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How does home insurance in Nova Scotia work?
Matt Hands, VP, Insurance and MoneySense
Home insurance isn't required by law in Nova Scotia – as well as the rest of Canada. While it's highly recommended that you carry some form of coverage to protect such as large asset, it's also entirely up to you as the homeowner.
The one exception, however, is if you have a mortgage on the property. It's no surprise that most lenders will require you to carry home insurance as part of the lending agreement to safeguard their investment.
A home insurance policy doesn't just pay for the repair and replacement of your property in the event of physical damage. It can also cover all the personal belongings within it and act as a financial safeguard against liability claims. To learn more about all things home insurance in Nova Scotia, be sure to read on.
Types of Nova Scotia home insurance policies
There are various different home insurance policies you can choose from – here, we cover three common types of plans, so you can choose the best one for your needs. It's important to note, however, that most homeowners will opt for the comprehensive choice as it offers the highest level of coverage.
Standard home insurance coverages in Nova Scotia
While the type of home insurance plan you select will determine the risks you're insured against (e.g. theft, fire), most Nova Scotia home insurance policies will offer these standard coverages.
Dwelling coverage
Contents coverage
Liability coverage
Additional living expenses coverage
Common home insurance add-ons in Nova Scotia
You can also customize your Nova Scotia home insurance policy further with optional add-ons (also known as endorsements). While the available options will differ depending on the insurer you choose, here are some common ones you can ask your insurance representative about.
Home-based business insurance
If you run a business from home, you may want coverage agaisnt commercial-related risks (e.g. damaged stock).
Umbrella insurance
These policies are typically sold separately. They offer an extension to your auto or home insurance's liability limit – plus cover additional forms of liability.
Identity theft insurance
If your information is stolen with the intent to commit crime, this coverage can help you with the recovery process financially.
Extended contents insurance
Some items (e.g. art, jewelry) have set coverage limits. With this add-on, you can increase the limit for peace of mind.
Flood insurance
This covers you for flood damage (which can include overland water and sewer backup) – highly recommended for homes in flood-prone areas.
Earthquake insurance
Earthquakes are usually an uninsured peril unless you add the coverage to your policy. Consider doing so if you live in an area that could be impacted.
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In just a few minutes, view customized home insurance quotes from top providers across Nova Scotia – find your best rate with us today.
How much is home insurance in Nova Scotia?
Nova Scotia homeowners pay an average of $782 per year, or about $65 per month, depending on many different factors. To see if you could be paying less, spend a few minutes with us to compare personalized home insurance quotes today.
Factors that impact your Nova Scotia home insurance quote
Home insurance companies look at many factors to determine your personalized quote – here are a few key ones that help indicate the level of risk you bring as a policyholder.
Property type
Home replacement cost
Location
Internal construction
Roof
Renovations & betterments
Pets
Pools & acessory dwellings
Special use
Credit score
Insurance history
How to get the cheapest home insurance in Nova Scotia
While insurers are the ones that ultimately determine the price you'll be paying, there are many steps you can take to ensure you're getting the best possible premium – here, we cover eight different ways to get cheap home insurance in Nova Scotia.
- Shop and compare
With Ratehub.ca, you can compare personalized home insurance quotes from top Nova Scotia companies, all in one instance. You won't know which insurer offers the best rate until you shop the market.
- Bundle policies
By securing your home insurance policy plus other coverage needs (e.g. auto, condo, tenant) under one provider, you'll be eligible for a multi-policy bundle discount.
- Stay loyal
It's no surprise that insurers value customers who stay with them long-term. If you're renewing a home insurance policy with your current insurer, be sure to ask about loyalty discounts.
- Upgrade your property
While some upgrades (e.g. remodelled kitchen) can increase your premium, others (e.g. new roofing) can help lower it instead.
- Improve your credit
Many home insurance companies look at your credit score as an indicator of the risk you bring. Opting in for a soft credit check (and having a good score) will lead to the cheapest insurance rates.
- Install safety systems
Certain safety systems, such as a centrally monitored alarm system, can lead to a discount – insurers like to see you lower your risk of having to make a claim.
- Increase your deductible
Your deductible is the amount of money you agree to pay for a claim before your insurer meets the rest. Choosing a higher may leave you with more risk, but it will also lead to lower rates.
- Just ask
You never know what discounts you can qualify for unless you ask. For example, you may be eligible alumni group rates.
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Frequently asked questions on home insurance in Nova Scotia
How do I get the best home insurance in Nova Scotia?
Getting the best home insurance usually means buying extra coverage, including things like flood insurance or upping your contents insurance limits. While burst pipes and furnishings are covered by a comprehensive home insurance policy, a standard policy won't cover sewer backup, overland water, or valuable items (e.g. jewellery) that exceed a certain limit.
Understand that most comprehensive policies are otherwise relatively complete covering fires, windstorms, and other perils from damaging your house (dwelling) and detached structures (e.g. fence, gazebo, etc.)
You also get liability insurance for anyone that injures themselves on your property and chooses to sue.
Of course, the extra coverages increase your premiums. To save more money, consider renovations and upgrades that improve safety to reduce the risks of a home insurance claim. You can even go so far as to install a monitored alarm system to deter thieves which could result in a discount.
What is the average home insurance cost in Nova Scotia?
The average price of homeowners insurance in Nova Scotia is $782 per year or about $65 per month. However, the price fluctuates greatly based on location, size of your home, and type of home insurance.
Condo insurance, for instance, is likely closer to $40 per month because the building also has its own insurance (which you pay for through your condo fees).
Renters insurance you could get a price for as little as $15 per month depending on the value of your possessions. Renters insurance does much more than just protect your contents, though. It also gives you liability in case someone injures themselves on your property and pays for room and board if you need to live elsewhere following a claim.
We are also seeing prices rise each and every year due to a number of factors outside the average homeowners control, such as inflation. Learn more about how inflation is affecting the home insurance market.
Can I save getting both home and auto insurance in Nova Scotia?
Yes, you can save up to 25% by bundling your home insurance with your car insurance in Nova Scotia. When you use our quoter, check the box that asks if you also want car insurance. When you do, it alerts the broker you want to take advantage of this discount. The insurance broker helps to answer any questions you may have and puts the finishing touches on your new policy.
What are the best home insurance companies in Nova Scotia?
If you're thinking Belair Direct (Intact), TD, or Allstate are the best insurance companies in Nova Scotia, know that while they are major insurers, each company evaluates your unique details to give you a quote. In other words, you could get far cheaper quotes from other insurers who will provide the same level of coverage. Arguably, you could get much better service from a smaller provider with fewer clients.
However, insurance companies change their rates all the time based on how they did the previous year. It's why it's so important to compare insurance quotes every year to ensure you're always getting the best price. It only takes 5 minutes and could save you hundreds.
How do I get the cheapest home insurance in Nova Scotia?
Getting the cheapest home insurance begins with quality maintenance and care of your home.
There are things you can do right away like increase your deductible, bundle with your auto insurance, and opt for an annual payment, instead of monthly and they'll all result in cheaper premiums.
You can also reduce your coverage if you're overinsured. For instance, does your home insurance cover the replacement cost of your home or the market value? If your house goes down in flames, you don't need to buy the land again. If you have add-ons like flood, earthquake, or jewellery insurance, you could consider forgoing those coverages with an increase to your risk.
What is not covered by a typical home insurance plan?
There isn't much excluded from standard policies. If it's not covered, it's most often due to wear and tear that gets worse due to negligence. For instance, mould is seen as a lack of maintenance from a homeowner. If a home insurance claim could have been avoided with regular maintenance, you can expect it to not be covered.
Other common exclusions include infestations from termites or rats, home businesses, dangerous dogs, and sewer backup.
Otherwise, you're likely covered. The question then becomes should you make a claim? The easiest answer is the cost of the claim should grossly outweigh the cost of your deductible. If your kid smashes a window and you want to file an insurance claim, first get an estimate on the repair. If the repair is $200 and your deductible is $1,000 then it really doesn't make any sense to file a claim.
For more information, check out our blog on what home insurance won't cover.
Can you cancel home insurance?
Yes, if you’re unhappy with your rate or customer service, feel free to move on. However, before you do, it’s important to shop around for new home insurance quotes online, select your new provider, inform your old provider and ensure there are no coverage gaps while you transfer. For more details, read our blog how to change insurance companies.
What is a home insurance peril?
A home insurance peril is an unknown or accidental event. For instance, if your home is struck and damaged by lightning, creating a hole in your roof, there is no way you could have prevented it. But a home insurance policy is not a maintenance plan so if your roof has slowly degraded over time and now needs replacing, it is not a peril since its eventual replacement is expected.
How do home insurance claims work?
Make a complete list of damaged or stolen items. Call your insurance provider as soon as you can and ask about what you’re entitled to, especially if you can’t currently live in your home as you may be entitled to hotel and food expenses. A claims adjuster will be in contact with you to fill out a proof of loss form. Ask about using your own contractor or if you’re required to use one they supply to repair the property.
What is a home insurance deductible?
Your deductible is the portion of the claim you’re responsible for paying before the insurance company will pay the rest. A higher deductible, meaning you'll pay more than standard in the event of a claim, will result in lower premiums.
Do I need home insurance for Airbnb in Nova Scotia?
Yes, is the simple answer. While Airbnb does provide host protection insurance, it may not be enough. You should contact your insurance provider before any changes to your policy and that includes renting it out. If they’re not ok with you renting your property, you can move your policy to another provider who will. Keep in mind in order to list you house on Airbnb or another home sharing service, you will need to have a short-term rental insurance policy. This will increase your monthly payment over what a standard home insurance policy would cost.
You can check out our blog for more information on how Airbnb insurance works in Canada.