Protecting Your House With Home Insurance in Bedford
Established in the 1600s by the French under the name Fort Sackville, Bedford, Nova Scotia, has a rich historical heritage. Its location along the Bedford Basin made it a strategic point for trade and military. The town didn’t truly become independent until 1996, but now is a small town and district of Halifax, with a population of only 30,000-40,000 people. No wonder you made it your home. Now, you have to protect your property with home insurance in Bedford, ensuring the town can be home for decades to come.
As of December 2023, the median home price in Bedford was $770,514, with a median household income of $71,500 as of 2020. That means the average home costs over 10 times the average gross income. Regardless of what you paid for your house, it was a significant investment, and you don’t want a lack of insurance to lead to future financial losses.
Identifying Homeownership Risks in the City
Bedford is in Nova Scotia, which has a moderate maritime climate and four distinct seasons. The city receives about 38.3 millimetres of precipitation annually and has an average of 37.91 rainy days. The region faces increased threats of severe storms, rising sea levels and potential wildfires in the future. Home insurance can help mitigate some of these risks.
Bedford has a relatively low crime rate, but it is not nonexistent. There are approximately 3,000 property crimes per 100,000 in Bedford, which is better than the national average. By investing in home insurance, you can protect your home against vandals and thefts.
Home insurance is not a legal requirement in Bedford, but it is likely a requirement of your mortgage agreement. Also, even if it isn’t a requirement, home insurance is an excellent protection against known homeownership risks like storm, wind or fire damage. Also, most policies protect against criminal actions, like theft and vandalism.
Understanding Typical Home Insurance Coverage
Home insurance in Bedford varies depending on the insurer and policyholder. Still, most policies offer several standard protections, including:
- Dwelling coverage
- Other structure protection
- Personal property coverage
- Personal liability protection
- Housing allowance or miscellaneous expenses (temporary lodging)
The type of policy you purchase will determine the level of coverage and protection you receive. You can also purchase additional coverages or add a supplemental policy. For example, with the threat of rising sea levels and increased storms, you may want to consider flood insurance.
Acknowledging the Cost of Home Insurance in Bedford
The average cost of home insurance in Nova Scotia is $780 annually. Your payment amount depends on multiple factors, such as your property, credit score, claims history, and deductible. The size of the home and its age are significant factors contributing to insurer risk and the likelihood of a claim. Also, if you have a low credit score and a history of insurance claims, you will have a high premium.
You can adjust the price of your premium by negotiating higher or lower deductibles. A higher deductible typically equates to a lower premium, but that also means you have to pay more out of pocket before the insurance covers a claim.