Flexible home insurance solutions tailored to your needs
BrokerLink specializes in helping our customers find flexible and dynamic Alberta home insurance policies. We have years of experience matching customers with the best coverage for their needs, whether that’s a basic tenant insurance policy or a comprehensive vacation property & cottage insurance policy. More than matching you with great coverage, a BrokerLink insurance advisor can also explain to you exactly how that coverage works. For example, most Wetaskiwin property insurance policies consist of three main types of coverage, at a minimum: dwelling coverage, contents coverage, and personal liability coverage. We describe each of these coverages below:
Dwelling coverage is designed to protect the physical structure of your home from damage caused by whichever insured perils you select for your policy. Perils vary between insurance providers but typically include the following:
- Car / aircraft impact
- Falling objects
Please note that if you choose all perils coverage, you will be protected against the widest range of risks. Also, dwelling coverage does not cover the land your home sits on or any detached structures on the property. However, it usually covers connected structures, such as detached garages.
Contents coverage is a standard part of most Wetaskiwin home insurance policies and it compensates policyholders if the belongings in their homes are damaged due to a named peril in their policy. The perils for contents coverage are usually similar to that of dwelling coverage. In other words, if a fire breaks out in your home and items like furniture, clothing, or electronics are damaged in the fire, your insurer might compensate you for these items. Contents coverage, as with any type of coverage, has a limit. Speak with a broker if you are unsure about which coverage limit to select, as you want to ensure that the limit you choose is enough to cover the estimated value of the items in your home.
Personal liability coverage
Lastly, personal liability coverage is another integral component of property insurance in Wetaskiwin. This coverage can protect you, the policyholder, from legal claims alleging property damage or bodily injury. As we all know, lawsuits are expensive. Without this type of coverage, if a guest injured themselves while visiting your home and sued you, you would have to pay for the cost of the lawsuit on your own. But with personal liability coverage, your insurer can pay for associated fees, like legal defence fees, settlement fees, and even medical or property repair expenses related to the incident. Personal liability insurance can also protect you if your property accidentally causes damage to a neighbouring property. While the amount of this coverage varies by province, some providers will offer up to two million in personal liability coverage.
Other home insurance coverage options in Wetaskiwin, Alberta
Are you looking for additional home insurance coverage? There are several options available to you. For a complete list of home insurance coverage add-ons, endorsements, and riders, contact an insurance broker. In the meantime, what follows is a brief description of four of the most common extra coverages added to Wetaskiwin property insurance plans:
- Commercial coverage: Business coverage is important for any policyholder who runs a business out of their Wetaskiwin home or even just works from home regularly. You might be surprised to learn the work from home impact on home insurance. Contact BrokerLink for more information on adding a commercial insurance coverage endorsement to your home insurance plan.
- Equipment breakdown coverage: Equipment breakdown coverage comes into play if a piece of covered equipment in your household, such as a dishwasher or washing machine, suffers an internal breakdown and needs to be repaired or replaced.
- Sewer backup coverage: Sewer backup coverage is designed to protect homeowners from the worst-case scenario of a sewer backup. Specifically, this coverage can compensate policyholders for the cost of water damage repairs following a sewer incident.
- Identity theft coverage: While we all know that identity theft happens everyday, many hope that they will never fall victim, however as it becomes more common insurance companies recognize the need for coverage to help customers in their time of need. By choosing this coverage you can get replacement cards or passports and potential reimbursement for legal fees to recover credit scores or missed time at work due to identity theft.
- Overland water coverage: An additional type of flooding coverage, overland water coverage can compensate policyholders if their home is flooded due to rapid snow melt, a nearby lake or river, etc.
Factors that may affect your Wetaskiwin home insurance premium
A wide variety of factors come into play when an insurance agent calculates your home insurance premium, from the replacement cost of your property to the age and condition of your home’s electrical, plumbing, and heating systems. To give you a better idea of which factors matter, the BrokerLink Wetaskiwin team has compiled the following list of details that are known to influence home insurance premiums:
- Replacement cost of your home: To determine your rates, an insurance company wants to know, in a worst-case scenario, how much it would cost to replace your home. In order to assess this, they will try to estimate the value of your property, as well as the belongings inside your property.
- Your home address: An insurance provider will want to know exactly where your home is located to help them determine its work and risk level, e.g. if it is located in a neighbourhood with a high crime rate or theft rate.
- The age of the structure: The age of your home can determine how likely it is to need major repairs or replacements.
- Proximity to a water source: How close your home is to a fire hydrant or fire station could also impact your rates.
- The age and condition of your home’s roof: Insurance providers view homes with newer roofs (those that are 20 years old or newer) as being less risky than homes with older roofs. Younger roofs are less likely to lose shingles or leak.
- The type of heating system used in your home: The heating method in your home could also impact your rates, with oil tanks and wood heat often leading to higher rates than gas or electric furnaces.
- The electrical system in your home: The age and condition of the electrical system in your home speak to the likelihood of damage, and therefore can impact your premium. For instance, homes with knob and tube wiring may have more expensive policies. Further, whether your home has breakers or fuses is another variable related to your electrical system that could affect your rates.
- The plumbing system in your home: Similar to your electrical system, the age and condition of your home’s plumbing system are likely to influence your premium. For example, if your property has lead or galvanized pipes, which are more vulnerable to cracks and leaks, you could face higher rates.
- Home security system: Whether your home is equipped with a home security system, along with the type and capabilities of the system, can further affect your premium.
- Additional structures/features on the property: The more structures on your property, the more your rates are likely to be as there is more to insure. So if your home has several detached structures or features like swimming pools, sheds, gazebos, or a detached garage, the more your Wetaskiwin home insurance policy is likely to cost.
Lower your Wetaskiwin home insurance rates with these expert tips
Looking to save money on Wetaskiwin home insurance? Doing so just got easier. BrokerLink understands that many customers are on a budget, which is why we’ve put together the following list of tips that can help you keep your Wetaskiwin home insurance rates low:
- Do not let your Wetaskiwin home insurance policy renew automatically without checking it. Every time your policy is up for renewal, review your coverage and your new premium to determine if it’s still working for you. If you want to find a policy with a lower rate or want to update your coverage, contact an insurance broker for help.
- Bundling home and auto policies, home and commercial policies, or two different home policies can save policyholders anywhere from 15% to 20% per plan.
- Ask an insurance professional for information on how raising your deductible can lower your premiums. A broker can explain how deductibles work and give you an idea of exactly how much your rates will decrease according to the amount you are willing to increase your deductible.
- If you have the option of choosing a payment schedule, inquire about the fees that come with each. Some insurance companies offer both annual and monthly plans, but charge transaction fees for the latter.
- Do some research into the various features of a home that can impact your premium, e.g. how swimming pools often result in higher premiums or how living near a fire station or fire hydrant can reduce your premium.
- Install a monitored alarm system in your home to make it more secure and qualify for a property insurance discount. Get more home security tips by contacting BrokerLink.
- If your home is at risk of flooding, installing a sewer backup prevention device can not only prevent extensive water damage but could even allow you to qualify for a house insurance discount. Sump pumps can also help to mitigate water damage and loss, thus giving you another discount off your policy.
- Get in touch with your insurance broker and ask about other discounts offered by insurance companies. There are all kinds of discounts out there, like employment and education-based discounts and even home insurance discounts for non-smokers.
We’re in your community
BrokerLink is a proud member of the Wetaskiwin community. Since 1991, we have worked hard to become the go-to insurance brokerage in Alberta. We have done this by prioritizing our customers - always. We take the time to get to know them, their insurance needs, and their lifestyles, so that we can find them the best possible coverage.
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If you’re a member of a group or association, you may be eligible for more discounts.
At Wetaskiwin 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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Wetaskiwin house insurance FAQs
Should I work with a home insurance broker or an insurance agent?
The answer to this question will vary from customer to customer. Both insurance brokers and insurance agents can help you find and purchase coverage for your home. That said, the other services they provide differ significantly. An insurance broker represents the customer and will shop around, comparing policies from different insurance companies to find you the best one. Meanwhile, an insurance agent works for a specific insurance company and has knowledge on that insurance company’s products only.
How does tenant insurance work?
Tenant insurance is a type of house insurance that protects renters. Whether you rent a condo, apartment, or townhome in Wetaskiwin, tenant insurance can offer financial protection in the event that the belongings in your home are lost or damaged due to an insured peril. Some tenant insurance policies also feature liability coverage in the event that a guest in your rented space accidentally injured themselves or their property was damaged. Overall, tenant insurance is recommended for renters and may even be required by a landlord. Tenant insurance helps those who are preparing to purchase homes in the future gain insurance experience while having their belongings covered while renting, it’s a win-win.
Will expensive items in my home be covered by house insurance?
They might be, but we recommend checking with an insurance broker to make sure. Before you purchase a Wetaskiwin home insurance policy, it is important to make a home inventory
of your belongings, especially the high-value items in your home. Knowing how much the contents of your home are worth can help you decide what kind of coverage you need and what coverage limit to select.
Is property insurance required in Wetaskiwin?
Home insurance is not mandated by the government, but that doesn’t mean it isn’t required in certain situations. For example, if you rent your home, your landlord may require it. Similarly, if you bought your home with a mortgage and are still paying off your mortgage loan, your mortgage lender or bank may require it. Even if you are not required to purchase home insurance for your home, doing so is a good idea due to the protection and peace of mind it offers.
Does affordable property insurance exist in Wetaskiwin?
Yes, and an insurance broker can help you find it. Insurance brokers know how to work with customers of all budgets. They will compare policies, unlock discounts, and make coverage recommendations to ensure you never pay more for house insurance than you have to.
Is third party liability coverage necessary for home insurance?
Yes, third party liability coverage is a crucial component of Wetaskiwin home insurance policies. Why? As with auto insurance, liability insurance is designed to protect policyholders from third party liability claims. Such claims usually involve bodily injury or property damage, both of which can lead to expensive lawsuits. As most other types of home insurance coverage protect the policyholder against damage, it’s important to have a type of coverage that safeguards them against legal claims. The personal liability portion of your Wetaskiwin house insurance policy can pay for various kinds of legal fees, medical bills, property repair bills, and more.
How do I avoid a fire in my home?
There is nothing scarier than the thought of a fire breaking out in your home. Avoid this possible reality by taking proper fire safety precautions. Precautions that Wetaskiwin homeowners can take include installing smoke detectors throughout their homes and making sure the batteries are changed regularly, having the chimney and furnace professional inspected each year, and purchasing a fire extinguisher to keep in the home at all times. In addition, knowing not to throw water on a grease fire, never leaving candles unattended, and refraining from plugging too many appliances into the same electrical outlet can all help reduce the odds of a house fire.
How do I avoid a carbon monoxide leak in my home?
The best way to avoid a carbon monoxide leak in your home is to install carbon monoxide detectors throughout your property, inspect them regularly, and change their batteries as needed to ensure they’re always functional. It is also smart to discuss the main signs and symptoms of a carbon monoxide leak with the members of your household. Learn more about carbon monoxide safety
by getting in touch with an insurance broker.
What coverage is not included in Wetaskiwin property insurance?
To determine what coverage is and is not included in your Wetaskiwin property insurance policy, have an insurance broker review your policy. Generally speaking, you will only be covered against the specific perils mentioned in your policy, whether that be property damage caused by fire, lightning, theft, etc., or liability claims. However, if you chose to add any endorsements or riders to your policy, you could be protected against additional risks as well. It is also worth noting that Wetaskiwin policyholders should not expect their home insurance plans to cover circumstances like home sharing, vacant homes, homes being renovated, and homes that have fallen into a state of disrepair. None of these scenarios are usually covered by property insurance, though some, like home sharing, you may be able to purchase additional coverage for.
Are home insurance quotes free in Wetaskiwin?
Many insurance brokers offer free home insurance quotes to Wetaskiwin customers. To request a free quote, contact a trusted insurance broker near you over the phone, in person, or by visiting their website. Some property insurance quotes can be provided in as little as five minutes.
Are my belongings covered while in transit during my move?
Home insurance does not typically cover your personal belongings while they are being moved from one home to another. However it can be worth asking your provider if they will add an endorsement or rider to your policy to cover it. That said, if you are hiring a moving company, many moving companies offer insurance policies. Sometimes these are included in your quote, and other times they can be purchased additionally. Either way, if insuring your belongings in transit is important to you, make sure to speak with your moving company about your insurance options.
Note that moving insurance coverage may have weight restrictions while others may depend on the way that specific items are packed. Read the terms and conditions before purchasing a policy.
If you have any questions, contact one of our local branches.
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