Home Insurance Explained
Property (Home) Insurance has two main purposes:
- Repair or replacement of your home and its insured contents in the event of a claim.
- Provide liability protection for injuries and property damage that you or members of your household cause to other people.
We think that it's kind of a big deal. It can potentially mean the difference between you and your family having to start over or pick up where you left off. As insurance brokers, we want to make sure you have the proper insurance in place so that you can repair, replace, or rebuild in the event that your home or it's contents suffer an insured loss.
What Typical Property Insurance Policies Cover
- Dwelling building coverage
- Detached private structures limit is 15% of the dwelling amount
- Personal property limit is 80% of the dwelling amount
- Additional living expenses is 25% of the dwelling amount
- Comprehensive personal liability limit: $2,000,000
- Medical payments up to $5,000
- Voluntary property damage up to $1,000
- Outdoor trees, shrubs, plants and lawns up to 5% of the dwelling limit
- Debris removal up to 5% of the dwelling limit
- Single limit endorsement
- Guaranteed replacement cost coverage
How is it Priced
Home insurance is rated per client based on perceived risk factors. Many of our insurance partners offer discounts based on the following:
- New Home
- Loyal Client
- Premises alarm
- Multiple policies
Check out our Property Insurance Explained section for a detailed over view of home insurance and how it works in Alberta.