Peace Hills is only the latest to concede that Alberta's weather has been taking a toll on their bottom line. After 2013's record breaking $3.2 Billion in severe weather related losses across Canada, many insurance companies are having to resort to rate increases and other policy changes to continue providing property insurance in our province.
As weather related catastrophes continue, Peace Hills is not the first company to institute changes and will not be the last.
"As a company who truly cares, our goal is to provide Albertans with the availability of property insurance through creative, responsive solutions. We have reviewed our property book of business over the past several months and will be implementing several significant changes beginning March 1, 2014."
Rates are only one of the aspects that will see changes on Peace Hills Property Insurance Policies this year. Some of the changes that we can expect to see are as follows:
Not all policy holders will see rate increases, in fact, in some cases policy rates will decrease. Some areas of Alberta will see significant rate increases however:
Town | Typical Range | Town | Typical Range | |
Airdrie | +20% to +40% | High River | +45% to +65% | |
Brooks | +40% to +60% | Lacombe | +45% to +65% | |
Calgary | +10% to +50% | Lethbridge | +40% to +70% | |
Canmore | +20% to +40% | Medicine Hat | 0% to +35% | |
Edmonton | -5% to +30% | Okotoks | +5% to +25% | |
Fort McMurray | +10% to +30% | Olds | +5% to +25% | |
Grande Prairie | +20% to +40% | Red Deer | +30% to +50% |
*These including the increase in standard deductible to $1,000
As your Alberta Insurance Broker we actively monitor individual policies for changes like these and will do our best to ensure that you're protected while maintaining fair pricing. As always it is our goal to make sure that you understand your insurance policy, where you're covered and why your rates are where they are, if you have any questions around these increases or other areas, don't hesitate to give your broker a call.