Calgary is home to one of the most diverse populations in Canada. Although owning a property in this livable city is truly a dream, long winters and unpredictable weather are major challenges for homeowners in Calgary. Due to this, most people prefer to buy home insurance to cover their homes from damages.
While home insurance offers complete peace of mind to homeowners, it comes at a cost. However, homeowners can customize their home insurance as per their needs and budget.
When you team up with a reputable brokerage, like Surex, you can compare the most competitive home insurance quotes Calgary has to offer from the top-rated home insurance companies in Canada.
Moreover, you can follow the tips and tricks mentioned in this article to get the best home insurance quotes in Calgary.
Steps to get the most competitive home insurance quotes Calgary has to offer
Choose an insurance provider
Check for referrals and reviews to zero in a reliable insurance provider in Canada. Nowadays, several online platforms let you compare Calgary home insurance quotes in one place.
Share your details
In the next step, share some details about your home to fetch personalized insurance quotes. It takes hardly three minutes to complete this questionnaire. The insurers may ask the following:
- The size of your house
- Building materials used
- Age of your house
- Previous insurance details
- Your past claim history
Choose the coverage
You have the option to choose from the following five types of home insurance coverages in Canada. Among all, comprehensive coverage is the most inclusive one.
- Named perils
- No frills
- Personal liability
Get quotes and compare
After giving the required information, the insurance provider fetches personalized home insurance quotes from different insurance companies. Compare and select the best as per your needs and budget.
Talk to an agent
Unlike car insurance, home insurance is a vast subject. It is a best practice to talk to an insurance agent to sail through the process smoothly and secure the best home insurance quotes Calgary.
How to lower your home insurance rates in Calgary?
Bundle insurance policies
If you have car or boat insurance, you can bundle these policies with your home insurance to get an attractive discount. Many Canadian insurance carriers offer a discount of up to 15% on bundling insurance with the same company.
Shopping around is a time-tested method to get save on home insurance rates. The good news is you don't have to run from pillar to post to get home insurance quotes from different companies.
Several Canadian insurance carriers offer a one-stop destination to compare quotes from reputed insurance companies in Canada. So, leverage this option to save on home insurance rates.
Install anti-theft features
Installing self-monitored security cameras or fire alarm systems can help you get a discount on your home insurance.
Houses installed with advanced security features are less risky. So, insurance companies reward such homeowners by lowering their home insurance premiums. Inform your insurer about these features to get additional discounts.
Pay a higher deductible
Opt for a higher deductible if your main aim is to save on your home insurance premiums. This is the swiftest and easiest way to reduce your monthly insurance premiums.
However, in the event of any damages to the house, you have to pay a higher amount from your pocket to cover the losses. So, you have to save an additional amount to cover such expenses in the future.
Other factors that affect your home insurance rates
Sometimes, even following the tips mentioned above, your home insurance rate may remain on the higher side. It is mainly due to the following reasons:
You live in a high-claim risk area
The neighbourhood you live in has a great impact on your home insurance rates. You may have to pay a higher premium if
- It is a flood-prone area
- It witnesses floods, thunderstorms, or snow frequently
- The area witnesses higher crime rates
Such events directly or indirectly increase the claim rates. Accordingly, insurers mark such areas as high-risk zones and increase the premium.
Replacement cost vs actual cash value
If you opt for replacement cost coverage, you may have to pay more in premiums since this coverage insures up to the amount that it would cost to build a similar home.
On the other hand, actual cash value coverage only pays the current market price of your house after taking all depreciation in the account.
An old roof
As mentioned earlier, Calgary's weather is unpredictable, and it is the roof of your house that receives the most burn. So, aged and non-maintained roofs are considered risky by the insured. As a result, you are likely to pay more on home insurance premiums.
With this in mind, it’s easy to see that it’s a good practice to inspect and repair the roof before buying home insurance.
Type of policy
You can choose from the four major types of home insurance policies mentioned above. Your home insurance premiums depend on the type of coverage you choose. So, extensive coverage means you have to pay higher costs.
Condition of your house electrical fittings
Faulty or old wiring is the primary cause of electrical fire in houses. The insurance company may increase your premium if you have a faulty HVAC system or old electric wirings.
Your claims history
Your premiums also depend on your insurance claims history. A long history of claims may put your home insurance rates on the higher side. In contrast, homeowners with a clean claims history fetch lower home insurance rates.
Since home insurance doesn't cover valuable items of your house, such as jewellery or fine arts, you have to get additional coverage for such items. These additional coverages increase your home insurance premiums.
Home insurance is vital to protect your home and savings. However, most people try to escape it due to its high premium rates.
Moreover, home insurance rates depend on several aspects. To keep home insurance rates on the lower side, maintain your house regularly, install safety features, and bundle your policies.
Lastly, do your math, shop around, and compare quotes to find the best home insurance quotes in Calgary.