How do I get home insurance in Red Deer?
The city of Red Deer continues to grow with new housing developments all over the city. All this choice makes it simple for residents to select an area to live in that fits their needs. Whether you are looking for a property with easy access to schools, parks, shopping centres, restaurants, gas stations, soccer fields or other amenities, you will find it here in Red Deer. It doesn’t matter if you choose the neighbourhood of Clearview, Deer Park, Pines, Vanier Woods or West Lake, the need for home insurance is inevitable.
Every homeowner should have a home insurance policy that covers them when disaster strikes. That’s where BrokerLink can help. As a full-service insurance brokerage specializing in Alberta home insurance, we can expertly answer any questions you may have. From the risks of homeownership to how you can save money on your home insurance policy, keep reading to learn all there is to know.
Find the right Red Deer home insurance coverage
Needless to say, owning your home will come with its own set of risks. Although, based on where you are located, the types of risks you could face will vary. There are many risks you could face as a homeowner in Red Deer. Here are some examples:
Water damage from burst pipes
In Red Deer, it can get very cold in the winter. Not just chilly. Cold. Even if you adore the winter weather, you need to know how drastically freezing temperatures can damage your home. As the temperature falls below zero, the water in your pipes may freeze. This can result in burst pipes. Unfortunately, this is a very common cause of property damage in the winter.
A backed-up sewer pipe can cause some serious damage to your property and all your belongings. Sewer pipe backup happens due to issues that come with old pipes, a clog, or a backup in the municipal water system.
Thanks to modern regulations of smoke detectors, fires are a lot less prevalent. That being said, it takes very little to cause a fire, like leaving a stovetop on or an old appliance plugged in. Even small fires can cause serious damage to any property.
What is included in my Red Deer home insurance coverage?
Unlike auto insurance, the province of Alberta does not mandate homeowners to have a home insurance policy. Be that as it may, there are situations where homeowners may find they still need to purchase home insurance in Red Deer. Many mortgage lenders require borrowers to have a home insurance policy as part of their loan agreement. This also applies to landlords in Red Deer; they may require you to have tenant insurance before approving your rental application. To learn more about home insurance in Red Deer and what their policies include, keep reading.
1. Dwelling or home coverage
Dwelling, or home coverage, is designed to insure your building or home structure. More specifically, the building and structure you reside in. If your property is damaged due to an unforeseen event, dwelling or home coverage will protect you. The following list includes several examples of standard perils your dwelling coverage portion of your policy may cover:
- Fire and smoke
- Wind damage
- Impact by car or aircraft
- Falling objects
2. Contents coverage
Unlike dwelling insurance, which covers the physical structure of your home, contents coverage protects your home’s contents. Items that contents insurance could include protection for in the event of an unexpected disaster include furniture, clothing, electronics, sporting supplies, jewellery, and more.
3. Personal liability coverage
Personal liability coverage is helpful if a third party accidentally hurts themselves while visiting your home. If such an event occurs, you could be held accountable and may wind up being responsible for paying a range of different expenses, including medical and legal fees. With personal liability, your policy might cover these expenses. You could also be protected if you or a household member should cause damage to a neighbour’s home.
Optional Red Deer home insurance coverage
While standard home insurance is enough for some, it is not necessarily enough for others. Luckily, Red Deer homeowners may have multiple add-on coverage types to choose from. Business coverage, equipment breakdown coverage, and sewer backup coverage are just a few options. More are detailed below:
1. Business coverage
A business insurance endorsement or add-on may be necessary if you own a business that you operate out of your Red Deer home. Your home insurance will likely not cover you if something happened due to your business activities, unless you were to add a home-based business endorsement to your policy, or purchased separate commercial insurance.
2. Equipment breakdown coverage
Equipment breakdown coverage is important if a piece of equipment in your home experiences a sudden or unexpected failure. 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 featured in standard home insurance policies in Red Deer, this extra coverage can be worthwhile, especially when you think about how expensive fixing or replacing broken home equipment can be.
3. Sewer backup coverage
Sewer backup coverage is becoming an increasingly popular option for Red Deer homeowners. Including this in your policy may mean that any damages caused by sewer backing up into your home would be covered.
Note that all of the above are additional options not typically included in standard home insurance in Red Deer and must be added as endorsements or riders to existing policies.
What isn’t included in my Red Deer home insurance coverage?
While many Red Deer home insurance policies feature contents insurance, dwelling coverage, and third-party liability insurance, or personal liability insurance, they won’t cover everything, as standard property insurance policies vary based on various factors. As such, it wouldn’t be a bad idea to chat with your insurance company to ensure you have a fair grip on what is and isn’t included in your insurance policy.
Below are a few things you might not have protection for:
1. Uninsurable perils
Insurance companies typically will not provide coverage for specific perils, also known as uninsurable perils. They tend to be events with a higher chance of occurring. If your home is located in a popular floodplain that has flooded multiple times in recent history, you’re unlikely to be eligible for flood coverage.
2. Wear and tear
Neglecting to maintain your home as a responsible homeowner could void your home insurance policy if your lack of care should allow your property to age, weaken, and inevitably fall into disrepair. A roof lacking shingles which allows water seepage into your home is an example of a damage your insurance company will not cover.
3. Vacant home
Leaving your home unoccupied for 30 days or longer may cause it to be labeled as vacant by your provider. Always inform your insurance provider before you depart, as an unoccupied home is much more exposed to losses. So, hold off on heading off on your summer vacation, and reach out to your broker to speak about vacant home insurance policies, first. If damages or a loss occurs during a period where your home is unoccupied, your home insurance provider may not cover you.
4. Home sharing
Home Sharing is an increasingly popular way for homeowners to earn additional income by renting out their homes for short periods of time. This was popularized by major platforms like VRBO and Airbnb. Although this can provide supplemental income, it can also void your home insurance policy if you don’t notify your provider, first.
If you are planning to renovate your home, great. But failing to disclose your renovations or modifications to your provider could result in claims being denied. Always inform your broker if you plan on making any changes, as certain upgrades can affect the cost of your premiums. Some can impact premiums negatively, but others may leave a more positive effect.
How do you save on home insurance in Red Deer?
Having a mortgage means your home insurance was likely a requirement of your lender. This means that despite it not being mandated provincially, you won’t be able to avoid its purchase. Luckily, there are things you can do to keep the cost of your home insurance premiums within reason. Check out our money-saving tips below:
1. Bundle multiple policies and save!
Bundling your Red Deer home insurance with any other insurance plans you have, such as car insurance or even business insurance, could result in serious savings. Some companies offer up to 15% discounts - per policy!
2. Install a security system
Investing in an alarm or monitoring security system could make you eligible for a discount. Many providers will incentivize homeowners to secure their home with proper monitoring systems by offering a discount. Not all security systems will be recognized by insurance carriers though, so check with your insurance broker before purchasing.
3. Upgrade your home
Did you know some home modifications can help you cut down on costs? Consider updating any older systems in your home, like your roof, heating apparatus, plumbing, and electrical wiring. Always inform your insurance company if you plan to make any renovations.
4. Increase your policy deductible
Increasing your Red Deer home insurance deductible is an excellent way to lower your premiums. This tip goes for any insurance coverage subject to a deductible, whether it’s auto insurance or business insurance. A general rule of thumb is that a higher deductible equals a lower insurance premium. It is wise to get a professional opinion on whether raising your deductible is the right choice, since this is an out-of-pocket cost that you’ll need to pay or risk having your claim denied.
5. Pay annually instead of monthly
For each payment you make, an administrative fee may come with. Therefore, choosing to pay your premiums all in one installment versus twelve can save you money. If your insurance provider gives you the option of paying for your Red Deer home insurance policy month-by-month or per year, ask about any additional fees that are associated with either.
6. Avoid purchasing a house with a pool
Owning a pool is great fun and all, but it’s a huge liability risk - especially pools that are unfenced. You may be able to save on costs by avoiding purchasing a home with a pool. If your home has a pool, you’re likely to pay higher premiums. If the pool is non-negotiable, mitigate your risk by fencing it and always supervising it when in use.
7. Buy a house near a fire hydrant or fire station
Proximity to a fire hydrant or fire station can be an advantage, if you are closer to a fire station in the event of a fire help would be able to arrive quicker. If you reside close to a hydrant, you will have a consistent stream of water to put the fire out, thus reducing the damage to your home. Purchasing a property closer to either of these features can help you save money on your home insurance. Discuss with a broker how proximity to emergency services can help cut your costs. Some specific conditions may need to be met to qualify for a discount, so ask your broker.
8. Consult with a BrokerLink insurance advisor
Finally, if you want to save money on Red Deer home insurance, we recommend getting in touch with a BrokerLink insurance broker. BrokerLink’s team of fully licenced brokers are all highly dedicated to matching customer needs with the best possible insurance. We will take the time to understand your unique needs and find you a Red Deer home insurance policy suited to them. For an expert in your corner who can compare quotes on your behalf, look no further than BrokerLink.
Is Red Deer home insurance mandatory?
Home insurance may be necessary in Red Deer in order to apply for a mortgage or rental unit, but the government of Alberta does not mandate it. As such, many Red Deer homeowners end up purchasing home insurance or tenant insurance in order to apply for a mortgage or submit a rental application. Reach out to BrokerLink if you want to learn more about home insurance requirements in Red Deer.
Three reasons to work with a BrokerLink insurance advisor
There’s so many options when it comes to home insurance, and that can be overwhelming. That’s where we make our difference. By prioritizing super customer service and sharing our insurance resources with you, we can help you get the best coverage. Read on to see the three top reasons why you should work with an insurance broker:
1. Brokers work independently of insurance providers
The first and foremost benefit of working with an insurance broker is that they prioritize you over any insurance company they represent. This allows BrokerLink to have your needs in mind first when we shop for insurance. We get to know you and identify your unique needs so you can receive objective and unbiased advice on how to find the best protection for your property.
2. Brokers do the work for you
No one wants to come home at the end of a long workday and research home insurance policies endlessly on the web. We recommend working with a broker, instead. Our experts will do the work for you and shop around on your behalf by getting in touch with Canada’s top providers and finding quotes. From then on, they compare quotes and research discounts so they can present you with top-quality policy options that suit your budget specifications.
3. Brokers know home insurance
The last and probably most important benefit of working with a BrokerLink insurance advisor is that we know home insurance like the backs of our hands. Having been in the business since 1991, we know the ins and outs of the home insurance industry. We use our expertise and resources to find you the best fit with great coverage.
We’re in your community
We love to get involved in our communities. We live and breathe the Red Deer lifestyle the same way you do! Let’s get together as neighbours and chat about your insurance needs today.
Local Alberta insurance links
If you’re a member of a group or association, you may be eligible for more discounts.
Get a competitive home insurance quote in Red Deer!
We know that there is a lot to think about when it comes to home insurance. Especially if you are going through the process of buying your first home all at the same time! That’s why BrokerLink is here to assist you every step of the way. We will ensure that you can walk away with great protection that makes sense for your circumstances. Protecting your most valuable asset with BrokerLink is key to peace of mind.
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I recently bought my first home in Red Deer. What type of insurance do I need?
The answer to this question depends on the unique characteristics of your home, as well as your personal preferences and risk level. As home insurance isn’t a legal requirement in Alberta, Red Deer homeowners are free to choose whatever policies and coverage they wish. That said, it is recommended that all homeowners buy a home insurance policy that includes the standard coverage (dwelling insurance, contents insurance, and personal liability insurance) at a minimum. Beyond that, we suggest contacting an insurance broker who can help you identify any other additional coverages that might be worthwhile for your home based on certain factors (e.g. location, value, age, etc.).
How much does home insurance cost in Red Deer?
How much you will pay for home insurance in Red Deer will vary. It all depends on the location of your home, its size and its value.
What risks does home insurance cover in Red Deer?
The risks that are typically covered vary from policy to policy. Depending on your policy, you might have coverage for standard perils like theft, fire, and certain weather damage.
What is average for home insurance premiums in Red Deer/Alberta?
Premiums vary depending on a number of things. An informed and dedicated insurance broker knows how to ask the right questions to help you get the coverage you need at a great rate.
For more FAQs, visit the BrokerLink FAQs page.
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