Home Home Insurance All You Need to Know About Affordable Home Insurance in Edmonton

All You Need to Know About Affordable Home Insurance in Edmonton

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Why You Should Get a Home Insurance Quote in Edmonton

· To avoid overpayment and save a significant amount of money

· Insuring your house, cottage, or rental includes protection from flooding

· To get any information about home insurance from a live agent

· To get a quote from 10 insurance companies

Sample Home Insurance Quotes in Edmonton

Example 1: Insurance on a two-story house in Allendale, about 2,000 square feet, including flooding coverage, costs around $93 a month, or $1,116 annually.

Example 2: Insurance on a condo with two bedrooms in the downtown area of Edmonton, near Canadian Western Bank Place, costs about $22 a month, or $264 annually.

Example 3: Insurance on a one-story house near the intersection of 107 Ave and 142 St NW, in the Grovenor neighbourhood of Edmonton, costs $65 a month, including flooding protection, or $780 annually.

Home Insurance Premiums in Edmonton – Average Rates

Home insurance policies change for different types of properties. Tenant insurance (also called renter’s insurance) only covers the contents of a rented house and, depending on the policy, liability. The homeowner’s coverage, on the other hand, is focused on the insurance of the building itself to ensure protection in instances that are related to natural hazards, fire or earthquake, or due to unlawful human activities like vandalism.

Home insurance covers the rebuild value of a dwelling, but not the market value, which is, in fact, higher. That is why, when the property has undergone some damages, the insurance provider will carry the rebuilding costs so the policyholder is able to restore a corresponding property.

This chart features the average premiums for rented and homeowner’s insurance in Alberta and Canada. As the chart shows, owned property insurance is, on average, higher than the renter’s policy.

Condo and Tenant Insurance Policies in Edmonton

Condo owners in Edmonton are protected by their own condo insurance policy, which they must buy, and the condominium corporation’s policy, which the corporation must buy. The first one covers the contents of a condo, modifications, theft, liabilities of a third party, locker contents, additional expenses and insurance assessments. The second type, the condominium corporation’s insurance, provides coverage for exterior parts of a building, like the roof, infrastructure (the building envelope) and areas like halls, lobbies, elevators and so on.

Condo tenant insurance, which is insurance of a rented condo, provides protection of the contents in case it is damaged as a result of theft, fire, etc. This type of policy also covers third party liability and additional living expenses. For example, if your condo was damaged due to fire or flooding, making it unsuitable for living, your condo tenant insurance in Edmonton can cover your temporary stay at a hotel room or rental unit.

8 Ways to Decrease Costs for Home Insurance in Edmonton

1. Quit smoking. Since smoking can pose a danger to your lungs and health overall, and since it also creates a higher risk of fire inside a house, insurance companies don’t welcome this habit, so they increase premiums for home insurance.

2. Choose a safe area to live in. Be careful not to buy a house in flood-prone or earthquake areas as the risk of damage to your house is double, and so are your premiums.

3. Check for recent claims because, if you have not made one for a long time, you can get a discount. However, not all insurance companies in Edmonton provide such an option, so you should ask around to be sure.

4. It is time to upgrade your home since houses that are well maintained get much lower premiums in comparison to ones that are very old and in poor condition. Be sure that when you spend money on upgrading any part of your house, like the bedroom or basement, you save on your home insurance by reporting the upgrades. In fact, call your insurer before you start and ask how much you can save!

5. Get alumni discounts. If you are a graduate of some post-secondary institutions, like McGill University or the University of Toronto, you can get alumni insurance discounts. Check with your university to see if it provides this advantage.

6. Union memberships may include insurance discounts. Some large corporations or unions also provide their members with insurance policies.

7. Take care of your plumbing since many insurance providers prefer copper and plastic pipes to the galvanized or lead ones. Perhaps one of the renovations for your home will involve upgrading the plumbing because, in Edmonton and Alberta, this will mean lower premiums for your home insurance.

8. Read consumer reviews. Consumer reviews help you choose among the variety of insurance providers in Edmonton to find the one that will be suitable for you in terms of finances and your situation.

If you want to find more home insurance tips, get a free quote and connect with an insurance expert who will provide you with more information about home insurance in Edmonton, contact InsurEye today.

Article Source: https://EzineArticles.com/expert/Alexey_Saltykov/1238289

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5 Myths About Home Insurance Demystified

Have you ever wondered which is worse?

A devastating earthquake or picking up the pieces of life after surviving such an earthquake?

Perhaps the second one requires more resilience and determination. It also requires the hand of providence and of-course good planning habits.

It would be a shattering to see one’s home crumbling in front of their eyes and would be all the more depressing if the house is not insured.

There are certain myths with regards to home insurance and through this article, we attempt to de-construct such myths:

Myth # 1: Home Insurance does not cover hand-of-God incidents:

It is a general feeling that home insurance does not cover natural disasters. However, mishaps like fire, earthquake, flood and other perils are amply covered in the first section of most home insurance policies. In most of the plans this is a mandatory coverage.

In order to understand what is covered under the policy, it is important to read the policy documents carefully. Only after considering the terms of the policy in detail should one commit to purchase the policy.

It is a fact that some insurance companies may cover a particular form of natural disaster while others might not do it. It is always a good practice to compare different policies before buying one.

Myth # 2: Settlement of claims is a cumbersome process:

Many people shy away from buying a home policy simply because they feel that the claim lodging and settlement process is innately cumbersome. Actually it is not that intimidating and just need to follow a particular procedure.

When the property of the insured is damaged due to some calamity, intimation has to be given to the particular insuring company as early as possible, either to the local office or the main office as per the stipulations in the policy.

The insurer on its part will send an agent to survey the extent of damage to the policyholder’s property. Once the agent files the report, decision is taken regarding the value of the claim that is permissible as per the policy.

The insurer might ask for certain documents from the insured before they finally go about the process of settling the claim.

With the gradual and progressive improvement in technology a lot off ease has come about in the process of storage of policy documents. Now policy documents can be stored in Dematerialized or electronic format also. This helps in case where the original policy has been misplaced or lost and in such situations the only question that the insurer asks is the date when the policy was taken.

Myth # 3: Low Insurance Premium means Low Insurance Coverage

Insurance coverage for homes and premium amount payable are not always directly proportional. If the home to be insured is already equipped with such safety devices as fire alarm, and burglar alarms, it is likely that the insurer will offer discounts on the premium.

Judicious decisions while buying a policy will help in keeping the premium cost low. For example in areas, which are clam and peaceful a cover for riot and terrorism might not be required at all.

As these natural calamities are not very frequent, the risk for the insurer is low. So the premium will be obviously low.

Myth # 4: It is necessary to own the home for having it insured

It is often that people are under the impression that in order to insure their place of residence, they need to own it. This is not true.

The house owner can insure the basic structure of the house that he is renting out.

A tenant can always insure the belongings in the house they are residing in. If they happen to change homes, the insurer can approve the change of address.

Myth # 5: Burglary is not covered

Home insurance policies cover not only damage caused by natural disasters but also damage or loss caused by robbers burgling the house or even attempting to burgle it.

Individual items of value like pieces of jewelry, documents, gadgets and fittings can all be insured. However, discretion may be used to insure only the valuables, else the premium will be substantially high.

Conclusion:

While buying an insurance policy it is imperative that the policy document is studied thoroughly.Clarifications may be sought in case it is felt that there is any ambiguity in the policy clause. With online policy buying becoming simple, it is an easy to compare the various policies online before taking a final call.

Article Source: https://EzineArticles.com/expert/Ramalingam_K/2430606

Article Source: http://EzineArticles.com/9775446