Calgary Home Insurance: The Basics

Proper home insurance can protect you from a number of unfortunate situations – everything from someone tripping and injuring themselves on your property to damage to your roof from hail. When bad things happen, you do not want any surprises. So, it is smart to look into your Calgary home insurance basics to make sure you are covered.

Calgary Home Insurance Basics

Flood Damage

Homeowners cannot purchase flood insurance in Calgary or anywhere in Canada, so insurance brokers advise taking steps to reduce flood damage to your home should you live in a floodway:

• Regrade the landscaping to direct water away from your house.
• Clear floor drains.
• Do not store valuables in the basement.
• Install a back-flow valve to stop sewage backup.
• Consider a sump pump and generator
• Move appliances such as clothes washers and dryers to the upper floors
• Install easy to clean flooring
• Move electrical boxes upstairs

When a pipe freezes and bursts, water damage will follow. Damage is covered if your home is occupied. It will not be covered if the home is vacant. (The home is vacant if you and the contents are gone.)

Content Limits

Limits on the contents of your home are fixed at a percentage of the total replacement cost of your home. To get this number right, try to document the number and value of all your contents. As you purchase something of value, take a picture, record the model/serial numbers, and write a description. Store this checklist in a safe deposit box. Include jewelry, artwork, silverware, appliances, furniture, electronics, tools and more. Such a list will be invaluable if you have to make a claim.

Also be aware of the difference between replacement cost coverage and actual cash value coverage. Replacement cost coverage costs a bit more, but is advisable as it ensures the receipt of the cost of your valuables purchased new should anything unfortunate occur.

Special Limits

Insurance companies place special limits on your property and contents where the value is difficult to determine. For example, Calgary home insurance is likely to place limits on the following:

• Outbuilding(s)
• Landscaping
• Jewelry and watches
• Sporting goods and equipment
• Collections and collectibles
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Additional riders cover specific items - at additional premium.

Replacement

Replacement cost of your home is based on identifying the type of home, its size, construction materials, and add-ons after the home was built. These values should show on your policy.

This determines your premium - in addition to the limits set on your contents, outbuildings, and additional living expenses if your home is destroyed.

Price of Protection

Underwriters for Calgary home insurance may also consider the coverage limits, the location and the home's valuation. The rates may also be affected by your insurance history and the frequency and size of previous claims. In addition, deductibles, restrictions, and area losses may add premium surcharges. You can reduce the premium by increasing the deductible amount, combining auto and home insurance policies, installing alarm systems, and remaining claims free.

Calgary home insurance professionals Godfrey-Morrow Insurance see it asour professional responsibility to present our products forthrightly, explain terms and limits, and advise clients on their specific needs. Trust us to do it right!

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