We all need home insurance. It protects our most prized possession and ensures our finances are secure in the event of a disaster. However, due to the increasing frequency and severity of weather troubles such as floods, storms and droughts, many Canadian insurance companies are paying out claims higher than ever before. The extreme weather conditions are causing insurance companies to pay more in damages and thus, premium rates are constantly on the rise.
Average Home Insurance Calgary Costs
If you rent a home in Calgary, you will have to pay around $15 to $40, based on the type of home. The average rental insurance is around $25 per month. If you own a home, the costs vary from $80 to $90 per month or around $1000 annually. Home insurance is one of the biggest expenses for every household and yet, it is something that you cannot live without. No one would want their family to be deprived of a roof over their head in case of any tragic incident.
Factors Increasing Home Insurance Rates
The increase in temperatures is causing severe damage to homes around Calgary. A lot of violent storms are leading to more claims, which forces insurance companies to develop policies that will address these growing risks. Water damage is now surpassed fire damage in the country and is leading to a lot of loss of homes. Canadians are experiencing at least 20 more days of hailstorms and rains due to the warming temperatures and the numbers are only increasing by the day.
As homes are getting larger in Calgary, the damages become more expensive to repair. Today, the average size of a home is 1900 sq. ft. Basements are often used as living spaces with electronics and furniture, prone to damage during floods. Also, in case laundry rooms are placed on higher floors, flooding causes extensive damage and is costlier to repair.
What Can You Do?
You can’t skip home insurance Calgary or change the weather, but you can change a few things around your home to get better premium rates. To begin with, make your home ready for extreme weather conditions. This includes installing the right roofs, repairing any leaks, clearing gutters, installing impact-resistant shutters over windows and glass doors, etc. When you invest in protecting your home against bad weather conditions, your insurance company will reward you with good discounts. Similarly, if your home is multistoried, plan it in a way that doesn’t cause additional flood damage. You can even speak to a broker to understand what changes you can make around the house to reduce your premium costs.
Other Ways to Save Money:
Stop Smoking – Smokers are at a higher risk of fire in the house and thus, have to pay more insurance.
Hydrants and Fire Station – Check if your proximity to a fire station or hydrant can reduce your insurance costs as you can reduce the impact of a calamity by faster response.
Monitoring – By installing certain security features, you can get extra discount. If your monitoring device is connected to a police station or a fire station, you’ll be eligible for a greater discount.
Update Your Home – Renovations, fixing electrical problems, getting better plumbing, advanced roofing systems, etc. can get you better rates.
Home Insurance Calgary can be an expensive affair but with some simple strategies, you can reduce your costs and ensure you have the right coverage too.