Why Is Home Insurance in Edmundston Necessary?
With a cost of living 6% below the national average, Edmundston is a very affordable area. The median list price of a home in the area is around $290,000, which has increased by over 13% in the past year. This increase in equity should be safeguarded by homeowners with an investment in home insurance in Edmundston.
Residents of Edmundston enjoy comfortable, mild summers after dealing with frigid, snowy winters. With temperatures typically below freezing between October and late April, homeowners need to remember to take preventative home maintenance measures to protect their properties from the potential ravages of ice, snow and freezing temperatures.
The town of Edmundston in New Brunswick is known for its peaceful surroundings and community atmosphere. The total crime rate of 3,781 is much lower than the New Brunswick overall average of 4,950. There is also a smaller incidence of property crime. However, residents should avoid a false sense of security and prepare for the unexpected with a quality home insurance policy.
What Are Perils?
A peril is an accidental, unexpected event that results in damage to property. Home insurance in Edmundston includes named perils that are covered against loss or damage.
What Is Covered by Home Insurance?
Most insurance policies include coverage against damage caused by storms, including lightning, falling objects, hail and wind. Water damage from plumbing, HVAC units, water mains and sprinkler systems are also generally covered. Damage from a fire or explosion, including resulting smoke damage, is usually covered. Homeowners are typically covered against loss resulting from theft, vandalism or riot. Electrical currents that cause damage are also covered, as are damages from vehicle impacts, including airplanes.
What Is Not Covered by Home Insurance?
It is always advisable for homeowners to carefully examine their insurance policies to gain a full understanding of the perils that are covered and those that are not covered. Most excluded perils can be purchased as add-ons or supplemental policies. Perils that are typically not covered by insurance include the following:
- Damage from ice, snow and other exterior freezing
- Damage from indoor plumbing freezing
- Damage from earth movements such as landslides and earthquakes
- Damage caused by rodents and insects
- Damage or loss caused by terrorism, war or illegal acts by the homeowner
What Are the Types of Policies?
Home insurance in Edmundston is designed to protect the homeowner's property and contents, as well as their own personal liability and liability of any eligible dependents and qualified household residents.
What Is Personal Property Coverage?
With certain limitations, a home insurance policy covers the primary building, its contents and any outbuildings on the premises (such as garages or sheds). Insurance values are typically matched to the amount it would cost to replace the property in the event of complete destruction. Insurance agents look at the age and size of the home, along with the type of roofing and construction, heating and electric elements, the existence of woodstoves or fireplaces and other special features like swimming pools. All of these characteristics also factor in to the calculation of the insurance premium.
What Is Personal Liability Coverage?
Personal liability coverage on a home insurance policy provides financial protection to the homeowner in case someone is injured on their property or by their actions. While liability coverage does not protect against personal injuries sustained, it is very useful as litigation costs from unexpected accidents can result in damaging financial losses for uninsured individuals.