Home Insurance in Fall River

Basic home insurance policies for your Fall River home

Starting protecting your home today with Fall River home insurance. Many Nova Scotia homeowners choose to purchase property insurance, even if it isn’t required. Why? Due to the financial protection it offers. For those that don’t know, the purpose of house insurance is to protect your home and its contents from property damage, theft, lawsuits, and more. We break down what a typical Fall River home insurance policy entails below:

1. Dwelling coverage

Most home insurance policies contain some form of dwelling insurance. Dwelling insurance is designed to cover your home’s physical structure. More specifically, it is designed to protect the building and structure of your home in the event that it is damaged by an insured peril, like theft, lightning, or fire. Though insured perils vary between policyholders and insurance providers, some of the most common perils featured in home insurance policies are:

• Lightning
• Smoke
• Theft
• Wind
• Car / aircraft impact
• Explosion
• Falling objects

2. Contents coverage

Where dwelling insurance aims to protect the physical structure of your Fall River home, contents coverage is designed to protect your personal items in your home. Under the contents insurance portion of your home insurance policy, your insurer may pay to repair or replace a wide range of personal belongings, including but not limited to furniture, clothing, electronics, jewellery, sporting equipment, and more.

3. Personal liability coverage

Personal liability coverage is the third type of insurance that is commonly featured in home insurance plans. It comes into play if a third party, such as a house guest, injures themselves while at your home or on your property. If such an incident occurred, you could be held liable for the injuries or damage that ensued. Without insurance, you may be forced to pay for the associated costs out-of-pocket. But if you have a Fall River home insurance policy that includes personal liability coverage, your insurance provider might step in to help pay for medical expenses, repairs, legal fees, and more.

Additional home insurance coverage for Fall River residents

The reality is that basic house insurance may not be enough for some Fall River residents. Depending on your risk aversion and the value of your property, you might wish to purchase extra coverage to protect your property. Thankfully, many insurance companies throughout Nova Scotia offer additional coverage options to policyholders. From business coverage and equipment breakdown coverage to sewer backup coverage, we discuss a few types of popular home insurance add-ons below:

1. Business coverage

If you operate a business out of your home, purchasing a business coverage rider for your home insurance policy might be a smart idea. Keep in mind that most standard home insurance policies in Canada do not cover damage or losses that arise from business operations. Instead, you would need to buy a separate commercial insurance policy or to add a business coverage endorsement to your existing home insurance policy.

2. Equipment breakdown coverage

Equipment breakdown insurance is another additional coverage option popular with Fall River residents. This type of insurance can provide peace of mind to Fall River homeowners as if a piece of equipment in your home experiences a sudden or unexpected failure, your policy might cover you. The exact terms of equipment breakdown insurance vary between insurance companies. Still, you can generally expect your policy to cover household equipment like air conditioners, furnaces, heat pumps, washers, dryers, refrigerators, stoves, security systems, and more. While not a staple of basic Fall River property insurance policies, this added protection is worth it for many homeowners.

3. Sewer backup coverage

A third type of additional house insurance coverage that Fall River residents may be interested in is sewer backup insurance. Adding this coverage to your house insurance policy can help you pay for the costs of repairs to your property in the event of damage caused by a sewer backup. As many Fall River homeowners know, water damage from a sewer backup can be extensive.

Please note that the additional home insurance coverages listed above are typically added as riders or endorsements to existing homeowner’s insurance policies in Fall River.

What may not be covered by your Fall River home insurance

Home insurance policies have their limits. In other words, although they are designed to protect your home, your coverage is subject to certain terms and conditions. Understanding these terms and conditions is crucial, as it can help you avoid filing a claim and having your insurer refuse to pay for it. Further, it’s important for Fall River homeowners to understand which circumstances are typically not covered by home insurance policies. Renovations, vacant homes, home sharing, and failing to maintain are a few instances where existing home insurance coverage may be voided. To shed some light on what is not covered by standard home insurance policies, the BrokerLink Fall River team has put together the following list of circumstances:

Home sharing

Thanks to home sharing platforms like Airbnb and VRBO, home sharing has become a viable revenue stream for many Fall River residents. However, while home sharing can be a lucrative income opportunity, it also increases your risk as a policyholder. That is why some house insurance plans may refuse to cover damage or losses that occur as a result of home sharing. So if you plan to rent out your home for any length of time and want to be covered by your homeowner’s insurance policy while renters are staying there, be sure to contact an insurance agent or broker in advance. You may need to add extra coverage or purchase a new policy to ensure you have the protection you need.

Vacant home

If your Fall River home is empty for long periods of time, more than 30 days in a row, you must notify your insurance company. Your home being vacant increases your risk and can impact your insurance rates. Before you and your spouse head south for the winter or leave for an extended vacation, contact your insurance broker or agent. You must also take precautions by having your home inspected every 72 hours by a friend or family member. If you fail to notify your insurer and a loss or damage occurs while you are away, your existing home insurance policy may not cover you, which means you would be responsible for paying for the associated costs out-of-pocket.

Failing to maintain

Failing to maintain your home and allowing it to fall into a state of disrepair is another circumstance in which your policy may no longer protect you. For example, if you notice that your roof is missing a shingle but you refuse to repair it, and water eventually leaks into your home, causing damage, your insurance company may be within their rights to refuse to pay for it. This is just one reason why regular property maintenance is so important.

Home renovations

Finally, your Fall River home insurance policy may not cover you if a loss or damage occurs during or due to a home renovation. So if you have plans to update your home, contact an insurance broker or agent in advance to ensure you are covered. Many Fall River homeowners fail to realize that updates like renovations can impact your homeowner’s insurance premium. You may need to purchase additional coverage or pay more to ensure you are covered while your house is under renovation.

Ways to save money on Fall River homeowners insurance

Homeowners insurance should never break the bank. That is why the BrokerLink Fall River team is committed to finding our customers the best possible coverage at the lowest possible prices. We do that by obtaining quotes and comparing rates on your behalf, unlocking lucrative insurance discounts, and providing you with quality advice on how to save money on home insurance. In fact, our team of licenced home insurance brokers has compiled a list of money-saving tips below. Read the list and avoid overspending on Fall River house insurance ever again:

1. Add a home security system on your Fall River property

Adding a home security system to your Fall River property is the first tip for saving money on home insurance. Insurance providers throughout Nova Scotia have started offering discounts to customers that outfit their homes with specific types of security systems. Contact BrokerLink to speak with a broker about the security systems that are required to qualify for a house insurance discount in Fall River, Nova Scotia.

2. Bundle two or more insurance policies to save money on Fall River home insurance

A second money-saving tip for Fall River home insurance is to bundle multiple policies together. By purchasing two or more policies from the same provider, whether you wish to buy home insurance + car insurance, home insurance + business insurance, or even two different types of home insurance, you might be eligible for a discount of up to 15% per policy.

3. Raise the deductible on your Fall River insurance policy

Increasing the deductible on your Fall River home insurance policy is another fast way to pay less for home insurance (or any type of insurance, for that matter). Whether you are purchasing auto insurance policies, commercial insurance, or a home insurance policy, raising your policy deductible will usually get you a cheaper rate. That said, before deciding to increase your insurance deductible, you should have a firm understanding of how deductibles work and the potential drawbacks of raising it. The main drawback is that the higher your deductible, the more money you must pay out-of-pocket if you suffer a loss. That is why insurance professionals never recommend raising your deductible so high that you cannot afford to pay it in the event of a claim. Give BrokerLink Fall River a call for more information on home insurance policy deductibles.

4. Pay your Fall River home insurance policy once a year

A fourth way that Fall River homeowners can save money on property insurance is by paying for their policies in one instalment. Many insurance providers charge hefty fees every time you make a payment, which is why making one lump sum payment, paying for your policy yearly rather than twelve instalments, and paying for your policy monthly) can save you money. Ultimately, if you have the option of paying for your policy monthly or yearly, make sure to ask about the fees associated with each.

5. Consider the ramifications of purchasing a pool

Swimming pools, especially those that are unfenced, constitute a significant liability risk. This means that your property insurance premium is likely to be higher if you have a pool in your backyard.

6. Buy a house near a fire hydrant or fire station

Some insurance companies offer discounts to policyholders whose homes are located near emergency services, like fire stations or fire hydrants. If you’re interested in saving money on property insurance and you happen to live near a fire station or other emergency service provider in Fall River, remember to tell your insurance broker. They can let you know of the specific conditions that need to be met to qualify for a home insurance discount.

7. Enlist the help of BrokerLink’s Fall River insurance brokers

We saved the best for last. Our last money-saving home insurance tip is to enlist the help of a local BrokerLink insurance broker in Fall River. BrokerLink has a team of knowledgeable, friendly, and licenced brokers, each of whom is eager to match you with the best possible home insurance coverage for your needs. Our team will dedicate themselves to finding a Fall River house insurance policy that is right for you. For a friendly and experienced insurance expert that can help you navigate the complex world of Fall River home insurance, get in touch with BrokerLink now.

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At Fall River BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or in person at any one of our locations throughout Nova Scotia. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

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FAQs on Fall River home insurance

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