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How does home insurance in Nunavut work?
Matt Hands, VP, Insurance and MoneySense
Home insurance isn't required by law in Nunavut – 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 Nunavut, be sure to read on.
Types of Nunavut 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 Nunavut
While the type of home insurance plan you select will determine the risks you're insured against (e.g. theft, fire), most Nunavut home insurance policies will offer these standard coverages.
Dwelling coverage
Contents coverage
Liability coverage
Additional living expenses coverage
Common home insurance add-ons in Nunavut
You can also customize your Nunavut 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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Factors that impact your Nunavut 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 Nunavut
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 Nunavut.
- Shop and compare
With Ratehub.ca, you can compare personalized home insurance quotes from top Nunavut 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 Nunavut
How do I get the cheapest home insurance in Nunavut?
Here are a few ways you can save on home insurance.
- Increase your deductible. The deductible is the portion you pay before your insurance company pays the rest. By increasing your deductible, you're telling your insurer you won't be making any small claims and therefore fewer claims. You're taking on some of the risks yourself, reducing theirs and you'll pay less.
- If you can afford it, pay annually. Paying annually reduces administrative paperwork and you're less likely to leave mid-term. That's a win for the insurer and cheaper premiums will come.
- Install security alarms. Not only will your home be safer and deter potential thieves, but many insurers also offer discounts if you install a centrally monitored security system. Ask your insurance provider about the savings before installing, though. Understand your costs before buying a pricey security system.
- Pay off your mortgage. I know it's not easy, but living mortgage-free means you don't have to pay any insurance at all. Best that you still do, though. Accidents happen and we can't control the weather.
- Ask for discounts. Sometimes, simply asking for discounts from your insurance broker can result in cheaper premiums. The broker can look for discounts like union memberships, university alumni discounts, and more.
How do I get the best home and auto insurance in Nunavut?
Combining both your home and Nunavut auto insurance together, you can save up to 25%, depending on your provider.
Getting the best insurance typically means you're buying extra coverage. In Nunavut, consider add-ons for water damage because your standard policy only covers burst pipes, but if a sewer backs up into your home or water from nearby lakes (or oceans) flood your home, you may not be protected. Contents insurance covers your belongings (e.g. furniture, appliances, clothing), but there are limits to everything. So, if you have rare art, jewellery, or any collectable worth more than $2,500, ask your insurer about increasing the limits for extra protection. For car insurance, you can add collision insurance to protect your car while you're driving and comprehensive insurance to protect your car while it's parked from theft or falling trees.
What is not covered by a typical home insurance plan?
Home insurance is not a maintenance plan. So, most claims due to wear and tear that lead to negligence and further problems aren't covered. 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.
Can you cancel home insurance?
What is a home insurance peril?
Home insurance perils are unknown or accidental events. For instance, if your home is struck 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.