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Nanaimo Home Insurance

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Get Simplified Home Insurance in Nanaimo - Tailored to Your Needs

You likely have set roots in Nanaimo; maybe starting a family, created heart-warming memories and bonded with an amazing group of friends. Home is not just a physical structure or a roof over your head; it’s considerably more than that, it is memories, precious family traditions, and much more. As one of your largest investments, your home means a lot to you and you want to ensure that it is adequately insured to protect it against all potential threats. Megson FitzPatrick can help secure your property by finding you a Nanaimo home insurance policy that works for you and your family.

Trusting Megson FitzPatrick’s Expert Nanaimo Home Insurance Brokers for Your Needs – Today

Let’s be real. The question that everyone always wants to know the answer to is, why do I need home insurance in Nanaimo anyway? Is it mandatory to carry home insurance in Nanaimo? It’s not mandatory – at least not in most cases – but the experts at Megson FitzPatrick highly recommend it as an added layer of protection to preserve your peace of mind. If you have a mortgage or are renting, you may be asked to show proof of home insurance. In Nanaimo, residents feel better when they know they’re being covered by unique insurance solutions – like the ones we help you get here at Megson FizPatrick.

Contact Megson FitzPatrick for your Nanaimo Home Insurance needs and we will walk you through every step of the process, explaining all available options and providing the right coverage for you. Home insurance in Nanaimo is not required by law, however, Megson FItzPatrick recommends you carry sufficient coverage to help protect your property and its contents against costs that may arise should anything happen to your property or a guest on your property. Home insurance can also be helpful if a third-party is hurt on your property or you unintentionally damage another’s property. Your average Nanaimo home insurance policy covers:

  • Special circumstances – I.e, specialized protection for your unique needs, like watercrafts, valuables, etc.
  • Property insurance for your physical building and its contents
  • Liability insurance for lawsuit expenses or settlement fees if you are held liable for third-party property damage or bodily injury

Home maintenance and properly looking after your home is a great way to prevent losses but it isn’t everything. Take care of your home as best as you can and prepare for all events with home insurance in Nanaimo.

How Nanaimo Home Insurance Premiums Are Calculated:

There are many variables to consider when determining Nanaimo home insurance. Megson FitzPatrick’s team of expert brokers is always willing to sit down with you and discuss what impacts your home insurance so that you are not left wondering if you have suitable coverage for your home. Listed below are a few of the factors that are taken into consideration when calculating your premium costs:

  • Location: Where you live on the island is important and can be a big indicator of the potential hazards you may face. Your insurance providers will investigate your neighbourhood’s past experiences (natural disasters, instances of crime like break-ins or vandalism, etc.) and determine how likely it is that future claims are possible.
  • Overall replacement costs: How much would it cost to rebuild your home entirely in the event of a total loss? Think replacement value for your home’s contents, rebuilding the structure, rebuilding out-buildings, living expenses for the period in which you have to evacuate your property, and more. Also, keep in mind that the market value for your home may not be the same cost to rebuild your home (especially if any renovations have been made in the time that you have lived in the home). This value will go into calculating your Nanaimo home insurance premiums.
  • The age of your home (including the age of your roof). The older your home, the higher the risk of potential damage claims. As a result, your Nanaimo home insurance premiums may be higher the older your home is. This applies to your heating and electrical systems as well.
  • Kinds of coverage. What types of coverage does your Nanaimo home insurance policy include? The higher the coverage you purchase and the more endorsements you include, the higher your insurance costs will be

Discuss the factors that go into calculating your premiums with our Nanaimo home insurance broker as well as tips for how you can save on your costs today.

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Home insurance is purchased to protect both you and your family. Of course, all general policies have their limitations, which is why you may want to look at including some endorsements to ensure that there are no gaps in your coverage.

Here are some popular Nanaimo home insurance endorsements you may want to consider:

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Home-Based Business

For damages resulting from clogged drains or damage to sewer lines, this common home insurance endorsement is not generally included in your average policy but is easily added to enhance your coverage. This endorsement may be able to protect you from losses or damages to your home’s structure as a result of a ruptured pipe, septic system seepage, or escaped water from plumbing systems.

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Many policies exclude damage caused by earthquakes. If you live in British Columbia, this endorsement may provide coverage for your home’s physical structure, your detached private structures, and your home’s contents in the event of an earthquake. Coverage from this endorsement may alter depending on your insurance provider, so be sure to discuss it in detail with a Nanaimo home insurance broker.

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Sewer Backup

Only some types of water damage are covered by your standard Nanaimo home insurance policy. These will generally exclude water damage due to damaged sewer lines, septic system seepage, and clogged drains. To protect against water losses of these varieties, consider purchasing a sewer backup insurance endorsement.

Frequently Asked Questions About Nanaimo Home Insurance

Home insurance in Nanaimo isn’t always straightforward, which is why we understand if you have questions. See below for some frequently asked questions – answered, just for you.

What does my Nanaimo home insurance not cover?

Every policy will have exclusions, but these vary from provider to provider and with each policy. Most policies exclude acts of war, infestation, wear and tear, and home-based business-related losses.

Can I insure an engagement ring under my Nanaimo home insurance policy?

Yes. You may need to purchase an add-on rider – known as a jewelry rider – as valuables may exceed the existing limits of your contents coverage.

Is my boat covered by my home insurance in Nanaimo?

If it is motorized, you may need to purchase a separate watercraft endorsement to secure coverage as some boats will not be covered by your standard home insurance in Nanaimo.

If I go away for vacation, do I still have insurance?

Generally, vacancy is cause for claims being denied, and an extended nondisclosed vacancy may result in your insurance being voided. Consider hiring a house sitter for the time you are away or familiarize yourself with the length of time your provider considers your home to be vacant.

As always, if you are not sure what coverage options you may require, discuss with a Nanaimo home insurance broker. Our team are willing to share their expertise with you in order to help you make a more informed decision about what coverage you require. And when it comes to navigating a claim, you won’t be alone. Megson FitzPatrick has a dedicated claims division with full-time professionals to guide you through the process.


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