Home Insurance in Lloydminster

Working with BrokerLink means that you will have a licenced insurance broker in Lloydminster to help guide you through the process of finding and buying home insurance. What could be better than that? Whether you are buying a new home and need to update your existing policy or want help choosing your first-ever tenant insurance plan, the BrokerLink team is here. Continue scrolling to learn more about our superior home insurance solutions.

Customized property insurance coverage in Lloydminster, Alberta

Finding Alberta home insurance isn’t always easy. There are so many options out there, not to mention the fact that understanding how each type of coverage works can be extremely overwhelming. Thankfully, BrokerLink is here to make the entire process much easier and less stressful. Our team consists of home insurance experts that have local knowledge of the Alberta insurance industry. Within minutes of meeting with you, we can explain how property insurance coverage works and help you find a home policy that meets your needs, whether that be a standard homeowner’s insurance plan, vacation property & cottage insurance, tenant insurance, or something else. To give you a better idea of what to expect from your Lloydminster insurance plan, keep reading to discover the three core elements of house insurance below:

Dwelling coverage

Dwelling coverage is the coverage that protects the structure of your home from property damage caused by insured perils, such as fire, lightning, smoke, and more. Dwelling coverage does not cover the land your house sits on, nor the contents inside of it. However, it will protect the physical structure of your property, and often any connected structures, as well, such as attached garages. The perils that dwelling coverage protects against depend on your policy, but may include:

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

Content(s) coverage

Contents coverage goes hand-in-hand with dwelling coverage, as the latter protects the outside of your home and the former protects the inside of your home. More specifically, contents coverage is designed to cover the items and belongings inside your home, should they be damaged by a covered hazard. Under this section of your Lloydminster home insurance policy, your insurance company may pay to repair or replace any personal belongings that are damaged or lost due to an insured peril, up to the policy limit. With contents coverage, it is critical that the limit you select is enough to cover the majority of items in your home in the event that your entire home was damaged, such as in a fire. Otherwise, you may not receive enough compensation to replace the lost items. This is especially important if your home has many high-value items, like musical instruments, artwork, and more.

Liability coverage

Liability coverage is the third and final element of Lloydminster home insurance. It doesn’t cover physical damages like the two coverages above. Rather, it covers liability damages. In other words, if someone were to bring a lawsuit against you, such as if a visitor slipped and fell on your driveway and sued you for bodily injury, your insurer would cover you. What costs does liability insurance cover? This varies between insurance providers, but you can typically expect to receive compensation for legal fees, medical fees, and repair fees.

Additional home insurance coverage for Lloydminster homeowners

When basic home insurance coverage isn’t enough, additional coverage is here. Many customers are under the false impression that home insurance is all about dwelling, contents, and personal liability coverage. While these three components make up most basic home insurance policies in Alberta, they are not the only coverage types available to customers. In fact, insurance companies offer a vast array of additional coverages that can be added as endorsements or riders to existing property insurance plans. A few examples of additional home insurance coverage that Lloydminster homeowners may be interested in are as follows:

  • Commercial coverage: Commercial coverage is ideally suited to policyholders who work from home regularly or run businesses out of their homes. Since basic property insurance coverage won’t cover damage that arises from business use, a commercial insurance endorsement, or a completely separate commercial insurance policy for your business may be necessary.
  • Equipment breakdown coverage: Equipment breakdown coverage is for customers who want the added peace of mind of knowing that if a piece of equipment in their home breaks down, they won’t have to pay for the cost out of pocket. With equipment breakdown coverage, your insurance company may compensate you for the cost of repairing or replacing a piece of household equipment, such as an oven, furnace, air conditioner, washing machine, dishwasher, etc., in the event that it suffers from an electrical or mechanical failure.
  • Sewer backup coverage: Sewer backups can be catastrophic. They can cause serious physical damage to your home, as well as financial damage to your wallet. But by adding sewer backup insurance to your Lloydminster home insurance plan, your insurer can reimburse you for the cost of any necessary repairs to your home following a sewer backup.
  • Overland water coverage: Overland water coverage is another type of additional coverage that may be worthwhile to Lloydminster homeowners. If you’ve ever dealt with basement flooding, this coverage is for you. Overland water insurance is a form of flooding coverage, designed to offer financial protection in the event that any part of your home is flooded due to a nearby lake/river, overflow, heavy rain, or rapid snow melt.

Nine factors that can influence Lloydminster home insurance rates

Insurance companies consider many variables when determining premiums for home insurance policies. A few of the factors that they will take into account may include:

  • Replacement cost of your home: One of the biggest details an insurance company will consider is the replacement cost of your home, which directly correlates to the size of your home and how much it’s worth. The estimated worth of your home will also include the value of any personal belongings inside the home.
  • Your home address: An insurance company will want to know where your home is located so that they can assess its risk. If your neighbourhood has a high crime rate, it could impact your premium.
  • Proximity to a fire hydrant or fire station: Your home address will also be used to determine how close you live to a fire station or fire hydrant, as living nearby a water source can bring your rates down.
  • The age and condition of your home’s roof: Having a roof that is less than 20 years old can translate to better home insurance rates.
  • The type of heating system used in your home: The way your home is heated will come into play, with some heating systems being riskier than others. For instance, oil tanks are seen as riskier than gas or electric heat sources.
  • The electrical system in your home: An insurer will consider various aspects of your home’s electrical system, such as the type of wiring and or whether your home has breakers or fuses.
  • The plumbing system in your home: The older your plumbing system, the more your insurance rates may cost. The same goes for if your home has lead or galvanized pipes, which are more susceptible to cracks and leaks.
  • Monitored alarm system: Whether you choose to install a monitored home security system on your property can also influence your premium.
  • Additional structures/features on the property: If your property has other structures or unique features, including but not limited to a shed, swimming pool, detached garage, or gazebo, an insurance company will also factor this into your premium.

What can I do to reduce my Lloydminster home insurance rates?

The best way to reduce how much you pay for Lloydminster home insurance is to follow the tips below. The following tips have been compiled by BrokerLink’s team of home insurance experts and are designed to help you qualify for discounts and save money on property insurance:

  • Reassess your Lloydminster property insurance plan every year to decide whether your current coverages, limits, and deductibles are still working for you, or if you want to change it up. If you decide to change it up, ask a broker for help updating your policy in a way that can save you money.
  • Speak with a licenced insurance broker about the cost savings that may come with purchasing a home security system for your Lloydminster house.
  • Buy more than one home insurance policy, e.g. homeowner’s insurance + tenant insurance, or try bundling home and auto policies to save between 15% and 20% on each policy.
  • Raise your property insurance deductible if you can afford to do so, and watch as your premium instantly lowers.
  • Don’t fall into the trap of paying hefty transaction fees on monthly payments and pay for your home insurance plan on a yearly basis instead.
  • Learn more about how different property-specific factors influence home insurance rates before buying a new home so you can make an informed decision. For example, homes with pools typically have higher home insurance premiums, while homes located near fire stations and fire hydrants have lower ones.
  • Install a sewer backup prevention device in your home to reduce the odds of serious water damage to your home and bring your premium down.
  • Reach out to a local insurance broker and ask about other home insurance discounts you may be eligible for. Examples of popular home insurance discounts in Alberta include non-smoker discounts, as well as employment, volunteer organization, or education-based property insurance discounts.


We’re in your community

BrokerLink Lloydminster is in your community. We value the community above all else, which is why everything we do is in service of it. We strive for excellence at every turn, prioritizing our customers’ needs along the way. When you work with us, you will be treated with generosity, integrity, and respect. Get in touch today to learn more about what makes BrokerLink the go-to insurance brokerage in Alberta.

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If you’re a member of a group or association, you may be eligible for more discounts.

Contact us

At Lloydminster BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

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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Lloydminster home insurance FAQs

What are the benefits of working with a Lloydminster insurance broker?

There are countless benefits to enlisting the help of a Lloydminster insurance broker when purchasing home insurance. A broker has years of experience and the resources to help you find the exact coverage you need. Plus, they do the heavy lifting, shopping around and comparing quotes for you. They also work independently of insurance companies, so you can rest easy knowing the advice you are receiving is unbiased and objective. Ultimately, insurance brokers specialize in providing a hassle-free insurance experience, which is ideal for anyone who doesn’t have the time and energy to shop for insurance on their own.

What is Lloydminster tenant insurance?

Tenant insurance is a form of home insurance that is designed specifically for people who rent their properties. This means that if you live in a home that you do not own in Lloydminster, tenant insurance is for you. Tenant insurance, also known as renters insurance, covers what landlord insurance does not. It protects your personal belongings from damage caused by an insured peril and protects you from legal liability if a third party brought a claim against you.

It can also help with additional living expenses in the event you are displaced from your home due to an insured peril. In some cases, your landlord may require you to purchase a tenant insurance policy. However, even if they don’t, purchasing one can still be beneficial, and is often relatively inexpensive.

Does Lloydminster home insurance cover high-value items like jewellery, vintage wine, or artwork?

Your Lloydminster home insurance plan may cover high-value items, such as expensive jewellery. However, it depends on the details of your policy, such as the coverage limits you chose. While most home insurance plans feature a certain amount of contents coverage (i.e. coverage designed to protect your personal belongings from damage), this may not be enough depending on how much your items are worth. If your home is filled with high-value items, speak with a broker about purchasing a high-value insurance policy for the best possible coverage. If you only have one or two specific high value items, you may also want to schedule specific items as floaters or riders if they have significant value to you, such as engagement rings or expensive pieces of art. This means you can have a separate deductible and broader coverage for these items.

Is Lloydminster home insurance compulsory?

No, Lloydminster home insurance is not mandated by the government, which means it is not a legal requirement of Lloydminster residents. That said, banks, mortgage lenders, and landlords may require it of borrowers and tenants, respectively, so if you took out a mortgage loan to buy your home or rent your property in Lloydminster, you may need to purchase a policy.

How can I find competitively priced Lloydminster property insurance?

Finding affordable home insurance is a top priority for many Lloydminster customers. The key to finding it is shopping around, and an insurance broker can do that for you. Insurance brokers have extensive knowledge of the local Alberta insurance market and know exactly where to look to get you the best deal on your home insurance plan. They can also save you time by comparing prices for you from different companies with a phone call.

My Lloydminster auto insurance policy already contains third party liability coverage. Why do I also need it for home insurance?

Third party liability coverage is an important component of almost any type of insurance. And unfortunately, coverage cannot be transferred between policies, so just because your car insurance plan features third party liability coverage doesn’t mean that your home is covered by it. Instead, you will need to ensure your Lloydminster property insurance policy has its own third party liability coverage. This way, you can be protected if a third party, such as a guest or visitor to your home, files a claim against you. Specifically, third party liability coverage can help pay for claims alleging bodily injury or property damage. The types of fees that your insurer may reimburse you for include legal fees, medical fees, and property repair fees.

How can I avoid a fire in my home?

Even if you take all the proper precautions, there is no way to guarantee that you will never experience a fire in your home. That said, there are a few things you can do to minimize the odds of one happening. For instance, installing smoke detectors on all floors of your home and regularly testing them, and changing the batteries as needed is your best course of defence against fires. In addition, purchasing a fire extinguisher and placing it somewhere that members of your household can easily reach, perhaps having one in your kitchen specifically for grease fires, having your furnace and chimney inspected once a year, keeping the number of appliances plugged into each outlet to a minimum, refraining from smoking inside or near your home, and refraining from lighting candles can all help you avoid starting a fire in your home.

What is not covered by my Lloydminster home insurance plan?

This depends on the policy and coverages you chose. For instance, if you purchased a basic policy, then you may have dwelling, contents, and personal liability coverage, but you likely do not have business, sewer backup, equipment breakdown, overland water coverage, or any other additional coverages. Further, there are a few circumstances that even the most comprehensive home insurance policies may not cover. These include home sharing, you may need separate vacation rental property protection to cover this, homes that are empty for 30 or more days, homes that are undergoing renovation, and homes that have fallen into a state of disrepair due to the owner’s neglect.

How do I get a quote on Lloydminster home insurance?

All you have to do is contact an insurance broker and request one! You can contact a broker online, over the phone, or in person. Quotes can be obtained in as little as five minutes and are fully complimentary.

Are my belongings covered when moving?

If you’re planning a move, then you may be wondering whether your belongings are covered during the move. While a standard home insurance policy does not cover items in transit, moving insurance exists to fill this gap. The other alternative can be endorsements added on to comprehensive home insurance policies. Most moving companies offer their own coverage. In some cases, it is automatically included in your moving fees, and in others, moving insurance can be added on. Please note that some moving insurance policies have weight restrictions or are based on the way that items are packed. Speak with an insurance broker for more information on how moving insurance works and can benefit you.

If you have any questions, contact one of our local branches.