Home Insurance Calgary
Calgary is a city like no other. There’s a lot to do in “Cowtown”, from attending the Calgary Stampede to visiting the Heritage Park Historical Village. Calgarians enjoy more sunshine than any other city in Canada. It’s a green, fast-growing city.
No matter where you live in Calgary, you know that life is unpredictable. We can’t anticipate when a fire, water leak, or thief will damage our home. These perils can cause thousands of dollars in damages—in some cases, you may need to rebuild your home from scratch!
You can’t imagine your life without your home. And you shouldn’t have to. At Westland Insurance, our advisors can help you find the home insurance coverage that you need. After an accident happens, you can rest assured knowing you’re covered.
Like most things with home ownership, insurance can be complicated. We’re going to explain how your Calgary home insurance works.
What Does Home Insurance Cover?
So, what exactly is included in your coverage? It’s important to understand the limits of your policy. Your insurance protects you against risks like theft, wind, vandalism, fire, and water damage.
When you purchase home insurance in Calgary, here’s what your policy includes:
Personal Property Coverage
You use your home to store all of your personal belongings; everything from your furniture to your kitchen appliances. We rely on our belongings for cooking meals, entertaining ourselves, and dressing up for work. But what if you lost everything? The cost of replacing all your belongings would be enormous.
That’s what personal property coverage is for. Depending on your policy, you may be able to receive reimbursement for the replacement costs. Keep in mind that your policy may have sub limits on certain items (such as jewelry).
Additional Structures
You know that home insurance covers the house itself, but what about your detached garage ? Your policy includes other structures on your property. Any detached structures—including fences or sheds—can be covered under this policy.
Personal Liability
If someone is injured on your property, or you cause damage to a neighbour’s property, you will be responsible for paying the damages. This insurance policy will cover medical expenses and repair costs that you may encounter. It also includes coverage for legal fees if you are sued.
Additional Living Expenses
After a fire or water leak, your home will be uninhabitable during repairs. While you wait for the work to be completed, your insurance provider will cover the cost of your additional living expenses, including hotel stays and meals.
What It Doesn't Cover
It’s important to know the exact coverage your policy offers. You don’t want to find out that you’re underinsured after disaster strikes. A standard home insurance policy will not cover damage from:
- Rodent or insect damage
- Mould
- General wear and tear
If you’re seeking additional coverage, you can choose from these optional protection add-ons:
Sewer Backup Coverage
A basic insurance policy will not cover damage from septic tanks , drains, or pipes. These issues are typically caused by a blockage in the sewer line or excessive rainwater. With this additional coverage, you’ll be reimbursed for more kinds of water damage.
Home-Based Business
In 2020, many homeowners decided to launch their businesses from home. But if you work out of your house, your insurance needs are a bit different. You need coverage for that additional equipment , along with the personal liability that comes with having clients visit your home.
Liability claims are complicated, especially with home-based businesses; if you’re currently working out of your house, this is the insurance policy for you.
Overland Water Coverage
In Calgary, residents deal with a lot of snowfall and rainfall. This may cause water damage that isn’t covered on a basic insurance policy. For additional protection, you can purchase Overland Water Coverage.
Why Do I Need Home Insurance?
Think of all the time and effort you put into your property. You spend years paying off your mortgage, renovating your home, and accumulating high-value belongings. The cost of replacing all those items and the physical structure of your home may be enough to put you in debt.
Insurance offers the level of financial protection that every homeowner needs. With a comprehensive home insurance policy, you can sleep easy at night knowing you’re protected.
Is Home Insurance Required in Calgary?
You aren’t required by law to purchase home insurance. However, if you’re trying to secure funding for your mortgage, most lenders and banks will require proof of home insurance before you’re approved. Even though property insurance isn’t required by law, we strongly recommend it for all homeowners.
Factors That Affect the Cost of Home Insurance
When home insurance companies assess your property, they’ll consider things like:
- Location (how common is flooding, vandalism, and theft in your area?)
- Construction (what materials were used to make your home?)
- Age (what year was your house built?)
- Claims history (whenever you make an insurance claim, your annual premium will increase)
- Credit score
- Distance to a fire hydrant or fire station
All these factors play a role in determining the cost of your property insurance. Want to know how much your home insurance coverage will cost? When you contact us, we’ll provide you with a free quote.
Ways To Save on Your Home Insurance in Calgary
As a homeowner, you already deal with plenty of monthly expenses. How can you lower the cost of your home insurance premium? If any of the following apply to you, you may be eligible for a discount:
Choose a Higher Deductible
A deductible is an amount you pay when making a claim. Your premiums are the amount you pay each month or year for your policy. If you choose to select a policy with higher deductibles, it will lower your premiums. Just be prepared to pay that difference if you need to make a claim.
Mature Client Discount
If you’re above a certain age, many insurance companies will offer you a discount on your policy.
Alarm System
A great way to deter thieves is to install alarms and cameras on your property. You can place them near the entrances of your home, windows, and throughout the interior. Protect both your home and your personal belongings with a security system.
Shop Around
By comparing the rates offered by different home insurance companies, you can find one that fits your budget and your lifestyle. Our insurance advisors can help you comparison shop.
Upgrade Your Electrical Systems
Old electrical wiring (like a knob and tube system) carries a greater risk of a fire hazard. By upgrading to modern systems, you can reduce your risk of a house fire, and thereby lower your insurance costs.
Coverage Options for Home Insurance
Your home insurance in Calgary is entirely customizable. If you prefer basic coverage that protects you against common perils, we’ll help you find an affordable policy. Or, if you’re looking for something more comprehensive with hig her coverage limits, we can help with that, too.
Ready to learn more about your options? Our Alberta home insurance advisors are here for you. Contact us today to discuss your options.
Keep Your Insurance up to Date
The value of your home and its contents are always changing. Try to update your policy every time that you do the following:
- Renovate your home. Some of us renovate our homes to make them more beautiful; others do it to increase the property’s resale value. Either way, you need to update your insurance once the renovations are complete. Otherwise, you might be underinsured for potential damages.
- Install a pool. As fun as swimming pools are, they also increase the chances that an accident will happen. Let your insurance provider know so they can update your liability coverage.
- Add a security system. Protect your property with an alarm or monitored security system. This additional coverage could give you a discount on your homeowner’s insurance.
- Purchase expensive equipment, appliances, or furniture. After you invest in a high-end stereo system or gaming computer, you want to make sure it’s insured. Call your insurance company to update your policy limits.
- Rent out your house. If you’re renting out your house, you’ll need to look at landlord insurance in addition to your regular policy.
Home Insurance FAQ
There’s a lot to learn about being a homeowner. After you move in, you find out that all kinds of things can go wrong in your house. On top of that, you need to get your insurance sorted out. To help with that, we’ve assembled this FAQ:
If you’re eligible for any of the discounts that we listed above, be sure to call your insurance company and let them know. You can update your policy any time you upgrade your property (for example, by installing an alarm system).
The cost of your homeowner’s insurance will increase if you own a high-value home, have a lower deductible, and/or have several claims in your insurance history. If you would like to discuss ways to lower your premium, contact one of our insurance advisors.
If you have high-value items, you need to make sure that your coverage limits match their value. You’ll need to provide information to verify the value of those belongings, such as receipts, photos, or videos. Then, contact your provider to discuss the higher limit.
Your insurance coverage costs will vary based on the value of your home. To assess this, your provider will look at a variety of factors, including the type of finishes, the square footage, and its location. Property values fluctuate all the time, so if you want to update your policy, contact your provider.
There’s quite a lot of documentation required to purchase home insurance. You’ll be asked for information about your house, like the:
- Number of rooms in your home
- Size
- Condition of the foundation
- Construction materials used to build the home
- Age of the roof
- Heating systems and electrical systems
- Plumbing pipes
- Potential risks (such as a swimming pool or trampoline)
- Light fixtures and finishes
- Security system
Most insurance providers only offer 1-year or multi-year terms. However, we can always look into this for you; contact one of our insurance advisors to discuss your options.
When damage occurs to your home, we recommend calling your insurance company right away. Tell them about the incident, and be sure to include your policy information. Document the incident with photos and videos. They can arrange temporary accommodations for you, and help you through the process of filing a claim.
Request a Quote Today
Your home is unique, and so is your insurance. You lead a busy life in Calgary; how do you know which insurance company will offer the right policy for your home?
With years of experience in the insurance industry, we can help you navigate your insurance needs. At Westland Insurance, we offer our services in the following locations across Calgary:
Looking for a home insurance quote? Contact Westland Insurance today!
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Whether you’re looking for insurance for your first home or wanting to discuss your existing policy, our team is ready to help. Connect with us today.
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