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How Home Insurance in Calgary Works
Category :- Insurance

Author :- Steve Davids 
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Posted on October 20, 2017, 1:15 pm
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How Home Insurance in Calgary Works


Reasons for getting a home insurance quote in Calgary include:

·        To know if you are overpaying for home insurance

·        To insure your house, tenancy, or cottage, including coverage against flooding

·        To communicate with a live agent who will provide you with the information you need about home insurance

·        To request a quote from 10 or more home insurance providers

Examples of Home Insurance Quotes in Calgary


1. An insurance quote for an 850 square foot condo with two bedrooms on the 12th floor in the downtown area of Calgary, near Central Memorial Park, will cost approximately $23/month, or $276 a year.

2. An insurance quote for a 2,800 square foot two-storey house in Calgary’s Altadore neighbourhood, next to River Park, will cost approximately $98/month or $1,176 annually.

3. An insurance quote for a one-storey house, close to the Trans-Canada Highway and 4th Street NW, in Calgary’s Mount Pleasant neighbourhood will cost around $62/month or $744 yearly.

Typical Rates of Home Insurance in Calgary and Alberta

There are two types of home insurance policies in Calgary: tenant insurance and homeowners insurance.

Tenant insurance, which is also known as renters insurance, covers only the contents of a rented property and some liability.

Homeowners insurance, on the other hand, covers the building itself and its exterior parts, as well as the expenses related to theft, earthquake, fire, etc. Consequently, homeowners insurance costs more than renters insurance.

The chart, provided by InsurEye, shows how home insurance premiums for renters and homeowners are different across Canada.

Home Insurance Chart from Insureye

All You Need to Know about Tenant and Condo Insurance in Calgary

If you are an owner of a condo, there are two ways it can be insured: through the owner’s condo insurance and through the commercial condominium corporation’s insurance. The first one ensures the protection of your condo’s contents, including special insurance assessments, modifications and upgrades, the contents of your locker, third party liability, theft, and additional living expenses. The second one, commercial condominium corporation insurance, covers the building’s infrastructure, exterior, roof, and common areas like elevators, halls, lobbies, etc.

If you rent a condo in Calgary, you will require tenant or rental insurance. Quite often, the proprietors require this insurance as a part of the rental contract. This type of insurance covers the contents of your condo against damage resulting from theft, third party liability, and additional living expenses. The purpose of the latter is to cover expenses that are related to temporary living arrangements in rental units or hotel rooms that are necessary if your condo becomes unlivable due to an event like a flood or a fire.

How to Protect Your Home in Calgary from Flood Damage

Calgary is known for its’ frequent cases of flooding, which is why homeowners should be aware of this potential hazard and should protect their homes in advance. It is important to know the main aspects of flooding coverage for your house in Calgary.

The cost of home insurance in flood-endangered areas is typically higher due to the increased risk. However, traditional home insurance in Calgary does not cover all instances of flooding.

There are two types of flooding that can be covered by a standard home insurance policy, and two types that cannot be covered.

Traditional home insurance covers:

Roof leakage: If the leakage occurred as a result of a natural cause, like hail, insurance will cover the damage in most cases. However, if poor maintenance of the roof caused the leakage, it is likely that your insurance provider will not cover the damage.

Plumbing-related issues: Your standard home insurance will cover this type of flooding on the condition that you comply with certain rules, such as ensuring somebody checks on your home while you are away on vacation.

A typical home insurance policy in Calgary does not cover:

Sewer backup: This occurs as a result of sewage water being pushed back into your house. This kind of damage is not covered by a standard home insurance policy, although you can purchase additional protection against such a case for as little as a couple of dollars a month.

Overland flooding: This takes place when water from the outside, like melted snow or rain, enters your home. Typically, traditional home insurance does not cover damage from overland flooding, but you can buy this type of protection as an addition to your policy.

Tips on How to Get Affordable Home Insurance in Calgary

·        Some insurance companies, like State Farm, provide discounts for students. Also, in some cases, students who live in their own apartments can be covered by the home insurance of their parents at no additional charge. Ask your insurance provider if you have this option.


·        If you rent a condo or flat, you can decrease the coverage of the contents. It is an effective solution for people who do not have many valuable possessions.


·        Reading consumer reviews can give you a better perspective on many insurance providers. Through the experience and shared insights of consumers, you will know which insurance company provides quality services for a reasonable price.


·        If you are a member of a union or professional organization, like Certified Management Accountants of Canada, you can ask for an insurance discount. Some organizations even provide their members with insurance plans.


·        Some universities in Canada, such as the University of Toronto or the Northern Alberta Institute of Technology, offer their graduates home insurance discounts.


·        The additional security of your building (for example, a security guard) can mean a discount for your home insurance.


·        Price comparison tools can help you find out more about prices and can help you choose the most affordable insurer in Calgary.


·        Some insurers offer you a discount if you live close to a hydrant or fire station.


·        Speaking of fire, home insurance providers do not welcome smoking among potential insurance holders since smokers have a higher chance of causing a fire in their homes.


·        If you get your home insurance policy from a direct insurer who represents the insurance company of your choice and sells its products, you can save some money.


For more saving tips for home insurance in Calgary, get an insurance quote and connect with a home insurance expert.

Site (source)  : https://insureye.com/
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