How can I find home insurance in Medicine Hat?
It’s all part of our friendly neighbourhood service. We’ll find you competitive home insurance quote to compare and make sure you’re getting the best value for your money. BrokerLink’s competitive quotes will include property insurance as well as content insurance for your art, jewellery, antique dolls, fine china and guitar collection too. After all, it’s more than just great coverage; it’s about getting a great home insurance rate too.
Medicine Hat standard home insurance coverage
You already protect your home by locking its windows and doors, so why not go a step further and safeguard it with a comprehensive home insurance policy? All you need is reliable home insurance to make sure your home and personal belongings are safe from all kinds of risks, such as property damage, theft, third-party lawsuits and more. Even though it is not required in Ontario, the added peace of mind and financial protection it provides surely makes having it worthwhile. Below you'll find what comes in a standard home insurance policy in Medicine Hat:
Dwelling coverage
“Dwelling coverage” or dwelling insurance is designed to insure your home’s physical structure in Medicine Hat. Should your building be damaged as a result of an insured peril (such as the ones compiled below), you may have protection under the dwelling insurance part of your Medicine Hat house insurance policy. A few examples of perils commonly insured by dwelling coverage are as follows:
- Fire and smoke
- Theft
- Wind
- Lightning
- Falling objects
- Car/aircraft impact
- Explosion
Contents coverage
Whereas dwelling insurance aims to protect the physical structure of your Medicine Hat home, contents coverage is designed to protect the contents of your home (e.g. your personal property). Possible possessions that your contents insurance may insure if there is damages or losses include clothing, furniture, electronics, jewellery, sporting equipment, and more.
Personal liability coverage
Personal liability coverage can be worthwhile in the event a third party, such as a guest or even a delivery person, should hurt themselves while on your property. You could be held responsible in such an instance, which means any medical fees and legal fees could fall to you. But if you have Medicine Hat homeowner’s insurance, this portion of your policy could protect you from these expenses. Should you or a household member cause damages elsewhere, this portion of your insurance may help in that case also.
Add-on coverage options for Medicine Hat home insurance
Standard home insurance generally covers the basics of what homeowners need. However, depending on your situation, you may be looking for more extensive coverage. For this reason, most insurance providers in Ontario offer additional coverage options. These add-ons or endorsements can include coverage like business, equipment breakdown, or sewer backup. Here's what these three entail:
1. Business coverage
A business insurance endorsement is a must if you have a business you run out of your Medicine Hat home. Most Alberta home insurance plans do not protect against damage or losses that arise from business operations. As a result, if an incident occurred as a result of your home business, your policy would not cover you unless you have added business insurance to it.
2. Equipment breakdown coverage
Equipment breakdown insurance is another additional coverage option that many insurers offer. If a piece of equipment in your home experiences a sudden or unexpected failure, equipment breakdown coverage can come in handy. This type of insurance may cover equipment like your washer/dryer, kitchen appliances, HVAC units (air conditioner, furnace, heat pump, etc.), and your home security system. While not typically included with basic home insurance policies in Medicine Hat, this additional coverage can be worthwhile, especially when you consider how expensive fixing or replacing broken home appliances can be.
3. Sewer backup coverage
Sewer backup insurance is one final type of coverage that homeowners may wish to add to their policies. Choosing to purchase this endorsement is a great way to help you pay for any necessary repair costs for your home if it is damaged as a result of sewer backup (and as many Medicine Hat homeowners know, water damage from a sewer backup can be extensive).
Note that the optional coverages listed above are generally added as endorsements or riders to existing policies, and not purchased standalone.
What your Medicine Hat home insurance policy may not cover
Your standard home insurance policy is intended to protect your property, but even insurance has its limits. These limits are outlined in the terms and conditions you received with your policy. They should outline the circumstances in which your coverage may become void:
Home sharing
Renting out your home on a platform like VRBO or Airbnb is a great way to save money as a homeowner looking for supplemental income, but note that doing so without notifying your insurance provider first may be cause for voiding your Medicine Hat home insurance policy.
Vacant home
If you are planning to go away on an extended leave for a vacation or are in the middle of a move and know your home will be left unoccupied, know that your home insurance will be limited. If you are planning to get out on vacation, do yourself a favour and call your broker to talk about vacant home insurance policies. If a loss does occur unexpectedly, your current policy may not cover you.
Failing to maintain
Regular home maintenance can not only help your home last longer, but it can also help homeowners save on costs. Allowing your home to fall apart due to lack of maintenance may cause your home insurance policy to become invalid. For example, if your roof is missing shingles which causes water damage, your insurance company may refuse to pay for the damage.
Renovations
Your property insurance may not cover you if you have made any renovations to your home and have not disclosed them in advance to your broker. As well, your home may be vulnerable during a period where renovations are taking place. Always inform your broker of your plans before any actual construction work begins.
How to save money on your Medicine Hat homeowner insurance
Are you ready to save money on your home insurance in Medicine Hat? BrokerLink can help. We help our customers get the best insurance at the lowest price. We are committed to finding you comprehensive coverage at affordable rates by shopping around and comparing quotes from top insurance companies.
Let us help you never overpay home insurance premiums again with our expert tips below:
1. Install a security system in your Medicine Hat home
Installing a security system in your home is one way to save money on property insurance. Some insurance providers offer discounts to homeowners that install certain types of security systems in their homes due to the added layer of safety they offer. Reach out to speak with one of BrokerLink’s insurance brokers to learn more about the types of security systems that may qualify for a home insurance discount in Medicine Hat.
2. Bundle multiple insurance policies and save
If you are shopping around for multiple types of insurance (e.g. home insurance, auto insurance, renters insurance, leisure vehicle insurance), consider purchasing them from the same insurance company. Purchasing multiple insurance policies from the same provider could save you up to 15% on each policy. So if you need another type of insurance on top of property insurance , or you need two home insurance policies for your home and vacation home,, consider bundling your insurance policies at the same time, and you could save big.
3. Increase your policy deductible
Increasing your property insurance deductible is another quick tip for saving money on your homeowners insurance. This tip applies to all types of insurance. Whether it’s auto insurance or property insurance, a higher deductible often comes with a lower premium. That said, before increasing your property insurance deductible, it’s important to understand what a deductible is and the consequences of raising it. Keep in mind that the higher your deductible, the more you will have to pay toward an insured loss in the event of a claim. For this reason, you should never raise your deductible above an amount you can reasonably afford. Contact BrokerLink to learn more about deductibles and get an expert opinion on whether raising your home insurance deductible is right for you.
4. Be mindful of where you purchase your home
Many insurance companies will want to know that their homeowners are more likely to receive help in time of a disaster, such as a fire. Being closer to a fire hydrant or station can actually fare better for your rates than if you were far away from either, as being near these features mean that a fire is less likely to cause more damage to your home since help is nearer.
5. Opt to pay once rather than monthly
Here’s a way to save on your insurance that you probably weren’t already aware of: pay for your insurance one-time rather than twelve. How does this work? Well, every policy has a specific term - either six months or twelve. You can pay monthly, which is what most people do, or you can pay upfront for all six or twelve months. See, each payment is subject to an administrative fee. By paying upfront, you only pay that fee the one time. Some companies will disregard the administrative fees altogether if you choose to do one single payment.
6. Skip out on the pool
Homes with pools may pay more for their insurance than homes without. Pools, especially unfenced ones, are a huge liability risk and that risk will be reflected in your rates. If you want to keep to your budget, purchase a home without a pool and try out the local swimming spot instead.
7. Consult with a BrokerLink insurance advisor
A final point (but one you’ve likely expected) is to work with an insurance broker from BrokerLink. With our team of fully licenced brokers, each of whom have scores of experience matching customers with comprehensive insurance policies, we can meet your needs easier. We’ll take the time to do what’s right and understand you before we look for a match. Once we do, you can rest easy knowing we’ll find you a policy that’s right for you and your situation.
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Is home insurance in Medicine Hat mandatory?
Unlike automobile insurance, a home insurance policy is not a requirement within Alberta. Be that as it may, many homeowners still choose to purchase home insurance in Medicine Hat in order to apply for a mortgage. This is because mortgage lenders are permitted to have home insurance as a conditional requirement of their loan agreements. In a like manner, landlords may also choose to require tenant insurance as a condition of their rental agreement. Contact BrokerLink to discuss further home insurance requirements in Medicine Hat, Alberta.
Popular home insurance myths explained
You may have heard one of the following common home insurance myths. If so, here's the truth from the insurance experts at BrokerLink:
Myth: an older home is cheaper to insure
One of the most common myths about home insurance is that older homes usually result in cheaper home insurance policies. The reality is that if the older home has not been updated (e.g. if it has old wiring, an aging roof, or inefficient HVAC units or construction materials), it can cost more to insure.
Myth: home insurance policies cover vehicles stored in the garage
Some homeowners might be under the misconception that cars stored in the garage of their homes are covered by their insurance policies. However, home insurance policies are not designed to cover vehicles - even ones parked in your garage. In reality, it is an auto insurance policy that protects vehicles. Specifically, Medicine Hat residents will need to add comprehensive insurance to their car insurance policies if they want their vehicles to be protected while parked. Reach out to BrokerLink to speak with one of our licenced insurance brokers about the key differences between auto and home insurance.
Myth: basic home insurance policies protect against sewer backup
Home insurance policies automatically providing coverage against sewer backups is another popular myth. To clarify, sewer backup coverage can protect against a situation where the sanitary system in your home is overwhelmed with water and backs up into your home via the pipes or toilets. Medicine Hat homeowners might be surprised to learn that this nightmare situation is not part of standard home insurance policies. Rather, it is an additional type of coverage that can be added to a home insurance policy through a rider.
Top reasons to work with a BrokerLink insurance advisor in Medicine Hat
With so many options in Medicine Hat for home insurance to choose from, we understand that insurance shopping can be overwhelming. But here at BrokerLink, we are ready to make it just the opposite. We provide a hassle-free insurance experience thanks to our superior customer service, insurance expertise, and unbeatable resources. Keep reading to discover three benefits of working with a BrokerLink insurance advisor:
1. Brokers work on your behalf
No one wants to waste their free, well-earned time scouring the Internet for home insurance quotes. Medicine Hat homeowners need only enlist a BrokerLink insurance broker in Medicine Hat, who can do the hard work shopping for them. If you ever need to file a claim, we negotiate so you get your fair settlement faster.
2. Brokers work independently
A great benefit of working with an insurance broker in Medicine Hat is that brokers do not work for any one insurance company. While they represent a broad array of different providers, their duties are to help you, first. You’re our number one priority so you can rest easy knowing we have your best interests at heart.
3. Brokers are experts in home insurance
With experience in delivering expertly crafted home insurance solutions since 1991, a broker from BrokerLink is an expert in your corner. We have tons of expertise and knowledge that we will then use to help match you with a great fit for a great price.
We’re in your community
Working and living in your community makes meeting your insurance needs even easier. Helping our neighbours is a huge part of why we do what we do.
Local Alberta insurance links
If you’re a member of a group or association, you may be eligible for more discounts.
Contact Us
At Medicine Hat BrokerLink, we work hard to get you that peace of mind you deserve. Whether it’s insuring your home, car, business, recreational items or pets, let us help you get the best coverage for your needs.
Visit us in person at any one of our locations throughout Alberta or, if that isn’t your style, reach us by phone or email. However you choose to connect, one of our super helpful BrokerLink insurance brokers will be happy to assist you. We highly encourage customers to check out our free quote tool, which can provide you with a competitive quote in only a few minutes.
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FAQs on Medicine Hat home insurance
What are the benefits of home insurance in Medicine Hat?
Though home insurance is not mandated in Alberta, it offers many benefits to Medicine Hat homeowners. Namely, a quality home insurance policy can protect your home and its contents from property damage and protect you from third-party liability claims. Depending on the specifics of your policy, it may also cover you in the event of a sewer backup, equipment breakdown, or business use. Ultimately, having a home insurance policy can help you avoid paying for losses or damages out-of-pocket.
I recently bought my first home in Medicine Hat. What type of insurance do I need?
As home insurance isn’t a legal requirement in Alberta, homeowners are free to choose whatever policies and coverage they wish. Generally speaking, Medicine Hat residents require standard home insurance coverage (e.g. dwelling insurance, contents insurance, and personal liability insurance). However, depending on your personal preferences, the condition of your home, and your risk level, you may also wish to purchase additional protection.
How much does home insurance cost in Medicine Hat?
The
cost of home insurance in Medicine Hat varies as insurers consider all kinds of factors when calculating premiums. A few factors that will influence how much you pay for home insurance include your claims history, the neighbourhood you live in, the value of your property, the size of your property, the number of people who reside in your property, and the deductibles, policy limits, and coverage types you choose.
For more FAQs, visit the BrokerLink FAQs page.
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