).