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A comprehensive guide to homeowners insurance in Canada, covering property protection, liability, and policy options. Find the best rates and coverage options in Nova Scotia.
| Coverage Level | Estimated Cost | Best For |
|---|---|---|
| Basic | $736/year | Minimum required coverage |
| StandardRecommended | $1,288/year | Balanced coverage and affordability |
| Comprehensive | $1,840+/year | Maximum protection and peace of mind |
* Costs are estimated averages for Nova Scotia and may vary by city, coverage details, and individual factors.
Home insurance, also known as property insurance or homeowners insurance, is one of the most important types of coverage for Canadian homeowners. While it is not legally mandated in the same way that auto insurance is, virtually all mortgage lenders require you to carry home insurance as a condition of your mortgage agreement.
A home insurance policy provides financial protection against a wide range of risks that could damage or destroy your home and personal belongings. It also includes liability coverage that protects you if someone is injured on your property or if you accidentally cause damage to someone else's property.
Canadian insurers offer several types of home insurance policies, each providing different levels of coverage:
Comprehensive (All-Risk) Policy: This is the broadest form of home insurance, covering your dwelling and personal property against all risks except those specifically excluded in the policy. This is the most popular and recommended type of home insurance for most homeowners.
A standard home insurance policy in Canada typically includes four main components of coverage:
Dwelling Coverage: This covers the physical structure of your home, including walls, roof, floors, built-in appliances, and attached structures like a garage. Your dwelling should be insured for its full replacement cost, which is the amount it would take to rebuild your home from scratch at current construction prices, not its market value.
Several factors influence the cost of your home insurance premium in Canada:
Home insurance is not legally mandatory, but it is required by virtually all mortgage lenders as a condition of your mortgage. Even if you own your home outright, home insurance is strongly recommended to protect your most valuable asset.
Standard home insurance policies typically do not cover overland flooding (from rivers, lakes, or heavy rainfall). However, many insurers now offer optional overland water coverage as an endorsement. Sewer backup coverage is also available as an add-on.
Your home should be insured for its full replacement cost, not its market value. Replacement cost is the amount it would take to rebuild your home at current construction prices. Your broker can help you determine the appropriate coverage amount.
Common exclusions include damage from earthquakes, overland flooding (without endorsement), gradual deterioration, mould, pest infestations, intentional damage, and normal wear and tear. Check your policy for specific exclusions.
Connect with licensed insurance brokers in Nova Scotia who specialize in home insurance. Compare quotes and find the best coverage.
Get Free QuotesLocation: Where your home is located significantly affects your premium. Homes in areas prone to flooding, wildfires, or severe weather will typically cost more to insure. Urban homes near fire stations and hydrants may have lower premiums than rural properties.