There are many reasons to get home insurance in Calgary. First of all, you want to make sure your house, cottage, or tenancy is covered for damage, theft, and flooding. Secondly, you want to know if you are overpaying for home insurance, and if you are, 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 house 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 rented and owned properties. Tenants insurance for rented homes covers the basic contents of a house and some liability (you may need a separate policy for fine art, wine collections, furs, and other expensive, atypical items). Tenants insurance is often cheaper than homeowners insurance.
Homeowners insurance covers the building and its exterior, as well as risks connected to theft, fire, earthquake, etc. Since the value of the building is much higher than the contents of a rented unit, homeowners insurance premiums are significantly higher than are the premiums for tenants insurance.
In order to have a broader picture of home insurance rates in Canada, here are statistics of the average home rates in Alberta, Ontario, British Columbia, and Canada. These statistics are provided by InsurEye.
There are four main types of flooding. It is important to remember that your home insurance policy treats each of them differently:
1. Overland flooding occurs as a consequence of water (rain or melting snow) entering your house from the outdoors. Standard insurance in Calgary does not cover expenses from overland flooding. However, some companies do provide coverage for this type of flooding at an additional cost.
2. Roof leakage can be covered or not covered, depending on the factors that caused it. If the roof was in poor condition from the beginning, your insurance provider will not cover the damage. Your home insurance will most likely cover damage from a natural cause, like hail.
3. Your insurer will cover plumbing issues, only if you comply with the rules in your policy, such as having somebody visit your home while you are not there for extended periods of time (for example, while you are on vacation).
4. Sewer backup happens when wastewater is driven back into your house. Traditional home protection does not cover this type of flooding. However, you can always purchase this type of coverage as an addition to your home insurance policy.
The Difference Between Condo and Tenants Insurance in Calgary
Owners of condos can purchase homeowners insurance for their condo. The condominium corporation purchases commercial condo insurance. The difference between these two policies is in what part of the condo they cover. The homeowners insurance covers the contents of the condominium. The coverage also includes protection for upgrades, locker contents, third party liability, theft, additional living expenses, and sometimes special insurance assessments.