Protecting Your Christmas Island Investment
Christmas Island is especially festive around the holidays. Although about 1,700 people call it home, the community receives about 14,000 packages to receive a holiday postmark before reaching its final destination.
Benefits of Living in Christmas Island
However, Christmas Island is an excellent place to call home year-round. Residents can enjoy the beach, marinas and fishing opportunities along the Bras d'Or Lake. In August, inhabitants hold the Fèis An Eilein, a Gaelic festival with music and dancing.
The cost of living in Christmas Island is lower than the national average, making it potentially easier for residents to afford a home. If you're a homeowner, you know how critical it is to protect your investment. Christmas Island home insurance can cover losses if something happens to your residence.
Perils Christmas Island Homeowners May Face
Homeowners have risks no matter where they live, and Christmas Island has its own particular hazards.
Ice and Snow
Christmas Island residents are no strangers to snowfall; they may experience 2-4 metres of snow annually. Heavy snow can wreak havoc on gutters and rooftops, while ice storms can cause tree branches to fall and damage homes.
Extended periods with temperatures below freezing can cause pipes to freeze and burst, leaving behind water damage. Ice can also collect in and crack gutters.
Heavy Rain
Hurricanes can hit Christmas Island, although they are typically weaker by the time they reach the community. However, they can bring heavy rain and strong winds. Both factors can damage structures.
Vandalism and Theft
While Cape Breton is not a high-crime area, burglaries and vandalism can happen anywhere. Christmas Island home insurance can help you pay for expenses if your home is burglarized or vandalized.
What Christmas Island Home Insurance Covers
Home insurance has different components that provide coverage for various expenses.
Dwelling Coverage
Dwelling coverage pays for damage to your home's structure, including floors, walls, the roof, doors and windows. It also covers attached structures, such as a garage or deck.
Other Structures
Detached structures on your property, such as fences or sheds, fall into this category of coverage.
Personal Property
Your home is more than floors and walls. It contains your personal belongings, including clothing, appliances, electronics and furniture. Personal property coverage pays for these losses if you have weather damage, fire or other covered peril.
Loss of Use
Sometimes, damage is so extensive that you must temporarily move out while making repairs. Loss of use coverage helps with related costs. It may pay for temporary housing, laundry expenses, pet boarding and restaurant bills.
Factors That Cause Insurance Rates To Vary
No two Christmas Island home insurance policies are alike. Each home, location and living situation is unique. Your policy may vary from your next-door neighbour's due to varying factors.
Roof Age
The age of your roof matters to insurers. A new, solid roof protects your home and its contents, making claims less likely. Your insurance company may provide a lower rate if you have a new roof.
Location
Your home's location is significant because some areas are more prone to claims. You may pay more for insurance if your location experiences severe weather or high crime rates.
Deductible
A high deductible can save you money on premiums. While you pay less monthly, you pay more up front when filing a claim.