Home Insurance Coverage In Alberta
Although home insurance is not mandatory in Alberta, it’s one of the most important types of insurance you can get. Your home provides more than shelter – it’s your oasis, where you build memories with your family, your safe haven, and where you keep some of your most prized possessions. What happens if a tragedy strikes and you lose your home in a fire, your belongings from theft, or other devastation?
As home insurance brokers in Alberta, we’ve seen homeowners face crippling financial loss without the protection of a home insurance policy when they need it most. We want to help you avoid this overwhelming and stressful scenario by shopping the market to find the right coverage at the best price.
What is home insurance?
A home insurance policy protects homeowners from financial liability for losses and damages related to their property and belongings including theft, fire, and weather-related incidents. Home insurance can also cover legal and medical expenses should someone file a claim after being injured on your property.
A home insurance policy can cover:
- The replacement of stolen personal belongings such as clothes, books, tools, toys, furniture, computers, electronic devices, appliances, and more.
- The cost of rebuilding your home after a fire.
- The cost of additional living expenses if your home becomes uninhabitable.
- The cost of stolen heirlooms, collectibles, or expensive jewellery.
- The expenses of re-keying a home after a break-in.
- The cost of removing trees and shrubs after damage from a storm.
How much does home insurance cost?
The cost of home insurance in Alberta depends on a number of factors, including:
- Location – Insurance providers look at the neighborhood’s crime rate and the number of claims within the area to calculate the premium. The closer your home is to a fire hydrant or firehall, the lower your premium is likely to be.
- Demographics – This includes your age and occupation.
- Claims history – Like other insurance policies, the number of claims you’ve reported in the past impact your premium.
- Natural disasters – Insurance providers in Alberta look at the type and amount of natural disasters that have happened in the area that has resulted in home insurance claims filed for damage and loss. In Alberta, some of the natural disasters we experience are severe storms, floods, wildfires, hail, wind, and lightning strikes.
- The cost to rebuild your home – The higher the cost to rebuild your home, the higher your premium will be. Insurance companies consider the age of your home, updates, the interior and exterior materials used.
- Your belongings – Homeowner’s insurance goes beyond the protection of your property. It also covers items inside the home, including valuable antiques and collectibles. Be sure to have your valuable items appraised.
Where to find a home insurance broker in Alberta
Be sure to work with an insurance broker when shopping for a home insurance policy in Alberta. Insurance brokers go beyond selling you a product and use their network of insurance providers to shop for the right coverage at the best price. This can make a big difference, saving you hundreds and even thousands of dollars over the course of a lifetime.
At Alpine Insurance, we can help you navigate all of the complex details of your home insurance policy. We can go through each section to help you make an informed decision and offer expert recommendations on any additional coverage you might need.
With some insurance providers, you may be speaking with a representative over the phone who lives in another province. At Alpine Insurance, we know Alberta, the climate, the different cities, and have the knowledge to advise you on the risks that Alberta homeowners face with their property.
With so many factors involved, choosing the right home insurance can get complicated. It’s an area that you don’t want to take shortcuts on or rush, as the implications of not being properly insured can be financially devastating.
Working with one of our home insurance brokers at Alpine will give you the confidence that your policy is comprehensive enough for your location, geography, and the type of home you live in.
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