At Keyes Insurance, we feel that when you’re buying a home you need to ensure it’s protected with the right home insurance. This is key to safeguarding your family’s future. Whether you’re a young couple just starting out or more established with multiple properties, understanding the basics of home insurance can help you make informed decisions. We know it can be confusing and our family is here to help.
What is Home Insurance?
Home insurance is a type of property insurance that provides financial protection against loss or damage to your home and belongings. It also offers liability coverage if someone gets injured on your property. There are three main components of standard home insurance: dwelling coverage, personal property coverage, and liability coverage.
1. Dwelling Coverage
Dwelling coverage is the part of your home insurance that protects the physical structure of your house, including the walls, roof, and any attached structures like a garage. In the event of a fire, storm, or another covered event, your dwelling coverage helps pay for the repairs or rebuilding of your home.
In Nova Scotia and New Brunswick, homes can face unique risks due to harsh winter weather, heavy rain storms and hurricanes. Therefore, it’s essential to make sure your dwelling coverage is adequate to rebuild your home completely if necessary. Many policies in these provinces also include coverage for outbuildings like sheds or detached garages.
2. Personal Property Coverage
Personal property coverage protects your belongings inside the home, such as furniture, electronics, clothing, and other personal items. If your possessions are damaged or stolen, this coverage helps you replace them.
What’s unique about personal property coverage in Nova Scotia and New Brunswick is that it often includes specific protections for items like hunting and fishing gear, bikes and exercise equipment and items stored at cottages. Also, with many homes being older, it’s worth checking if your policy includes coverage for damage due to burst pipes or sewer backups.
3. Liability Coverage
Liability coverage is designed to protect you if someone gets injured on your property and decides to sue. This could include anything from a slip on an icy walkway to a fall down your stairs. Liability coverage can help pay for medical expenses, legal fees, and any settlements.
For families in Nova Scotia and New Brunswick, where we know winter conditions can make walkways slippery, having solid liability coverage is especially important. It’s about protecting your financial future and ensuring that an unexpected accident doesn’t lead to a significant financial burden.
Choosing the Right Coverage
For young couples or families buying their first home, we feel it’s crucial to strike the right balance between comprehensive coverage and affordability. You want to protect your home and belongings without breaking the bank. You could also look to bundle with auto insurance to save money.
For more established families with multiple properties, it’s wise to review your coverage regularly to ensure all your assets are adequately protected. With more at stake, you might consider higher liability limits and extra coverage for valuable items like jewelry, art and other valuable assets.
Final Thoughts
At Keyes, we take the statement “Let our family protect yours” to heart. When we speak to our customers about home insurance, we see this as an investment in their families – new, young or established. We want to ensure everyone one we speak to understands the basic elements of home insurance – dwelling, personal property, and liability coverage.
Our family is here to help. If you wish to speak to one of our family members about home insurance, please call (902) 453-2273 or send us a note. You can also check out our home insurance offerings.
