Home Insurance

Home Insurance for Alberta residents

Everyone that owns a home knows it is very important to buy insurance. In fact, you would not be able to get a mortgage on your home if it was not insured. However, not all homeowner policies are the same, and you could be underinsured and unaware of the potential problems you might face in the future. In fact, that is what happened to our example couple, Jeremy and Lucy D.

Lucy and Jeremy dreamed of owning their own home for many years. The couple worked hard and saved money, and they finally had enough for a down payment and to pay for the closing costs on a house. They were so excited that they rushed through the process. In fact, they didn’t even read over their homeowner policy. They just wanted to move into their new house and enjoy the dream of owning a home.

Two years later, Lucy was talking to a friend of hers, Sally, about a recent disaster. Several hundred miles away, some relatives of Sally’s had a large sewer back up loss damaging much of their lovely home. They suffered major damages and did not know what they were going to do. Like many Canadian couples, these people believed that sewer back coverage was part of their homeowners insurance policy, but they were wrong. In fact, this type of coverage is not standard through the insurance industry. Many insurance companies now have limits on Sewer back up coverage or in some cases NO sewer back up coverage what so ever.

As the women were talking, Lucy expressed concerns about the insurance on her own home and Sally gave her the phone number of her insurance broker. Sally explained that the broker was able to save her a bit of money on her insurance but more importantly she was able to get the coverage that she wanted and needed. Lucy called Sally’s broker later that day and set up an appointment to see him.

Jeremy and Lucy were shocked to find out they had no Sewer Back up coverage coverage at all. They didn’t want to end up like Sally’s relatives so they talked to Sally’s broker about Sewer back up coverage and found that there are other insurance companies that will cover this with much higher limits. In fact, the broker was able to provide discounts on their auto and home owners insurance as well.

Who Should Buy Homeowners Insurance?

When you own a home, it makes sense to insurance it, and of course the mortgage company will insist upon it. However, even those renting their homes should insure the contents and make sure their legal liability issues are covered. These residences should be insured:

  • Private houses
  • Condos
  • Town homes
  • Vacation homes
  • Luxury homes
  • Apartments
  • Duplexes
  • Rental properties
  • investment properties
  • summer cottages
  • Acreages or Farms

Options for your Home Insurance in Alberta

When you insure your home, you should consider all possibilities. Here are some important options to think about:

  • Increased liability insurance coverage – important if you have special risk factors
  • Luxury items – these things will need extra coverage, and may include jewellery, fine art, coin collections, and other expensive possessions.
  • Flood insurance or Overland water coverage
  • Sewer backups
  • Earthquakes
  • Named peril – covers a specific peril you wish to insure against.
  • Replacement cost coverage

In Search of the Best Homeowners Insurance

When you check out insurance policies for your home, the process can be overwhelming. After all, there are many things to consider, and each insurance company has different premiums, available discounts, and options. This is the main reason that many Alberta residents are going with dependable and trusted insurance brokers like A M Luken Insurance & Financial Services for their insurance needs.

Why Use an Insurance Broker?

You receive several important advantages when you do business with an insurance broker.

One of the most important reasons to chose an independent insurance Broker is that in the event of a claim your broker will be there to help mediate with the insurance company on your behalf. In many cases calling senior claims managers to help move the claim along etc. Brokers will also contact and communicate with Underwriters to try to get you the best rates and the best coverage for a reasonable premium.

For example:

  • Your broker is an independent broker and is affiliated with many different insurance companies.
  • You will not have to spend hours on the Internet or make phone call after phone call to research insurance options and prices. Your broker does all this for you.
  • You can save a great deal of money on insurance premiums. In fact, the savings can be significant.
  • You will have the right insurance coverage in place for your home, so you won’t have to be concerned with future problems when they arise.

A M Luken Insurance & Financial Services can provide you with many available discounts. Here are just a few:

  • Multi policy
  • Non smoker
  • Mortgage free
  • Loyal customer
  • Age of your house
  • Your age
  • Occupation
  • Updates on older homes

A M Luken Insurance & Financial Services is here to serve your insurance and financial needs. Fill out our online form for a free home owners insurance quote, You can also call us at 403-225-5996.