A Guide to Home Insurance in Bathurst
Situated on Canada's east coast, Bathurst, New Brunswick is a charming city with lots to offer a wide array of people. It's also a welcoming place for those wanting to plant roots, which makes finding suitable home insurance in Bathurst an absolute must.
With a land area measuring 2,292.80 square kilometres, the city is home to a population of 31,999 residents. These individuals enjoy impressive scenery, interesting attractions and a thriving economy.
Homeownership rates in the city are also quite high. With a whopping 60.3% of residents owning their homes, Bathurst is a wonderful place to invest in real estate, provided you have sufficient insurance coverage.
What Does Home Insurance Actually Cover?
Home insurance covers a few key areas. The first is dwelling coverage, which refers to the actual structure of the home and anything that's attached to it. This includes walls, flooring, ceilings, pipes and other components.
Home insurance can also cover detached structures, such as gazebos and freestanding garages. Smaller structures, such as fences and garden sheds, also receive protection with many home insurance policies.
Home coverage often includes any personal belongings within the home, such as:
- Furniture
- Clothing
- Appliances
- Artwork
- Tools
- Electronics
Keep in mind that most policies impose limits on the value of personal property. That means that valuable jewellery, electronics and other items may fall outside the coverage limits. In this case, homeowners can secure a rider to extend the limit and ensure their precious items have complete protection.
What Does Personal Liability Insurance Cover?
Most home insurance policies also include coverage for personal liability. This coverage protects homeowners from lawsuits enacted by third parties. It can cover a wide range of circumstances and events and helps avoid the high cost of legal action.
What if a neighbour visiting your home suffers an injury due to broken steps or a cracked sidewalk? If that neighbour seeks compensation for their injuries, personal liability coverage would potentially provide the funds. This is just one of many situations where personal liability coverage would be beneficial.
What Types of Incidents Receive Coverage?
Perils refer to occurrences that can cause damage to your property. While there will be variations from policy to policy, many forms of home insurance in Bathurst cover certain perils. These can include:
- Theft and vandalism
- Damage caused by fire and smoke
- High winds
- Hail
- Snow and ice
- Damage caused by a falling object
- Lightning
Keep in mind that while many policies do cover water damage, it usually depends on the underlying cause of the damage. For instance, if a pipe bursts and floods a home, insurance will most likely cover the damage. On the other hand, flood damage requires a separate policy, so home insurance does not typically apply.
How Much Home Insurance Does a Person Need?
Determining the exact amount of home insurance to purchase is often challenging for many homeowners. Circumstances and situations vary greatly from person to person, so you must consider your unique needs to determine the best possible coverage amount.
When it comes to the home structure, it's best to purchase as much insurance as it would cost to completely rebuild the property if necessary. Remember that the home's replacement cost can differ from the property's market price.
When it comes to the value of your personal belongings, the ideal course of action is to create an inventory of items and their value. If you have receipts for items, keep them with your inventory in case the insurance adjuster requests them.