Although it is not mandatory by the law to have a home insurance in Alberta, it is strongly recommended as it protects one of the biggest assets of your life. If you don’t have home insurance, you put your personal finances at a major risk. Also, banks and other financial institutions will not give you a mortgage or loan if you don’t have a proof of homeowners’ insurance in Alberta. As a general rule, you must have enough insurance that can cover the costs associated with rebuilding your home. Mortgage lenders tend to require a minimum insurance that can cover your mortgage amount. If you are shopping around for a home insurance, make sure to get free quotes so that you can save a few hundred dollars and ensure maximum coverage as per your needs.
What Determines the Cost of Home Insurance?
Before you request a home insurance quote, you should have a general idea of what factors can contribute towards the cost of your premiums. The following aspects will impact the cost of your home insurance:
• Where you live
• The primary use of your home
• The history of claims
• The age of your home’s roof
• Type of heating source installed in the house
• Type of electrical distribution
• Your home’s proximity to a fire station and fire hydrant
• The overall cost to rebuild your home
• Type of pipes in the house
• The proximity to businesses in the area
How to Get Cheap Home Insurance Quotes?
Before buying home insurance, it is always recommended speaking to an insurance broker to get the best deals on your premium rates. If you’re looking for cheap home insurance quotes, consider the following:
Bundle Your Policies – Your insurance company will love additional business from you. Consider taking your auto, home and life insurance from the same company and see if you can get additional discounts.
Add Safety Features – Depending on your insurer, safety features like smoke detectors, fire extinguishers, deadbolts and a security system can get you a good deal on your premiums. You can also consider features like stronger roofs, shatter-proof windows and storm-resistant garage doors for additional discounts.
Review Your Coverage – It is best to review the policy every year before renewal. Especially if you have any major new purchases that need coverage or you have made certain improvements that can get you some discounts, you need to make necessary changes in the policy.
Increase Your Deductibles – The deductible is the amount you have to pay from your pockets before the insurance money kicks in. The higher the deductible, the lower the premium and vice versa. Consider how much you can afford as per your household budget and increase the amount. Normally, a deductible of around $1000 can save you 25% on premium rates.
Limit Your Claims – Though an insurance is designed to help you in times of need, filing multiple claims can make you a risky customer and thus, an insurance company will increase your premiums. Before you file a claim, consider the immediate cost over the long-term costs. Also, if your company offers a no-claim discount, you might want to think twice before filing a small claim.
Getting free home insurance quotes with the right coverage will help you determine the costs of insuring your precious home.