Finding Beauty in Campbellton, NB
Surrounded by the Appalachian Mountain Range, Campbellton, New Brunswick, is a nature lover's haven. The area is perfect for hiking, biking and canoeing, along with many other outdoor activities. Combined with a variety of arts, history, dining and entertainment options, it's easy to see why so many people are moving to the area and purchasing home insurance in Campbellton, NB.
The entertainment options aren't the only reason people move to the city. The cost of living is also attractive. It is 8% lower than the national average, which means home payments, groceries, and more are all more affordable than they are in other parts of the country.
Purchasing Home Insurance in Campbellton, NB
The average cost of a home in Campbellton is $285,400, well below the national average of nearly $700,000. However, home appreciation is on the rise in the area, and prices have risen 2.8% in the last year. This makes moving to the area a good investment. The average cost of home insurance in Campbellton, NB, varies depending on your specific needs. However, the national average cost is $1,200-$1,600, which can give you an idea of how much you can expect to pay.
Understanding Your Insurance Policy
Your home insurance policy protects you and your property in several ways.
- Dwelling – If your home is damaged due to fire or another covered disaster, your policy pays to rebuild it. This includes attached structures, such as a deck or a garage. It also provides reimbursement up to a certain amount if you're temporarily displaced from your home.
- Unattached Structures – Your coverage pays to repair fences, sheds and other unattached structures if they're damaged due to a covered disaster.
- Your Property –Home insurance provides reimbursement to replace furniture, appliances, clothing, jewelry and other personal property damaged in a covered disaster. The coverage is up to a specific percentage of your overall policy's payout, so ensure you have enough to cover any expensive items you own. You're even covered if the item is damaged or stolen while it's not in the home itself.
- You and Your Family – Your home policy includes liability coverage. If someone is injured on your property, it will cover the medical bills. It also provides coverage if your dog bites someone while you're on a walk, or if you accidentally damage or break something in someone else's home.
How Risk Factors Affect Your Policy Price
Insurance providers determine the cost of your policy based on you, your home and other outside factors. First, providers will look at you. If you have a poor credit score or have ever filed a home insurance claim before, you may pay more than someone who's never filed a claim or has a good credit score.
Agents also look at the home itself. Older homes without updated HVAC, electrical and plumbing systems typically cost more to insure than newer homes or homes that have been upgraded. You may also pay more for insurance if you have "attractive nuisances" that can be dangerous, such as a trampoline, on the property. Finally, if your home has ever had a claim filed on it before, even if it wasn't by you, you may pay more.
Outside factors, such as weather and crime, are important as well. Home insurance in Campbellton, NB, is likely to cost more because the area's property crime rate is 95% higher than the national average. You may also pay more since the average annual precipitation is on the rise and expected to be 15% higher over the next few decades.