Hurricane insurance needed in Nova Scotia? (homeowners insurance, homes, construction)

[monkeyhead]

Greetings from Florida, land of hurricanes.

We were wondering if Nova Scotia, especially the east coast and homes near water, has the same hurricane insurance requirements as Florida. We currently pay close to $1900.00 annually, it is not unheard of that some are paying well over $3000.00 depending on location (coast or flood zones) and home construction (brick vs. wood). Our insurer is dropping all hurricane coverage next year and has already dropped high risk areas i.e. near the coast and flood zones (we're high and dry) and established insurers are not accepting new customers. Our premiums are escalating yearly with no end in sight and now are going to have to be covered by untested, no-name insurance companies.

Since Nova Scotia also has threats of hurricanes do you have similar premium increases from your homeowner insurance? What are your annual premiums?

Thank you!

[hohead]

Hurricanes are usually less destructive by the time they hit Nova Scotia. Also, it's quite common for a hurricane to be downgraded to tropical storm status by the time it reaches NS. Because of this, I believe most Nova Scotians do not bother with hurricane insurance.

[ThroatGuzzler]

I wouldn't be too worried about it, what Nova Scotians get are just the leftovers of the storm.

[monkeyhead]

Wow, this is amazing news, music to my ears. I am not so worried about the hurricane/Tropical Storm but the insurance companies reaction to them. Since the 2004 hurricanes and Katrina the insurance companies were getting so crazy that they planned to raise rates on all homes near the coasts of the US, even if there was no hurricane threat. This is why I am amazed to hear about the home insurance in Nova Scotia (don't get me started on health).

We have been in Florida for over twenty years, in the beginning our homeowners insurance was affordable and rose in reasonable increments (first premium was $162.00). Then about 5 years ago the insurers parent companies (located in a northern states) were allowed to write separate policies for Florida which more than doubled our premiums. Floridians have been battling the insurance companies since then, the last attempt to raise rates 45% was denied so they are taking their toys and leaving us to scramble -- but not before they drop the discounts for car/home multi-policies and those who spent extra to reinforce their homes for hurricanes.

Our latest increase was due to the threat of sinkholes, even though our area is not prone to sinkholes, but there just might be one someday, when you least expect it....just like the Spanish Inquisition.