Alberta Best Home Insurance Edmonton

Do not wait to find out. Our experienced and knowledgeable staff can help you navigate through these changes ensuring your policy meets your needs.

A number of factors affect your insurance premium and are taken into consideration when calculating your premium. Including the following:

• Where you live
• Selecting a higher deductible will lower your premium
• Amount of coverage: the higher the amount of coverage you have the higher the premium
• Safety Features: Such as a home security system to help prevent theft and vandalism to your home
• Optional Coverage/ Add-ons: Such as sewage back up coverage
• Type of building and its age and size
• Good Credit: Most companies use your credit history as part of their pricing structure. People with better credit will pay less for their insurance.

There are many discounts, optional coverages and deductible options that can aid in reducing your insurance costs. Including the following:

• Good Credit: Most companies use your credit history as part of their pricing structure. People with better credit will pay less for their insurance.
• Multi policy (home and auto insurance bundled)
• Selecting a higher deductible will lower your premium
• Install a home security system to help prevent theft and vandalism to your home
• Discounts available for mature citizens and mortgage free home owners
• Being “clams free” for over 5 years
• Being Loyal: Being loyal with the same insurer for a certain number of years can save on premium. For example: 3 years will reduce premiums by 5% and 5 years or more is up to 10% savings.

A deductible is the amount indicated on your policy coverage page that you are responsible to pay in the event of a loss. This is the amount the insurance company deducts from the total damage claimed and the insurance company will pay the remainder. There are different deductible limits offered and the higher the deductible, the lower your premium. It is important to choose a deductible that you are comfortable paying in the event of a loss. Please be sure to discuss with your broker which deductible options are best suited for you.

As a tenant, you still have belongings that you value and you are responsible for any damage you could very easily cause to your apartment or to others from a kitchen fire, overflow of water from your sink, or an injury from a guest visiting you. Tenants Insurance not only protects your belongings, but also provides protection against damage you may cause to others. Tenant insurance is designed to protect the
following:

• To cover your own belongings
• To cover any upgrades you made to your unit such as new cabinets or floors
• Liability for injuries to your visitors and accidental damage to your neighbour’s homes

As a condo owner you share many of the same insurance needs as a home owner in additional to some unique risks specific to condo living. Condo Insurance is designed to protect the following:

• To cover your own belongings
• To cover any upgrades made to your unit such as new cabinets or floors
• Liability for injuries to your visitors and accidental damage to your neighbour’s homes
• Loss assessment coverage (protection that can be used on claims involving the building or its common areas)

Liability insurance covers you if you unintentionally cause property damage or bodily injury to others in your home or anywhere in the world.

Most home insurance policies exclude coverage for flood. Where flood damage has drastically increased over the years, insurance companies understand that they need to address this coverage for homeowners. Flood coverage is now available, at this time, only through specific insurers. Contact us today to see if your insurance provider offers flood coverage.

A standard home insurance policy will include the following:

• Building coverage
• Outbuildings or Detached Private Structures
• Contents (your personal property)
• Additional living expenses in the event of a covered loss for temporary accommodation and expenses
• Personal Liability

The limit of insurance for these coverages is determined by the building coverage. The limit of insurance for the building is calculated by completing a replacement cost evaluation based on the characteristics (ie year built, square footage, type of construction, etc.) of your home. We want to ensure that you are insured for 100% of the insurance replacement value.

Property tax assessments, real estate appraisals, bank appraisals and insurance evaluations will all generate a different value as they are all intended for different purposes. The insurance replacement cost evaluation we calculate for your home is the amount that would be needed to rebuild your home from the ground up in the event of a total loss. This insurance evaluation factors in the cost of building materials, skilled labor, and debris removal. This amount will undoubtedly be higher than your property tax assessment.

Insurers write two kinds of policies for homeowners, all risk and named perils, also known as a Comprehensive policy or a Broad form policy.

All risk coverage (also known as all perils coverage) protects you against all losses and clearly states what perils are excluded. The all risk policy is usually more expensive because it is more comprehensive. With a comprehensive policy, the burden is on the insurance company to prove that the peril causing the damages is not excluded, otherwise, coverage applies. It is important when purchasing a comprehensive policy to review the stated exclusions in the policy wording named perils coverage covers those perils only that are specifically noted in the policy. A typical broad form named peril policy would cover fire, windstorm, hail, aircraft, riot, vandalism, explosion, lightning and smoke.

The named perils policy is less expensive than an all risk policy. With a broad form policy, the burden is on the insured, to prove that one of the named perils specifically listed caused the loss.

Yes. If you work out of your home, your business could void your home insurance altogether. You can benefit from the home based business endorsement to help protect you in the event of a loss. Such as the following:

• Additional coverage for computers and business property
• Increased liability insurance if you have clients visiting your home office
• Additional coverage for business expenses incurred after a covered loss such as rent for a temporary office space

Contact your broker today to confirm if your home based business is eligible for coverage under your home policy or if separate commercial insurance is required.

You need to inform your insurance broker of the improvements you have made to your home so they can be added on to your policy. The renovations will increase the value of your home and you want to ensure that you insurance company is aware of these upgrades.

Sewer backup or water escape extension endorsement not only covers the backing up of city sewer drains, it also covers the backing up of septic, sumps, drains, eavestroughs, and downspouts.

Coverage for outbuildings is automatically included in all homeowner policies. The amount of coverage is usually 10% of the dwelling/building amount. This amount can be increased if needed but cannot be deleted.

No, mostly all motorized vehicles must be insured by way of separate coverage on an auto insurance policy. The exception are golf carts, ride on lawn mowers, garden tractors, and motorized wheel chairs which can be added to your home policy. Boats depending on their length and engine size have some limited coverage under homeowners. You should always check with your broker to confirm whether you need to have a separate policy issued or if coverage can be added.

Most home insurance will protect your personal belongings when you are travelling. For example if your camera is stolen or your luggage disappears while on vacation it would be covered under your personal property. It is important to note that certain high valued items such as jewelry may need additional coverage to be covered in full.

You need to inquire with your insurance broker of all the proper steps you need to take in order to maintain valid coverage on your home. This includes steps to prevent water damage, other preventative measures, and how often you need to have somebody you know and trust to come and inspect all levels of your home.

Most insurance companies may include limited identity theft coverage on your home insurance policy to cover the costs associated with recovering any losses or expenses that you most likely will incur in your effort to restore the accuracy of your personal or financial identifying information. If limited coverage is not included or sufficient, it can be added for an additional premium. Contact us today to review your personal risk factors and coverage to ensure you are getting the most protection from identity theft.

As your broker we will do our best to make your claims experience as smooth as possible. During regular business hours, please contact our office to notify us about your claim. In the event you are faced with an after hours claims emergency, please refer to the 24/7 emergency claim phone numbers on our website.

We recommend that you review your policy annually to ensure that the information on your policy is correct and you are satisfied that you have adequate home insurance coverage. However, if there are any major changes, such as buying a new home, renovating/remodelling, significant home improvements made, starting a home business or implementing a basement apartment, you will need to adjust your policy to ensure that you are adequately covered.