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When you find the best quote, secure your Halifax home insurance rate by talking to a licensed broker or agent.

How we find you the best home insurance in Halifax.

When the time comes to buy a home, it’s also time to buy something else: home insurance. While you’re not required by law to have home insurance on your property, no financial institution will provide you a mortgage without it — an uninsured home is just too big a risk. Of course, if you own your home outright you can forgo insurance, but it’s generally not a good idea. Your home is usually your biggest asset, and an uninsured home can turn into your biggest liability if catastrophe strikes.

So where do you go to find the right kind of home insurance? Keep reading to learn more about finding the insurance that best meets your needs, from getting the best price to understanding the ins and outs of different policies. We’ve also thrown in tips for lowering your premiums and we’ll explain how to compare rates on LowestRates.ca before you buy, which is the key to saving money over the long term.

Outline of a house. Illustration.

See how much you could be saving on home insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from June 25, 2022
Type of home
Detached 760 sq ft
Location
Halifax
Previous claims
None
Lowest Rate
$79/mth
$948/yr
Average rate
$138/mth
$1,653/yr
Saved
$59/mth
43.00%
 

Tips on how to lower the cost of your home insurance policy in Halifax

Getting insurance for your home is easier than you think. To get the lowest rate possible, the Financial Consumer Agency of Canada recommends following these steps when shopping for home insurance.

Compare home insurance quotes from various providers.

Ask your broker or agent about bundling your home and car insurance policies.

Ask your broker or agent about which discounts you qualify for.

You might be able to further reduce your by increasing your deductible (the amount you pay toward a claim before your insurance kicks in) and by offering to pay your insurance bill annually instead of monthly.

Increasing your deductible is a great way to save on home insurance in the short term, just make sure you have money reserved for this purpose. Focusing on finding cheap quotes isn’t always a good idea. Having the right amount of coverage — now that should always be the goal.

Factors that determine your home insurance quote in Halifax

Your home insurance policy will be customized to suit your needs and the property you’re insuring.

Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.

Here are some of the criteria insurance companies look at when calculating your premium.

  • The square footage of your home.
  • Contents and quality of construction.
  • The location of your home.
  • Distance to a fire hydrant.
  • Your insurance claims history.
  • The age of your roof.
  • Your home’s plumbing.
  • Your home’s electrical system.

What you need to know about home insurance quotes in Halifax.

Looking for more home insurance info? Check out our Help Centre.

How much does home insurance cost in Halifax?

The only way to answer that question is to get a home insurance quote — several quotes, in fact. That’s because insurance companies will provide different prices, since they all use different methods to underwrite risk. And remember that you can’t rely on what your friends and neighbours paid as a guide. Every policy is unique, because it takes into account variables such as the size and location of your home, as well as the value of your home’s contents. Finally, you may want to add special clauses to your coverage that cover additional risks that aren’t included in a general policy — which will also affect the quote you receive.

What risks are specific to Halifax?

Weather is the really big factor in determining the risk to a home — as anyone who lived in Halifax during Hurricane Juan in 2003 will tell you. That storm caused $300 million worth of damage in Atlantic Canada and was the worst to hit the city in over a century. Hurricanes hit Halifax every few years and the city is also subject to occasional flooding, as it’s mostly surrounded by the Atlantic Ocean. An additional risk to Haligonians are heavy snowfalls: while the city receives less snow on average than places like Montreal or Winnipeg, its maritime climate can produce severe snow events.

The important thing to remember when evaluating threats to your home in Halifax is that all these weather-related risks will increase with global warming. Over the long term, places like Halifax can expect to encounter heavier rains, greater flooding, and more frequent snowstorms and hurricanes. That will translate into higher premiums for home insurance policies, as insurers need to prepare for policyholders to file claims.

What risks does home insurance cover in Halifax?

Your home insurance policy can be tailored to your specific needs, but almost all policies cover the same broad risks:

  • Damage that results to your home and its contents from things like fire, flooding, and severe winds.
  • Theft, including personal possessions stolen from your car or truck.
  • Injury to someone visiting your property (provided the injury is not the result of negligence or dangerous behaviour).
  • Damage to someone else’s home that was caused by an event at yours, such as a fire.

What risks won’t home insurance cover in Halifax?

Home Insurance policies are written to cover a wide range of potential risks — but that doesn’t mean you’re insured for everything. Catastrophic events are excluded from most policies. These include things like major floods, landslides, and earthquakes.. You can, however, obtain protection from them if you specifically request supplemental coverage, for which you would pay an additional premium.

In addition, policies will not cover you for damage or loss that results from your own negligent behaviour. Reckless activity on your property, for example, disqualifies you from making a claim, as does failure to properly maintain your home. A typical example of this would be leaving your roof in very poor condition, which might lead to a heavy snowfall collapsing it and causing damage to the interior of your home.

What kind of home insurance do you need in Halifax?

There are four main types of insurance you can get when buying a home:

Comprehensive: With this type of coverage you have more protection than with any of the other options available to you. It protects you against any kind of risk, other than those that are specifically spelled out in the policy (such as avalanches, earthquakes, sewage backup, and other unusual events).

Basic or Named Perils: This option is narrower than the comprehensive type, because it only provides protection for risks that are explicitly listed in the policy documents. If you should experience loss or damage from something not on the list, you’re not covered.

Broad: A broad policy provides comprehensive coverage for the structure of your home, while only providing basic coverage for its contents.

No Frills: A no frills policy is for use in unusual circumstances, such as when your property is too risky to be insured. It will provide you with coverage for basic risks, such as a fire, while you work to get the property back into shape; once you’ve done that, you’ll be able to apply for a regular policy again.

After you’ve decided on the type of home insurance general policy you want, you can then start customizing. Talk to your insurance provider about specific risks that you’d like added to your policy, such as damage from an earthquake, or the theft of extremely valuable works of art in your home. You can insure against these kinds of events with something called an endorsement, which provides protection tailor-made to your needs.

What can you do to save on home insurance in Halifax?

Over the years, home insurance premiums can add up — so it pays to reduce your costs from the very beginning. There are a number of things you can do to keep your premiums to a minimum, including the following:

  • Ask your provider for a reduced rate for bundling your home and auto insurance.
  • Offer to pay a higher deductible, which will translate into lower premiums.
  • Keep a fire extinguisher in your home, and think about installing a home security system — many insurers will give you a discount for taking these kinds of sensible precautions.
  • Skip claims for minor loss or damage — by keeping your claims record clean, you’ll end up paying lower premiums.
  • Shop online — insurance companies love to sell that way because it costs them less, and they’ll pass on part of the savings to you.
  • Get the best price by using a website that compares rates for you.

And remember to ask your insurance provider what other discounts they offer, since they don’t always advertise all the specials that homeowners can claim.

What are the best home insurance companies in Halifax?

There’s no one home insurance company in Halifax that can be considered the best; thanks to the wide range of highly reputable companies in the insurance business, it’s comparatively easy to buy a good policy at a competitive price. The key is to do a bit of research. Start with online reviews of companies and talk to their representatives. Ask your friends, family, and colleagues for their recommendations. And finally, make sure you get multiple home insurance quotes — comparing products and prices is the single best way to ensure you get the most value for your money.

There are many companies in the Halifax region that will be eager for your business; here’s a short list to get you started:

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