Why Is Home Insurance in Dartmouth Necessary?
Dartmouth, Nova Scotia, is a relatively large city known for its 23 lakes. In fact, Dartmouth's nickname is City of Lakes. It became a city in 1961 after annexing several of its suburban areas. Now, it is the location of your new home, and to protect that house, you are seeking affordable home insurance in Dartmouth.
The median list price of homes in the city was $585,005 in December 2023, and the average salary is $61,872. That means the average home costs over nine times the gross annual income of the average homeowner. The homeownership rate in Nova Scotia is among the lowest in the country at 66.8%, down 4% from 2011. Still, with the hefty investment in a house, home insurance is essential to reducing homeownership risks.
What Risks Do You Face as a Homeowner?
Homeownership comes with risks, but some of the greatest threats to homeowners relate to crime and weather. Dartmouth has less crime than the greater Nova Scotia area, but crime still exists. Your chances of being a victim of violent crime are 1 in 88. The odds of being a victim of property crime are 1 in 36. Combining those numbers, your total risk of being a victim of a crime is 1 in 26. Home insurance can protect against many crimes, including vandalism and theft.
Dartmouth has a moderate maritime climate, meaning it has four distinct seasons, with hot summers and cold winters. In recent years, weather patterns have become more intense, resulting in more frequent and severe weather in the region. Also, the area experiences more flooding events than ever before. Rising sea levels are also a threat, and predictions suggest Nova Scotia will experience wildfires in the 2050s. Adequate home insurance and additional coverage options can protect your property.
What Is the Purpose of Home Insurance?
Home insurance in Dartmouth is a financial protection. The policy limits financial liability risks for homeowners, which means fewer out-of-pocket expenses for mitigation, repairs or restorations. Some typical coverages include:
- Damage to your home
- Loss or theft of personal possessions
- Damage or injury to visitors
- Fire, wind, storm damage
- Theft or vandalism
Typically, a home insurance policy covers the structure and its contents. Also, some policies may cover additional structures, like garages, fences or gazebos. HUB International can help you break down policies to understand the coverage options.
How Much Does Home Insurance in Dartmouth Cost?
The average cost of home insurance in Nova Scotia is $65 per month or $782 per year. That said, the price ranges from $700 to $2600 annually, depending on several factors: property type, credit history, past claims history, and pets. The property type is the primary concern for the insurer; they want to assess the stability and quality of the structure to ensure it doesn't increase their risks.
Credit score and past claims history also play a primary role in determining premiums. Low credit scores and a history of claims increases the risks to the insurer, which increases your premiums. Owning a pet can also increase your premium. For example, owning a dog breed known to be aggressive or violent presents a significant risk to the insurer.