What New Glasgow home insurance covers
What does your policy include? The answer is that it varies. We don't believe in cookie cutter solutions, since everyone's property is different, and therefore their needs are, too. Unlike auto insurance, home insurance in New Glasgow (and anywhere else in Canada) is not required, barring the exception that if you have a mortgage and your mortgage lender or financial institution requires it. Regardless of whether or not you are required to carry insurance, even if you've paid off your mortgage, it's still something to greatly reduce the stress you could have about what you would do if something unexpected happened. Your home is an investment, and it's the house of all your family members. The proper insurance coverage can make or break your peace-of-mind, and an insurance broker from BrokerLink is more than happy to help you find exactly that.
While this list below is not exhaustive, it does contain some examples of perils that your policy could include:
- Fire
- Lightning
- Earthquake
- Flood
- Hail
- Hurricane
- Power Outage
- Tornado
- Wildfire
- Winter Freeze
The same way certain events and perils may be included in some policies, they may also be excluded. Depending on the type of plan you have, your policy will generally exclude gradual or intentional damages, wear-and-tear issues, and maintenance costs.
Categories of home insurance in New Glasgow, Nova Scotia
Insurance policies can be very complex by nature, and they tend to vary in the extent of the coverage they offer as well as what they cover. To make it easier, we can class home insurance policies into three separate categories: standard or basic, broad, and comprehensive. The main difference between these categories is the way that perils are included or excluded:
Standard
Even basic policies can vary in what they cover from region to region and insurer to insurer, but you can almost always expect a standard or basic policy to cover your property from direct physical loss due to events such as lightning, fire, wind storms, and hail. The kind of events that are listed in basic coverage may also vary based on the type of home you have, but only things that are listed specifically in your policy may be covered.
Broad
One step beyond a standard policy, broad policies may cover all of the perils that a basic policy covers, in addition to some unexpected events, like burst pipes, theft, and vandalism. It, again, tends to vary from policy to policy. As with basic or standard policies, a peril must be listed in your policy documents to be covered.
Comprehensive
A comprehensive policy is the most extensive form of home insurance in New Glasgow. It covers everything not specifically excluded in your policy documents. Often, homeowners choose this level of coverage because it gives them the most peace-of-mind and sanctity in knowing that they'll be protected, even if something unexpected should happen.
The cost of home insurance in New Glasgow
The average cost of home insurance in New Glasgow varies from home to home. There's a lot of different ways you can insure a home, and there's a lot of different types of homes out there to insure. The variation exists because each situation presents a different level of risk, which makes it hard to answer the question of, "how much does home insurance cost?" Each insurance company uses different factors about your lifestyle to calculate your risk. BrokerLink gets to know you and those specific factors so we can find you an insurance company fit that weighs your statistics favourably so you can get the most affordable coverage. Get a free New Glasgow home insurance quote with us to start.
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Key factors impacting the cost of New Glasgow home insurance and how insurance premiums are determined
You can control your insurance premiums by managing different aspects of your coverage, your situation, and so on. This is why it's so important to know what goes into your New Glasgow home insurance costs. Knowledge, in this case, really is power. Insurers use a few characteristics of your home and household to calculate your rates.
Here are some of the key factors impacting the cost of your New Glasgow home insurance:
- The value of your property and any private structures - As you might imagine, the more expensive a home is to build, the more it will cost to repair or restore.
- The age and condition of your property - Older, unrenovated homes tend to pay more for insurance than homes that are newer or more recently renovated.
- Your insurance history - How long you've been insured, if you've been insured continuously, and your past claims all weigh into your rates.
- Past cancellations - If you've ever been cancelled before, it's not a fun experience. Sometimes it's out of your control, but other times it happens because your risk has changed or you've failed to make payments on time. For reasons like this, you might end up paying more for your insurance.
- Your liability limits - Homeowners can choose specific levels of coverage to have for their personal liability. Some choose $200,000, and others may choose upwards of $1,000,000.
- The value of your possessions - Your contents are typically insured for a specific amount, and having more insurance can mean you'll be paying more for that coverage. Special high value items may even need add-on coverage to be included in your insurance, which will increase your premiums as well.
- The environment - Where your home is located and its neighbourhood may also play a role in your rates. Some neighbourhoods are statistically riskier due to high claim rates or a propensity for severe weather events.
BrokerLink's guide to saving money on New Glasgow home insurance
Saving money isn't always easy if you don't understand what you're covered for, or you don't understand how your rates are calculated. Having to read and re-read your policy each time you have a worrisome thought about the extent of your coverage is no fun for anyone. Luckily, BrokerLink's insurance brokers in New Glasgow can help you out. We get to know you, give you the inside scoop on all the best discounts and savings, and do the shopping for you so you can rest easy. Besides all that, we've also got the best tips and tricks on how to cut costs. Here are just a few of them:
1. Safeguard your home
It may sound a bit strange, as the inherit purpose of insurance is to cover you when things go wrong, but making too many claims can raise your rates. This is because your insurer will see you as more likely to make claims in the future, therefore increasing your risk. Your risk will then be reflected in an increased premium. Taking care of small issues, doing necessary renovations, and managing your property is the best way to avoiding making any unnecessary claims and keeping your rates affordable.
2. Pay off your mortgage
If you have a mortgage, you were likely asked to purchase New Glasgow home insurance by your financial institution or your lender. This is a necessity because it protects the lender's investment. But, if you continue to maintain coverage even after you have paid off your mortgage, you could qualify for a mortgage-free discount. Not every company offers mortgage-free discounts, but it doesn't hurt to ask.
3. Multi-product or multi-policy discount
Do you also have New Glasgow car insurance? Choosing to switch insurers so that both of your products are insured under one provider may qualify you for a discount. This goes for some other policies too, but the most common bundle is auto and home. Some insurers will offer incentives for bundling and may even discount your policies between 10-15% each.
4. Invest in a protection system
A protection system, otherwise known as an alarm system, a monitoring system, or other approved burglar and fire alarm on the premises can get a lower price. As long as the system is approved and recognized by your insurer, you could reap some pretty great savings by investing in and installing a protection and monitoring system in your home!
5. Raise your deductible(s)
For the most part, making a claim means having to pay a deductible. Deductibles for home insurance tend to range between $500-$1,000. This is what you will have to pay upfront before an insurer pays the remaining amount, and failing to do so can result in the claim being denied. So long as it's financially feasible, consider raising your deductible amount to qualify for lower insurance premiums.
Local Nova Scotia Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
About BrokerLink
Your local BrokerLink insurance experts understand insurance on a deeper level. As self-proclaimed insurance nerds, we understand the needs and requirements of New Glasgow, NS residents and are here to help them find New Glasgow home insurance that fits. The insurance industry can be complex, but we are here to straighten out the nuances and help you understand so you can live with peace-of-mind, knowing your possessions are secure with us.
If you love your home, you need home insurance. New Glasgow homeowners are a breed apart, and with some of our very own with roots in New Glasgow, we understand how important it is to protect the things we love and care about. Call a BrokerLink broker in New Glasgow today for a free quote for the best fit for your circumstances.
We're in your community
Our New Glasgow Brokers is happy to have planted its roots here in Nova Scotia. Although the weather and conditions here might be fierce, the people are fiercer - and we know that for a fact, because we're well and familiar with the ongoing of Pictou County lifestyle. With insider knowledge of how it is to live in New Glasgow, our brokers are able to effectively deliver the right coverage at the best price with very little effort. Contact our New Glasgow office to discuss your insurance needs with us today.
Comprehensive home insurance in New Glasgow fitted to your needs and your budget is certainly possible when you work with BrokerLink. Our advisors can account for whether or not you want the standard options, or if you need enhanced coverage which includes personal liability if you should cause accidental damages to a neighbour's property as well as additional living expenses coverage if your home needs to be restored. Using the information we know from you, we can find you free competitive home insurance quotes in New Glasgow that save you money.
Contact us
If chatting in-person at our office in New Glasgow isn't your thing, then that's fine with us. We have multiple different means of getting in contact to help put your mind at ease. You can come and see us at our office, give us a call, or even shoot us an email during our business hours. We also encourage you to take advantage of our free online quote tool, which can provide you with a competitive quote in minutes. Once we get in touch, we'll work hard to get to know you so we can find you the best insurance fit for you and your home. We can't wait to chat - in whatever form that takes.
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New Glasgow home insurance FAQs
Insurance has a long, long history, and the concept has been around for hundreds of years. But as the industry evolves, it becomes more difficult to understand what certain terminology means, what is covered, and what might be excluded. If anything you need answered isn't addressed in our frequently asked question answers below, give us a call today and we'll be sure to help you out with any concerns you might have.
Does New Glasgow home insurance cover my belongings?
One component of your insurance plan is something called contents coverage. By investing in home insurance, you can choose to include coverage for your home's possessions. The extent of this coverage can scale immensely, from covering only your furniture and clothing to additional items, such as your kayaks, cycling gear, and more. You may want to read the specifics in your policy to see what possessions are indeed covered as some higher value items require additional coverage or requests to be insured.
Will my liability insurance cover me out of the province?
If you cause damages or injuries to someone else, i.e., a third party, you could be held liable for any legal, medical, or repair costs. The liability portion of your policy will help to compensate you for those amounts. However, if you cause damages to someone's property or injuries to another person out of the province, you may have coverage. Most personal liability policies' coverage will follow you anywhere in the world. Be sure to check your policy details just in case, as situations vary from policy to policy.
Why do I need home insurance in New Glasgow?
Because it might be required. Mortgage lenders need to know that your home is protected. Even if you are mortgage-free, home insurance in New Glasgow can cover you for repairs and replacement for any damages that are covered in your policy. Depending on the scope of your policy, you may also have protection against damage from fire and water, theft, vandalism, and financial responsibility-related costs resulting from a visitor or guest being injured orn your property, or you causing them injury elsewhere.
Will my home insurance in New Glasgow cover a home business?
If you work from home occasionally or simply worked remotely during the stay-at-home orders, you don't need any special insurance. You may, however, need to purchase a
commercial policy if you run a home-based business or if you frequently work from home and have equipment at your house and/or clients visiting your property regularly.
If you have any questions, contact one of our local branches.
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