What to Know About Home Insurance in Alberta
When you’re buying a new home you probably aren’t thinking about insurance. However, as you close the deal and start getting ready to take possession of the new home, you need to make sure your property is protected.
After auto insurance, personal property claims make up the next biggest slice of the national insurance pie according to the Insurance Bureau of Canada. One of the major issues the industry faces is the steady increase in severe weather and natural disasters in the country. Albertan citizens know their province has some of the most unpredictable weather in the country and that fact makes home insurance a necessity.
If you’re a homeowner, here’s what you need to know about home insurance in Alberta:
The basics
Home insurance is designed to not only cover the cost of damage to your house, but also its contents and even injuries. When it comes to damage, policies cover a wide range of common perils such as fire, vandalism, lightning, and more. It’s important to be aware of what your policy covers as some things like floods and earthquakes may be considered optional or additional coverage. Also keep in mind that damage caused by poor home maintenance is typically not covered.
Homeowner’s policies typically also include liability coverage for injury or damage caused by residents of the home. So if one of your kids accidentally puts a baseball through a neighbour’s window you can file a claim to cover the cost.
it will also cover your valuables, so you aren’t stuck with just the shirt on your back in the event of a fire. And last but not least, in the event that you are put out of your home due to repairs, the cost of temporary lodgings is usually covered by your home insurance in Alberta.
Flooding
Everyone remembers The 2013 Southern Alberta floods. It was the most expensive natural disaster in Canadian history and it caused both the government and the insurance companies to reconsider how to better protect people should such a disaster ever happen again.
The floods made it clear to everyone how important it is for companies to offer coverage for overland flooding. While it’s still considered an optional purchase, I doubt those in Southern Alberta feel very optional about it. Check your own policy and make sure that you are prepared for those types of major natural disasters.
Alberta vs. the rest of Canada
When it comes to home insurance, Alberta isn’t all that different from the rest of the country. But there are a few things you have to keep in mind when you buy coverage in Alberta because the province’s unique geography and seasonal patterns may affect what coverage you need. Do your research about the area you’re purchasing in and buy the coverage that best fits your needs.
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