Life in Prince County
Prince County is a beautiful region in Nova Scotia, Canada. It is the portion of Nova Scotia that falls in the boundary of Prince Edward Island. The area is best known for breathtaking sandy beaches and its lush golf courts, making it a popular tourist destination.
More than 50,000 people call Prince County home. If you decide to live here, you want to invest in Prince County home insurance to protect your house in case it gets damaged in a disaster.
Understanding the Cost of Prince County Home Insurance
On average, residents of Prince County pay $782 per year for a home insurance policy. This rate varies widely depending on individual insurance companies and the amount of coverage they offer with each policy. The location and value of your home have the biggest impact on the cost of insurance in Nova Scotia, but other factors include:
- Property type
- Pets
- Structural improvements
Comparing rates from various insurance providers is the best way to find a policy that meets your needs. The most cost-efficient plan may not offer coverage that meets your needs, so you must understand the difference in policies and coverage limits. Many insurers offer discounts for bundling home insurance policies with other types of coverage such as home and auto.
Choosing the Right Prince County Home Insurance Policy
Nova Scotia does not require residents to purchase home insurance. However, most lenders require borrowers to have insurance if they have a mortgage, so finding the right policy is important. Most insurers offer:
- Basic coverage: This option provides coverage for home damage due to risks and disasters that are specifically named in your policy. It does not cover the cost of lost belongings.
- Standard coverage: This tier of insurance pays for home damage due to most standard risks. It may cover the cost of lost belongings, but only in the event of certain risks.
- Comprehensive coverage: As the most popular home insurance package, this covers the cost of damage and lost belongings.
Customizing Your Prince County Home Insurance Coverage
Every insurance policy is unique in terms of coverage limits. Knowing the amount of damage a policy covers is important for preparing a disaster plan. You may need to add extra types of coverage to your policy to ensure you have the right type of coverage in case of an emergency. Most insurance policies in Prince County include:
- Additional living expenses: Covers the cost of alternate living arrangements while your home is unliveable until repairs are finished.
- Contents coverage: Covers the cost of belongings lost in a disaster. It may cover lost belongings due to all standard risks or only those lost to policy-specific perils.
- Dwelling: Covers the cost of damage to your place of residence. In most cases, it covers all standard risks such as fire and storm damage, but it may not extend to earthquake or flood damage.
- Liability coverage: Covers the cost of medical expenses if someone sustains an injury on your property and sues you for damages.
You have the option to add other types of coverage to your policy. This customization option allows you to tailor a policy that meets your specific needs. Some of the most common additional coverage options include earthquake, umbrella and flood insurance.