Home Insurance Saskatchewan: Intro
Welcome to your Home Insurance Guide for Saskatchewan. 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 Saskatchewan.
What Are Typical Home Insurance Premiums In Saskatchewan?
The chart above illustrates the average Renters and Homeowners Insurance premiums across several Canadian provinces. 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 less in Saskatchewan on Home Insurance than in number of other provinces because of a few reasons:
– No Earthquakes: Unlike British Columbia or Quebec, Saskatchewan is not know for its seismic hazards and that reduces insurance risks resulting in lower premiums.
– No history of Flooding: In 2013 both Alberta and Ontario were hit by severe floodings. Saskatchewan is not known for extensive flooding and that adds some confidence to insurers resulting in lower rates.
How Can You Save on Home Insurance in Saskatchewan?
- Mortgage-free home: When you pay off your home, some insurers will reward you with lower premiums.
- Stability of residence: Lived in the same residence for years? You may be eligible for a stability discount. A few insurers offers one.
- Earthquake insurance coverage: Don’t let earthquake insurance shake you up unless you actually live in an earthquake-prone zone. Dropping earthquake protection can save you money; for example, in BC earthquake coverage can account for as much as one-third of a policy’s premium but do you really need it in Saskatchewan?
- 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.
- 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.
- 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.
- Interested in more saving tips for Home Insurance in Saskatchewan? Get an insurance quote below and connect with an experienced insurance professional to get more tips.
Several Saskatchewan-Specific Home Insurance Tips
- Earthquakes: Saskatchewan 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: So far, the most insurers do not cover overland flooding in Canada but you can check if your insurer would do that. Overall Saskatchewan is not really endangered by extensive floodings but still keep eyes open. For example, fast melting of large snow masses can lead to overland flooding as well.
- Cold temperatures: Saskatchewan’s winters though 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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