Get affordable homeowners 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 against 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 connect you with a live insurance broker who will provide you with 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 Homeowners Insurance Premiums

Home protection prices are different for rented and owned properties. Renters insurance for rental 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 rare and expensive 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 so 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 for 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

Home insurance quotes in Calgary depend on the size of a building, its location, and possible risks (such as flooding). The following sample 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 per month ($1,176 per year).

For an 850-square-foot two-bedroom condominium 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 house in Calgary, in the Mount Pleasant neighborhood, located near 4th St NW and Trans-Canada Highway, insurance is about $62 per month ($744 per 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-prone 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:

1. ground flooding occurs as a result of water (rain or snow melt) entering your home from the outside. Standard insurance in Calgary does not cover land-based flood expenses. However, some companies provide coverage for this type of flood 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 insurance will cover plumbing problemsonly if it complies with the rules in your policy, such as having someone visit your home while you are away for long periods of time (for example, while you are on vacation).

Four. sewer backup happens when sewage is returned to your home. Traditional home protection does not cover this type of flood. However, you can always purchase this type of coverage as a supplement to your home insurance policy.

The difference between condominium 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 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.

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

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

10 Ways to Save on Home 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.

1. Professional membership. Members of 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. Hydrant or fire station. If your home is near one of these things, you can ask your insurance provider for a discount.

3. Student discounts. Some insurance providers offer student discounts. As 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. Discounts for graduates. TD Insurance is an example of an insurer that offers discounts for graduates of post-secondary institutions like McGill University or the University of Toronto.

5. Drop the tuxedo. Many insurance companies increase home protection premiums for smokers because of the potential risk of fire.

6. Change your policy. Those with renters insurance should reconsider the size of their coverage; maybe some things that don’t have much value don’t 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 business and can offer its products at a cheaper price compared to insurance agents or brokers.

9. Consumer reviews. Other home insurance consumers often share their experiences shopping for insurance and filing claims. With these insights, you’ll be able to avoid unexpected costs and overpayments.

10 Compare prices. You can get a cheaper Calgary home insurance quote by using price comparison tools that show you rates for the same services from different insurance companies.