Securing Home Insurance in Halifax, Nova Scotia
Welcome to the capital of Nova Scotia. Halifax is an area with rich historical significance. It is home to the first public school, law school, and art college. Also, the city is home to Canada’s first printed book, published in 1752, and the first newspaper, the Halifax Gazette. Yes, you couldn’t have chosen a better city to start your homeownership journey, and now you have to protect your investment with home insurance in Halifax.
The city has a population of 439,820 as of 2021, with a homeownership rate of 57.5%. The average home value in the city is $403,600, with a median household income of $81,000, or $69,500 after tax. With the average home costing over five times a homeowner’s gross annual income, home insurance is necessary, although not a legal requirement.
Considering Homeownership Risks
Homeowners have many risks associated with ownership, primarily maintenance. That said, you may also face risks tied to criminal activity and climate or environmental threats. Thankfully, Halifax has a better safety record than the national average and ranks among the safest places to live. Still, property crime exists at a rate of about 15%, although that is also lower than the national average.
Regarding the climate, Halifax has an eastern-maritime climate with cold winters and warm summers. Future weather predictions claim that Nova Scotia faces more frequent and intense storms. Also, Halifax and other regions face the threat of rising sea levels and heavy rainfall, meaning flooding is a potential risk to homeowners.
Understanding the Fundamental Coverage of Home Insurance
Home insurance in Halifax helps protect against predictable homeownership risks but does not guard against everything. Flooding is not a common or standard coverage on most home insurance policies. That said, you can purchase overland flooding insurance for a separate premium annually, typically between $100-$1,000 per year, depending on the flood risk in your area.
Home insurance policies typically cover several named perils, such as fire, wind, vandalism and theft. Some policies will also cover detached structures, like sheds, fences or garages, but this depends on the specifics of the policy. HUB International can help you break down several policies to understand coverages and costs.
It is helpful to understand premiums and deductibles and how they correlate. Premiums are what you pay for the insurance policy, and a deductible is the amount you must pay before the policy kicks in. Your premium is a measure of risk for the insurer. If your house or your history suggests you are more likely to make a claim on the policy, your premium is high. You can adjust how much you pay for a premium by agreeing to a higher deductible.
Assessing Average Insurance Costs
Home insurance in Halifax, Nova Scotia, costs $65 per month or $780 per year on average. That number can rise or fall, depending on the financial history of the homeowner and the value of their house. As an insurance brokerage, HUB International can help you find an affordable policy that fits your needs and protects your investment.