Get Affordable Home Insurance in Calgary
Real Estate

Get Affordable Home Insurance in Calgary

There are many reasons to get home insurance in Calgary. First, you want to make sure your home, cabin, or lease is covered for damage, theft, and flooding. Second, you want to know if you’re overpaying for home insurance, and if so, you want to know if you have access to a more affordable insurer. We can help you connect with a live insurance broker who will give you the information you need to insure your home in Calgary. You can also request a quote from at least 10 Canadian home insurers, so you can compare rates.

Typical Home Insurance Premiums

Home protection prices are different for owned and rented properties. Renters insurance for rented homes covers the basic contents of a home and some liability (you may need a separate policy for fine art, wine collections, furs, and other expensive and unusual items). Renters insurance is often cheaper than homeowners insurance.

Home insurance covers the building and its exterior, as well as risks related to theft, fire, earthquake, etc. Since the value of the building is much higher than the contents of a rental unit, homeowners insurance premiums are significantly higher than renters insurance premiums.

To get a bigger picture of home insurance rates in Canada, here are statistics on average home rates in Alberta, Ontario, British Columbia and Canada. These statistics are provided by InsurEye.

In Alberta, monthly homeowners insurance rates are typically $84 for homeowners and $49 for renters.

In Ontario, monthly homeowners insurance rates are typically $78 for homeowners and $42 for renters.

In British Columbia, monthly home protection fees are typically $85 for homeowners and $47 for renters.

Across Canada, monthly home insurance rates are typically $77 for homeowners and $41 for renters.

Examples of home insurance quotes in Calgary

Calgary home insurance quotes depend on the size of a building, its location, and potential risks (such as flooding). The following examples of home insurance quotes will help you better understand how much home insurance can potentially cost you:

For a 2,800-square-foot, two-story home in Calgary, in the Altadore neighborhood near River Park, expect about $98 a month ($1,176 a year).

For an 850-square-foot, two-bedroom condo on the 12th floor in downtown Calgary, next to Central Memorial Park, insurance costs are about $23 a month ($276 a year).

For a one-story home in Calgary, in the Mount Pleasant neighborhood, located near 4th St NW and the Trans-Canada Highway, insurance is about $62 a month ($744 a year).

Flood Coverage for Homes in Calgary

Since Calgary frequently experiences flooding, every homeowner must be prepared for the possibility of this risk and must understand the main aspects of home and flood protection. One thing to keep in mind is that home protection in flood hazard areas of the city is more expensive due to the much higher risk.

There are four main types of floods. It is important to remember that your home insurance policy treats each of them differently:

one. ground flooding occurs as a result of water (rain or melting snow) entering your home from outside. Standard insurance in Calgary does not cover land-based flooding expenses. However, some companies provide coverage for this type of flooding at an additional cost.

two. roof leak it may be covered or not covered, depending on the factors that caused it. If the roof was in bad shape from the start, your insurance company will not cover the damage. Your home insurance will most likely cover damage from a natural cause, such as hail.

3. Your insurer will cover plumbing problemsonly if you meet the rules of your policy, such as having someone visit your home while you’re away for long periods (for example, while you’re on vacation).

Four. sewer backup happens when sewage backs up into your house. Traditional home protection does not cover this type of flooding. However, you can always purchase this type of coverage as a supplement to your home insurance policy.

The difference between condo and renters insurance in Calgary

Condo owners can purchase homeowners insurance for their condo. The condominium corporation purchases commercial condominium insurance. The difference between these two policies is in what part of the condo they cover. Homeowners insurance covers the contents of the condo. Coverage also includes protection for improvements, locker contents, third party liability, theft, additional living expenses, and sometimes special insurance assessments.

Commercial condominium corporation insurance covers the exterior of the building (envelope), along with its infrastructure and common areas.

Calgary condo renters need renters insurance that covers the contents of their condos. This type of protection is usually mandatory and is part of the rental contract. In addition to coverage of the contents against theft, fire and other risks, the insurance also extends to civil liability and additional maintenance expenses. Living expenses are for cases in which the condominium is uninhabitable (due to an earthquake, flood, fire, etc.), for which the tenant is forced to live in a hotel or rental unit until the maintenance is completed. condo repairs.

10 Ways to Save on Homeowners Insurance in Calgary

Here are some ways to save on your home coverage. For more savings, get an insurance quote and contact an insurance expert.

one. professional membership. Members of trade unions or professional organizations can get a discount on their home insurance. Insurance companies, such as Meloche Monnex Insurance, also provide insurance policies to their members.

two. Fire hydrant or fire station. If your home is near one of these things, you can request a discount from your insurance provider.

3. Student discounts. Some insurance providers offer student discounts. For dependent students living alone, their parents’ home insurance may cover their apartment insurance at no additional charge. For example, Desjardins Insurance offers this discount.

Four. Graduate discounts. TD Insurance is an example of an insurer that offers discounts for graduates of post-secondary institutions such as McGill University or the University of Toronto.

5. Leave the tuxedo. Many insurance companies increase home protection premiums for smokers due to the potential risk of fire.

6. Change your policy. Those who have renters insurance should reconsider the size of their coverage; perhaps some things that do not have much value do not need additional coverage.

7. Security of your home. Does your home have additional security, such as a doorman or security guard? This could get you a discount from your insurance provider.

8. direct insurer. Also called a captive agent, a direct insurer represents a company and can offer their products at a cheaper price compared to insurance agents or brokers.

9. Consumer reviews. Other home insurance consumers often share their experiences buying insurance and filing claims. With these insights, you can avoid unexpected costs and overpayments.

10 Compare prices. May get home insurance quote in calgary for a cheaper price thanks to price comparison tools that show you the rates for the same services provided by different insurance companies.

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