Home Insurance Alberta: Intro
Welcome to your Home Insurance Guide for Alberta. This page will give you an idea of Home Insurance premiums, will inform about savings opportunities and also provide number of other useful tips for choosing Home Insurance protection in Alberta.
What Are Typical Home Insurance Premiums In Alberta?
This chart illustrates the average Renters and Homeowners Insurance premiums in Alberta and other provinces including Home Insurance in Calgary. Renters insurance rates are typically lower than home owners premiums due to the nature of insurance: Renters insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself since it is covered under the insurance property of the homeowner.
Overall consumers spend more on Home Insurance in Alberta than in most other provinces with exception of British Columbia. High insurance premiums are driven some what by rougher natural conditions and their potential impact on your dwelling.
One of the larger topics in the past years become flooding that strongly impacted Albert and Calgary in particular in 2013. Unfortunately the most insurers in Canada still do not cover overland flooding and thus we suggest to check with your insurer if these cases are typically covered.
How Can You Save on Home Insurance in Alberta?
- Direct insurers: Have you always dealt with insurance brokers or agents? Getting a policy from a direct insurer, also called a captive agent, may save you money. A captured agent only sells products from one company.
- Renovations: Renovating your house can result in lower home insurance premiums, as home insurance premiums for older, poorly maintained homes are usually higher. Also, updating only parts of your house, such as the basement or kitchen, may lead to savings on your insurance.
- Pipes: Insurers prefer copper or plastic plumbing. Consider upgrading your galvanized/lead pipes during your next renovation cycle.
- Heating: Insurers like forced-air gas furnaces or electric heat installations. If you have an oil-heated home, you could be paying more for insurance. Keep this in mind when you are house hunting.
- Wiring: Not all wiring is created equal. Make sure you have approved wiring and be sure to avoid aluminum wiring, which can be very expensive to insure. Not all insurers will cover houses with aluminum wiring, and those that do usually require a full electrical inspection of the house.
- Professional Memberships: Are you a member of a professional organization such as Certified Management Accountants of Canada? Some companies offer discounts to professional members, and some organizations offer their members insurance policies.
- Retirees: Retirees can often get an additional discount since they are on the premises more often than someone that works away from home for most of the day.
- Mortgage insurance: Do you have life insurance? If so, you may have enough coverage to forgo mortgage insurance. Mortgage insurance is another name for a life/critical illness and disability insurance that pays off your outstanding debt on your home in case of a tragic event. For example, a term life policy large enough to pay off your home is usually cheaper.
- Credit score: Your good credit can score you a lower premium. This is because most companies use your credit score when calculating home insurance premiums.
- Bundle: Most companies offer a discount if you bundle polices, such as home and auto.
- Home Insurance deductibles: Raise your deductible to lower your premium.
- Interested in more saving tips for Home Insurance in Alberta? Get an insurance quote below and connect with an experienced insurance professional to get more tips.
Several Alberta-Specific Home Insurance Tips
- Earthquakes: Overall Alberta is not known for its strong earthquakes like e.g. British Columbia. You might want consider not taking earthquake protection saving a bit on insurance costs.
- Flooding: In the recent years Alberta was strongly hit by a flooding. So far, the most insurers do not cover overland flooding but you can check if your insurer would do that – there might be an opportunity to buy an extra coverage (rider for it). Overall recommendation for Alberta is to assess carefully before getting a house if it is likely to be hit by a flooding or if the nearbourhood has a history of flooding (e.g. due to rain or melting snow).
- Cold temperatures: Some Alberta winters, especially in the north, can be quite cold – make sure that your pipes are well isolated. Make sure outdoor pipes and hoses are dry and do not offer any opportunities for ice building.
- Sewage backup: That option is often not covered in many policies but rather offered as an optional coverage (also called insurance rider). Consider adding it to your policy to stay insured against any plumbing-related accidents
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