The right home insurance policy for your Cochrane home
The right home insurance policy is the one with the right coverage for you. To better understand how home insurance in Cochrane works, the experts at BrokerLink have put together a list of the coverages that home insurance policies typically feature. From dwelling coverage to contents coverage, we outline what to expect from a Cochrane home insurance policy below:
1. Dwelling coverage
Dwelling coverage is a central component of many home insurance policies in Alberta. It pertains to the physical structure of your home in Cochrane. More specifically it aims to protect the building of your home, but not the land it sits on or the personal belongings inside it. Dwelling coverage comes into play if your Cochrane property is damaged by a covered loss, such as those listed here:
- Car / aircraft impact
- Falling objects
2. Contents coverage
Unlike dwelling coverage that provides protection for the physical structure of your Cochrane home, contents coverage provides protection for the contents of your home. More specifically, it aims to safeguard the personal belongings housed on your property from damage. The belongings that may be covered by contents insurance include but are not limited to furniture, clothing, electronics, jewellery, sporting equipment, and more. If any of these items are damaged due to an insured peril, your insurance company may pay to repair or replace them.
3. Personal liability coverage
Personal liability coverage is the third type of insurance that is typically featured in Cochrane property insurance policies. It will be worthwhile if a third party injures themselves while visiting your home. If an accident occurred on your property, even if you had nothing to do with it, you could be held liable since you are the homeowner. This means that you might be forced to pay for the costs of the incident, such as medical or legal expenses. But if you buy a Cochrane property insurance policy with personal liability coverage, your insurer might help cover various expenses thanks to this portion of your plan. Please note that personal liability coverage may also safeguard Cochrane policyholders in the event that their homes cause damage to neighbouring properties.
Extra home insurance coverage for Cochrane homeowners
The reality is that basic house insurance may not be adequate for some Cochrane homeowners. For example, if you have a high risk aversion and want greater peace of mind or a high-value property, you may want to buy extra coverage to protect your home. Thankfully, many insurance companies in Alberta offer additional coverage options to customers. From business coverage and equipment breakdown coverage to sewer backup coverage, we break down a few popular home insurance add-ons below:
1. Commercial business coverage
Commercial business insurance is the first type of extra home insurance coverage that Cochrane homeowners might be interested in. It is especially important if you run a home business. Since most basic homeowner’s insurance policies in Cochrane do not pay policyholders for losses that result from business operations, you may not be covered if an accident occurred on your property due to your home business. So if you use your home (or even part of your home) for business purposes, be sure to add a commercial business add-on, rider, or endorsement to your Cochrane home insurance policy.
2. Equipment breakdown coverage
Many Cochrane policyholders consider equipment breakdown coverage to be worthwhile. By adding this type of coverage to your Cochrane house insurance plan, you can be financially protected in the event that a piece of equipment in your home suddenly or unexpectedly fails. While coverage specifics vary from provider to provider, equipment breakdown insurance often applies to many types of common household equipment. For example, if you add an equipment breakdown insurance rider to your policy, your washer, dryer, kitchen appliances, air conditioner, furnace, heat pump, home security system, and more may be protected.
3. Sewer backup coverage
Last but not least, sewer backup insurance is another type of additional house insurance coverage that may provide peace of mind to Cochrane property owners. If you include this coverage in your property insurance policy, and your house ends up falling victim to a sewer backup, your insurance provider might step in to help pay for the costs (and as we all know, the costs of a sewer backup can be high).
One final thing to note is that the property insurance coverages mentioned above are usually added as riders, add-ons, or endorsements to existing property insurance plans, rather than being bought separately.
What may not be covered by your Cochrane home insurance policy
Like any type of insurance, home insurance policies have their limits. In other words, although they are designed to provide financial protection in relation to your property, the coverage your policy provides is subject to certain terms and conditions. Understanding these terms and conditions is crucial. This is because many insurance policies do not cover certain circumstances surrounding one’s home. For example, if your home is damaged while it is under renovation or left vacant for a certain length of time, your coverage may be void. To provide further insight into what may not be covered by your Cochrane home insurance policy, the BrokerLink team has put together the following list:
Thanks to popular home sharing platforms like Airbnb and VRBO, home sharing has become a viable (and lucrative) revenue stream for many Cochrane homeowners. That said, home sharing also increases your risk as a policyholder. For this reason, some house insurance companies refuse to cover damage or losses that occur as a result of home sharing - especially if you have failed to notify your insurer in advance. So if you plan to rent out your home for any length of time and want to be covered by your property insurance policy while renters are staying there, be sure to inform your insurance agent or broker as soon as possible. They can advise you on whether additional coverage is needed to ensure you are protected when your home is rented.
If your Cochrane house is going to be empty for a length of time that extends beyond 30 consecutive days, we strongly recommend contacting your insurance provider or broker. This is because a vacant home can increase your rates, which means it may not be covered by your existing policy. So before you go down to Florida for the winter or leave for an extended vacation, get in touch with your local insurance broker or agent for a vacant home insurance policy. If you fail to inform your insurance company and a loss or damage occurs while the property is empty, they may refuse to entertain your claim, leaving you to pay for any necessary costs out-of-pocket.
Failing to maintain
A third situation that your Cochrane house insurance policy may not cover is if you fail to maintain your home and its condition deteriorates (especially if it deteriorates to a point of disrepair). For example, if you notice that a shingle is missing on your rooftop but you don’t bother repairing it and water leaks into your home, causing damage, your insurer may find that you failed to maintain your home and refuse to cover you. So if you want to avoid not being covered by your home insurance policy, make sure to perform regular home maintenance all year-round.
Home updates and renovations
Finally, your Cochrane property insurance plan may not protect you in the event of damage caused by a renovation. Homes undergoing updates or renovations may not be covered by your existing home insurance policy. This is why it is so important to speak with an insurance agent or broker to clarify the terms and conditions of your policy. If your policy does not feature coverage for damage caused by or during renovations, they can inform you of your options so that you receive the necessary coverage.
How to save money on Cochrane homeowners insurance
BrokerLink is dedicated to helping Cochrane residents save money on home insurance. We are constantly striving to find the best possible coverage at the lowest possible prices for our customers. We do this by obtaining quotes and comparing rates on your behalf, unlocking house insurance discounts, and providing you with top-notch advice on how to save money on home insurance. In fact, BrokerLink’s team of fully licenced home insurance brokers has compiled a list of money-saving tips below. Check them out and never let Cochrane home insurance break the bank again:
1. Add a home security system on your Cochrane property
One way to pay less for Cochrane property insurance is by installing a home security system somewhere on the premises. Insurance companies in Ontario may be willing to offer a discount to homeowners that install home security systems on the properties that meet their conditions. Give BrokerLink Cochrane a call for more information on qualifying home security systems and other Cochrane house insurance discounts you may be eligible for.
2. Bundle multiple insurance policies together and save big
A second money-saving tip for Cochrane home insurance (that actually applies to many types of insurance) is to bundle multiple insurance policies together. By purchasing more than one policy from the same provider (whether you wish to buy home insurance + auto insurance, home insurance + commercial insurance, or even two unique home insurance policies), you might be offered a discount of up to 15% per policy.
3. Raise the deductible on your Cochrane home insurance policy
Raising the deductible on your Cochrane, Alberta home insurance plan is another quick and easy money-saving tip. A general rule of thumb in the insurance industry is that the higher the policy deductible, the lower the rates. However, raising the deductible on your Cochrane house insurance policy is a big deal and is not a decision that should be made lightly. Before doing so, we recommend speaking with an experienced insurance broker to learn about the pros and cons of doing so (the main con being that you will have to pay more money out-of-pocket in the event of a claim).
4. Pay for your Cochrane home insurance policy annually rather than monthly
Paying for insurance yearly versus monthly is another way you can save money on Cochrane home insurance. This is because some insurance companies charge fees every time you make a payment. This makes paying for your property insurance policy in one installment cheaper than paying for it in twelve installments. If you have the option of paying for your policy monthly or yearly and are not sure which to choose, ask your insurance agent for clarification on the payment fee structure.
5. Consider the risk of a swimming pool
A quick way of saving money on any home insurance policy is to avoid buying a property with a pool. Swimming pools, especially those that are unfenced, represent a major liability risk. This means that your home insurance premium is likely to be higher if you have a pool in your backyard than it is if your home does not have a pool.
6. Buy a property near a fire hydrant or fire station
Some insurance companies in Alberta offer discounts to policyholders whose homes are located near emergency services, like fire hydrants or fire stations. If you’re interested in saving money on home insurance and you happen to live near a fire station or other emergency service provider in Cochrane, Alberta, don’t forget to let your insurance broker know. They can inform you of the specific conditions that need to be met to qualify for this type of home insurance discount.
7. Consult with the experienced insurance brokers at BrokerLink Cochrane
One final tip for saving money on Cochrane home insurance is to enlist the help of a BrokerLink insurance broker. BrokerLink has a team of fully licenced brokers, each of whom is committed to matching our Cochrane customers with the best possible insurance coverage for their homes. We will take the time to understand your unique needs and will dedicate ourselves to finding a property insurance policy that suits them. Get in touch with BrokerLink Cochrane today, and one of our friendly, knowledgeable, and licenced home insurance experts will be pleased to assist you.
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At Cochrane BrokerLink, we’re here to help you with any insurance needs you may have. We can provide car insurance in Alberta, as well as business insurance, renter's insurance, or pet insurance. Let us help you find the best insurance services and coverage!
You can reach us by phone, email, or in person at any one of our locations throughout Alberta. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.
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FAQs on Cochrane home insurance
Is Cochrane home insurance required?
Home insurance is not government-mandated in Alberta, or anywhere in Canada. However, it may be required by a landlord or mortgage lender. For example, landlords can make renter’s insurance a condition of a lease agreement while mortgage lenders can make home insurance a stipulation of a mortgage loan. Therefore, some Cochrane residents, such as those who rent their homes or who buy homes with a mortgage, may be required to purchase home insurance.
How much will I pay for a property insurance policy in Cochrane?
How much you will pay for a home insurance policy in Cochrane varies as insurance companies consider a multitude of details when calculating insurance rates. The following list shows which factors matter most:
- Your insurance claims history.
- The precise location of your home.
- The value of your home.
- The age of your home.
- The size of your home (in square feet).
- How many people live in your home.
- The deductibles, policy limits, and coverage types you choose to include with your policy.
What type of insurance do I need for my first-ever home in Cochrane, Alberta?
This is a difficult question to answer as the reality is that the type of home insurance a person needs depends on many factors. One’s personal preferences, budget, risk level, and the unique characteristics of their new home should all be considered. That said, most experts recommend that first-time homeowners in Cochrane purchase home insurance plans that feature the three main components of this type of insurance: dwelling insurance, contents insurance, and personal liability insurance.
For more FAQs, visit the BrokerLink FAQs page.
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