Home Insurance in Lethbridge

Home insurance coverage for Lethbridge homeowners

Unlike car insurance, home insurance is not mandated by the Government of Alberta. However, many mortgage lenders make it a condition of their loans, so if you take out a mortgage to pay for your home, then you will likely need to purchase home insurance. That said, even if you are under no obligation to buy it, doing so is a smart decision due to the unparalleled financial protection it offers. The exact coverage you get varies, but most standard homeowners insurance policies in Lethbridge include the following:

Dwelling coverage

Dwelling insurance covers your physical home. Specifically, the building and structure you live in. If your property is damaged by an insured peril, you may be protected under the dwelling insurance portion of your policy. Examples of common perils covered by dwelling insurance include:

• Fire
• Lightning
• Smoke
• Theft
• Wind
• Car/aircraft impact
• Explosion
• Falling objects

Contents coverage

With dwelling insurance covering the physical structure of your home, contents coverage protects the belongings inside your home. Items that contents insurance may cover in the event of loss or damage are furniture, clothing, electronics, jewellery, and sporting equipment.

Personal liability coverage

Personal liability coverage can help in the event that a third party injures themselves while on your property. In such an instance, you could be held liable, which may translate to all sorts of costs, including legal fees and medical expenses. But with homeowners insurance, your personal liability coverage could help cover these fees. It may also cover you if your house or property causes damage to a neighbouring house.

Extra home insurance coverage for Lethbridge homeowners

Sometimes standard home insurance isn’t enough. If you wish to purchase extra coverage, there are several types of additional insurance to choose from. Below, we break down some of the most common types of coverage that Lethbridge homeowners add to their homeowners insurance policies. Please note that these coverages are most commonly added as riders or endorsements to existing policies:

Business coverage

A business insurance add-on is a must if you operate a business out of your home. This is because most standard home insurance policies in Lethbridge do not cover damage caused by business operations. Therefore, if something happened as a result of your business, your home insurance provider may not cover it.

Equipment breakdown coverage

Equipment breakdown coverage can be useful in the event of a sudden or unexpected failure of the equipment in your home. This type of insurance may cover your washer/dryer, kitchen appliances, HVAC units (air conditioner, furnace, heat pump, etc.), or your home security system. While not part of standard home insurance policies, it can be incredibly worthwhile, especially given how costly fixing or replacing home equipment can be.

Sewer backup coverage

One final type of additional home insurance coverage to consider is sewer backup insurance. After all, a sewer backup can be a Lethbridge homeowner’s nightmare. Adding this coverage to your policy can help cover the costs of repairing the damage caused by a sewer backup.

What may not be covered by your Lethbridge home insurance policy

As mentioned above, standard home insurance in Lethbridge typically includes dwelling coverage, contents coverage, and personal liability coverage. Depending on the policy you choose, yours may also have a business insurance or equipment breakdown endorsement. While home insurance can protect you from all types of incidents, it can only do so if your policy is valid. There are a few circumstances in which a provider could void your policy, such as if your home is vacant for months on end or you neglect the maintenance of your home. Keep reading to learn more about the situations in which an insurer might be within their rights to cancel or invalidate your coverage:

Home sharing

It’s increasingly common for Lethbridge homeowners to rent out their homes for short periods of time to earn some extra income. This is sometimes referred to as home sharing. Examples of popular home sharing platforms include Airbnb and VRBO. While home sharing can be lucrative, it can also void your policy if you fail to notify your insurance provider.

Vacant home

If your home is empty for long periods of time (e.g. more than one month), it’s important to tell your insurance provider as it can impact your rates. So before you take an extended vacation, such as going south for the winter, contact your insurance broker. Otherwise, if damage occurs while you are away, you might not be covered by your existing home insurance policy.

Failing to maintain

Another situation in which you may not be covered by your Lethbridge home insurance policy is if you neglect the maintenance of your home and allow it to fall into a state of disrepair. For example, if your roof is missing shingles which leads to water damage, your insurance company may refuse to cover you for the damage.

Renovations

Finally, your homeowners insurance policy may not cover you in the event that property damage occurs as a result of a renovation. In addition, if your home is undergoing a renovation, we recommend notifying your insurance broker as soon as possible as updates can impact the cost of home insurance.

Save money on Lethbridge home insurance

Saving money on Lethbridge home insurance just got easier thanks to BrokerLink. As home insurance experts, we are here to let you in on industry secrets. Never overpay for home insurance again by following the tips below:

Install a security system in your home

Installing a security system in your home is the first tip for saving money on home insurance. Some insurance companies offer discounts to homeowners that install certain systems in their homes, due to the extra layer of safety they offer. Contact an insurance broker to learn more about the types of security systems that may qualify for a discount.

Bundle home insurance and car insurance policies together

Are you in the market for more than home insurance? Purchase multiple insurance policies from the same provider and you could save. If you need auto insurance, business insurance, or recreational vehicle insurance, on top of home insurance, consider buying them together and you could receive a discount of up to 15% on each policy.

Increase your deductible

Increasing the deductible on your Lethbridge home insurance policy is another way to save money. The general rule of thumb in the insurance industry is that the higher your deductible, the lower your insurance premium. With a higher deductible, you agree to pay more money toward an insured loss in the event of damage. An insurance company will reward you for this added responsibility by lowering your rates. That said, increasing your deductible is not a decision that should be made lightly. Speak with a BrokerLink insurance advisor to learn more about policy deductibles, including the possible consequences of raising your home insurance deductible.

Make annual payments

Paying for home insurance annually is another way to save money. While most insurance companies give you the option of paying for your policy annually or monthly, making monthly payments often ends up being more expensive. This is because insurance providers tack on administrative fees every time you make a payment, which makes paying for your policy annually the cheaper option.

Work with a broker

One final way to save money on Lethbridge home insurance is to enlist the help of a home insurance expert. At BrokerLink, each of our brokers are fully licensed and are committed to finding you the best coverage at an affordable price. When you give us a call, you will be assigned a dedicated insurance advisor who will take the time to learn about your unique needs and find a policy that suits your home and lifestyle. We will shop around on your behalf, compare quotes from Canada’s top insurance providers, all in an effort to find you quality home insurance at a great price.

A free Lethbridge home insurance quote is just a click away

Want to learn more about Lethbridge home insurance? Whether you have questions about working with an insurance broker, want advice on the best home insurance policy for you and your family, or want to take advantage of our free home insurance quotes, BrokerLink is here.

Simply give us a call, send us an email, or visit us in person to get started. You can also request a free Lethbridge home insurance quote using our online quote tool now. All you have to do is answer a few basic questions about yourself and your home and you can receive an accurate and competitive quote in as little as five minutes. All BrokerLink home insurance quotes are 100% obligation-free, so you have nothing to lose and everything to gain. Contact BrokerLink today for quality insurance solutions for Lethbridge homeowners.

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FAQs on home insurance in Lethbridge

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