The best home insurance in Spruce Grove
For Alberta home insurance you can rely on, BrokerLink Spruce Grove is here. We are honoured to serve the Spruce Grove community, and we don’t take this responsibility lightly. Whether you enlist the help of an insurance advisor to review your coverage before it renews, for advice on how to save money on home insurance, or to learn more about the various property insurance solutions, like renters insurance, vacation property & cottage insurance, condo insurance, etc., you can count on us. We can even provide insight into what home insurance covers. Since coverage is ultimately what you pay for when you purchase house insurance, understanding the coverage included in your policy is important. Below is a brief outline of what three common types of home insurance cover:
As a homeowner, there is nothing worse than the thought of something damaging your home. Although dwelling coverage can’t prevent damage from occurring in the first place, it can protect you from the financial ramifications of such damage. Dwelling coverage can reimburse policyholders for the cost of repairing or rebuilding your home if it is managed by an insured peril, like fire or lightning. Dwelling coverage typically applies to your home, as well as connected structures, like attached garages. Keep in mind that dwelling coverage may not cover detached structures without adding those on and does not cover the land your home sits on. The perils that dwelling coverage may cover include:
- Car / aircraft impact
- Falling objects
Contents coverage also protects your home from physical damage, but this time, the focus is on the belongings inside of your home. Rather than compensating you in the event that your walls or windows were damaged, contents coverage can lead to compensation if you need to replace or repair damaged or lost items in your home, like sporting equipment, clothing, furniture, or electronics. To be covered by the contents insurance section of your home insurance plan, the damage or loss must have occurred due to an insured peril, which are typically similar to the perils covered by dwelling insurance. When selecting contents coverage for home insurance, make sure to pay close attention to the coverage limit. The limit you select should be enough to reasonably cover the value of the items in your home. If you have lots of high-value items, you may want to consider high-value home insurance. Alternatively, if you have a couple of items that are worth more, such as jewellery or electronics, it can be a good idea to add these items on as floaters or riders, to further ensure they have the proper coverage.
Lastly, liability coverage protects Spruce Grove policyholders from the cost of a lawsuit, should a claim be brought against them. Specifically, liability insurance covers third party claims. This means that if a guest or visitor to your home was injured on your property or their personal property was damaged, they could sue you. As the homeowner, you could be held liable, but at least with home insurance, your insurer might cover the cost of the lawsuit, along with any associated medical or repair fees.
Other coverages that can be added to Spruce Grove home insurance policies
Home insurance isn’t all dwelling, contents, and liability coverage. There are several additional coverages that can be added to Spruce Grove home insurance policies, including but not limited to:
- Business coverage: Business coverage might be necessary if you operate a business out of your home, especially if clients visit your home on a regular basis. Without a commercial coverage add-on, or an independent commercial insurance policy, you could be on the hook for the cost of damages to your home that relate to your business operations.
- Sewer backup coverage: Sewer backup insurance provides Spruce Grove homeowners with peace of mind. With this type of coverage, homeowners will have financial protection in the event that wastewater backs up, comes out of their sinks or drains, and damages their homes.
- Overland water coverage: Water damage can wreak havoc on any home. But with overland water coverage, at least your insurance company would step in and help cover the cost of the necessary repairs in the event of a flood. Specifically, overland water insurance covers flooding to your home that is caused by a nearby lake/river, overflow, heavy rain, or rapid snow melt.
What variables affect home insurance costs in Spruce Grove?
There are many variables that can affect how much a customer pays for home insurance in Spruce Grove. The following is a list of some of the most important factors impacting house insurance rates in Alberta:
- Replacement cost of your property: An insurance company will estimate the replacement cost of your property, which will play a major role in your premium. To estimate your replacement cost, they will assess the value of your home, as well as the contents inside of it.
- Your address: The location of your home will also come into play as some neighbourhoods are seen as more desirable than others.
- How close your house is to a fire hydrant or fire station: Homes located near water sources, like fire stations or fire hydrants, may benefit from lower rates.
- The age and condition of your home’s roof: Roofs are one of the most expensive home repairs. Therefore, an insurance company will assess the age and condition of the roof on your home. Homes with roofs that are 20 years old or younger might have lower rates. Advise your insurance company when you do any renovations as this can make your rates cheaper due to the lower risk of having to make a claim.
- The age, condition, and type of heating system used in your home: The age and condition of your home’s heating system, along with the type of system used in your home, can all impact your premiums. Certain types are considered safer than others, like gas or electric furnaces compared to oil tanks.
- The age, condition, and type of the electrical system in your home: Factors about your home’s electrical system can influence how likely it is to need repairs. For instance, whether your home has breakers or fuses, and whether it has knob and tube wiring or a more modern type, can all impact your Spruce Grove property insurance premium.
- The age, condition, and type of the plumbing system in your home: An insurance company will consider your home’s plumbing system to determine your premium. For instance, if it’s older or if it contains lead or galvanized pipes that are more susceptible to cracks and leaks, you could pay more for insurance.
- Home security system: Home security systems are not mandatory, but choosing to install one in your Spruce Grove home could save you money on property insurance.
- The presence of detached structures on the property: If your home has a number of additional detached structures like a shed, swimming pool, detached garage, or gazebo, your premium may be higher to account for the extra coverage that is needed.
Save money on Spruce Grove property insurance today
As a homeowner, you already have a lot of expenses. The last thing you need is to be forced into buying a home insurance policy that costs an arm and a leg. BrokerLink understands this struggle, which is why we are on a mission to make property insurance more accessible and affordable than ever before. We love to put our insurance expertise to good use and help our customers save money on coverage. Get in touch with BrokerLink, insurance brokers to discuss how you can reduce your home insurance premium today, or keep reading for a few broker-approved tips:
- Is your Spruce Grove home insurance policy up for renewal? Rather than letting it renew automatically, have an insurance broker review your policy and give you advice on ways that you can update it to save money. You might be surprised to learn how small tweaks to your deductibles or coverage limits can lower your premiums.
- Home security is top of mind for many Spruce Grove homeowners. Installing a monitored alarm system in your home can help keep your home safe while also saving you money on property insurance. Advise your broker once it is installed so they can have a security system discount applied to your policy.
- Buy multiple insurance policies in one go and save big. For instance, did you know that bundling home and auto policies could make you eligible for a 15% or 20% discount on each insurance plan?
- Ask a broker about the potential cost savings that may come with raising the deductible on your Spruce Grove house insurance policy.
- Avoid falling into the trap of having to pay hidden transaction fees on monthly insurance payments and select a yearly payment plan instead.
- Do some research into which property-specific details impact house insurance rates, such as the presence of swimming pools or detached structures, the proximity of the home to fire stations or fire hydrants, the age and condition of your home’s roof, plumbing, electrical, and heating systems, and more.
- Consider equipping your Spruce Grove home with a sewer backup prevention device, which can detect sewer backups before they happen, reducing the odds of extensive water damage.
- Contact an insurance broker to find out more about other property insurance discounts that may be available to you. For example, some insurance companies offer home insurance discounts to non-smokers or policyholders who previously attended certain post-secondary institutions or worked with specific employers or volunteer organizations.
We’re in your community
BrokerLink doesn’t just serve our Alberta customers, we are part of the Spruce Grove community. We treat our customers like family and will always take the time to discuss your insurance needs. A customer-driven approach is what we specialize in. If you’re looking for a local insurance brokerage that puts the needs of Spruce Grove residents first, look no further than BrokerLink.
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If you’re a member of a group or association, you may be eligible for more discounts.
At Spruce Grove 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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House insurance FAQs for Spruce Grove
What is tenant insurance in Spruce Grove?
Tenant insurance, also known as renters insurance, is a unique type of property insurance coverage designed to meet the needs of renters. In other words, tenant insurance is best suited to people who own their properties rather than rent them. Tenant insurance can be purchased no matter what kind of home you’re living in, whether it is a condo, apartment, townhome, duplex, etc.
What is covered by tenant insurance varies but basic policies typically include contents coverage that protects the tenant’s belongings from damage caused by an insured hazard, and liability coverage, to protect the tenant against third party claims of bodily injury or property damage. Tenant insurance is critical since landlord insurance does not cover tenants’ belongings. Further, tenant insurance might be required, as some landlords make it a condition of the lease agreement.
Will my Spruce Grove property insurance plan cover expensive belongings in my home?
It might. Ultimately, it depends on the limits of your policy and the items in question. Contents coverage, which is designed to compensate policyholders for the cost of repairing or replacing the belongings inside their homes should they be damaged by an insured peril, is a standard part of home insurance. However, basic contents coverage may not be enough if your home is full of high-value items, like artwork, vintage wine, fine jewellery, musical instruments, etc. If you have lots of expensive items in your home, we recommend speaking with an insurance broker about high-value home insurance, which may align better with your needs.
Do I need to buy home insurance in Spruce Grove?
Some Spruce Grove residents need to buy home insurance while others do not. It is not government mandated, which means not every homeowner in Spruce Grove is required to purchase home insurance. However, a mortgage lender, bank, or landlord can mandate it, so if you bought your Spruce Grove home with a mortgage or you rent your home, then it might be compulsory depending on the terms of your mortgage loan agreement or lease agreement. Since home insurance requirements in Alberta can be tricky to understand, we suggest reaching out to an insurance broker for further clarification.
How can I find affordable house insurance in Spruce Grove?
The key to finding affordable house insurance in Spruce Grove, Alberta is to compare policies with help from an insurance broker. An insurance broker is a licenced insurance professional who can help you determine your coverage needs and budget and then will find you a policy that meets both. With a broker, you won’t have to compromise on quality. Instead, they will work within your budget to find you a reasonably priced policy that protects your home from risk.
What is the purpose of liability coverage in home insurance?
Many policyholders are familiar with the importance of third party liability coverage in car insurance. But what about home insurance? As you read above, personal liability coverage is an integral component of most Spruce Grove home insurance plans. This is because the other types of basic home insurance coverage deal with property damage, which makes liability insurance the only coverage that deals with legal claims.
Although property damage might seem like a bigger risk, a third party filing a claim against you and your home can have serious financial consequences. From defence fees to potential settlement fees, a single lawsuit can end up costing you more money than an incident of property damage. Liability coverage may even pay for medical fees or repair bills associated with the claim. For this reason, having liability coverage for your home is critical.
What can I do to avoid a fire in my Spruce Grove home?
Taking proper safety precautions is the best way to avoid a fire in your Spruce Grove home. Although there may not be a way of guaranteeing you will avoid one, the following tips can help minimize the odds of a fire breaking out in your home, or if one does, can help prevent the fire from getting out of control:
- Never leave candles unattended.
- Make sure to not overload your wall outlets by being careful not to plug in too many items.
- Opt to smoke outside your home to avoid risk of sparks.
- Install smoke detectors throughout your home and change the batteries regularly.
- Buy a fire extinguisher and keep it somewhere that members of your household can get to easily.
- Hire a professional to inspect your furnace and chimney annually.
- Never pour water on a grease fire.
What is not covered by home insurance in Spruce Grove?
Many things may not be covered by your Spruce Grove home insurance policy. It all depends on whether you choose standard coverage or additional coverage. Even if you choose to include additional coverage, there will still be circumstances or scenarios you are not covered against. For instance, most Spruce Grove house insurance plans do not provide coverage for home sharing, vacant homes, homes undergoing renovations, and neglected homes.
Are Spruce Grove property insurance quotes free?
Many insurance companies and brokerages offer free home insurance quotes to Spruce Grove customers. Contact your local insurance broker to find out if quotes are complimentary. If so, an insurance representative will ask you a few questions and provide you with an accurate and competitive property insurance quote in minutes.
Does Spruce Grove home insurance cover moving?
Home insurance policies do not typically cover your personal belongings during a move. However, moving insurance exists, which can protect policyholders in the event that their belongings are damaged or lost during the process of moving (e.g. while the items that are in transit are being loaded into or out of the moving truck). You can always inquire with your broker regarding endorsements or riders for belongings in transit, they may be able to accomodate you. If it is not something that your company offers, moving insurance is often provided directly by the moving company you choose and may even be included in your fees.
If you have any questions, contact one of our local branches.
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