Get affordable home insurance in Calgary

There are many reasons to purchase home contents insurance in Calgary. First of all, you want to make sure that your home, cottage or lease is covered for damage, theft and flooding. Second, you’ll want to know if you’re paying too much for home insurance, and if so, you’ll want to know if you have access to a less expensive insurer. We can help you contact a life 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 that you can compare rates.

Typical home insurance premiums

Housing protection prices are different for rental properties and properties. Renter’s insurance for rental properties covers a home’s basic contents and any liability (you may need a separate policy for fine art, wine collections, furs, and other expensive, atypical items). Building insurance is often cheaper than building insurance.

Homeowners insurance covers the building and its exterior, as well as risks associated with theft, fire, earthquake, etc. Since the value of the building far exceeds the contents of a rented unit, homeowners insurance premiums are significantly higher than the premiums. for tenant insurance.

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

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

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

In British Columbia, monthly home protection rates 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 a building’s size, location, and potential risks (such as flooding). The following examples of home insurance quotes will help you better understand how much home insurance may cost you:

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

· For an 85-square-foot two-bedroom condominium on the 12th floor in downtown Calgary, next to Central Memorial Park, the insurance cost is approximately $23 per month ($276 per year).

· For a single-story home in Calgary, in the Mount Pleasant neighborhood, close to 4th St NW and the Trans-Canada Highway, insurance is about $62 per month ($744 per year).

Flood coverage for homes in Calgary

Since Calgary often experiences flooding, every homeowner should be prepared for the possibility of this risk and understand the most important aspects of home protection and flooding. One thing to keep in mind is that home protection in the flood-prone areas of the city is more expensive due to the much higher risk.

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

1. Land floods occurs due to water (rain or melting snow) entering your home from the outside. Standard insurance in Calgary does not cover land flood costs. However, some companies do offer coverage for this type of flooding at an additional cost.

2. Roof leakage can be covered or not 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 contents insurance will most likely cover damage from a natural cause, such as hail.

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3. Your insurer covers sanitary problemsonly if you comply with the rules in your policy, such as having someone come home if you are away for a long time (for example, if you are on holiday).

4. Sewage backup happens when wastewater is forced back into your home. Traditional home security does not cover this type of flood. However, you can always take out this cover as a supplement to your household contents insurance.

The difference between condo and renters insurance in Calgary

Apartment owners can take out homeowners insurance for their apartment. The condominium company purchases commercial condo insurance. The difference between these two policies is which part of the apartment they cover. The contents insurance covers the contents of the condominium. Coverage also includes protection for upgrades, the contents of lockers, third-party liability, theft, additional living expenses, and sometimes special insurance assessments.

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

Renters of apartments in Calgary need renters insurance to cover the contents of their apartments. This form of protection is usually mandatory and is part of the rental contract. In addition to covering the contents against theft, fire and other dangers, the insurance also extends to third-party liability and additional living expenses. The cost of living is for the cases where the apartment is unlivable (due to earthquake, flood, fire, etc.), so the tenant is forced to live in a hotel or rental unit until the repair of the apartment is completed.

10 ways to save on home insurance in Calgary

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

1. 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 offer insurance policies to their members.

2. Fire hydrant or fire station. If your home is near one of these businesses, you can request a discount from your health insurer.

3. Discounts for students. Some insurers give discounts for students. For dependent students living alone, their parent’s home insurance may cover their apartment insurance at no additional cost. Desjardins Insurance, for example, gives this discount.

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

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

6. Change your policy. Those with renters insurance should reconsider the extent of their coverage – perhaps 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? You may then receive a discount from your health insurer.

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

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

10. Compare prices. You can get a home insurance quote in Calgary for a lower price thanks to the price comparison tools that show you the rates of the same services offered by different insurance companies.