Calgary home insurance policies must be renewed annually. Most people simply opt to carry over their existing coverage for another year without giving it much thought. However, this is a mistake you want to avoid, as it could cost you a great deal of money. Not only might you be paying too much for coverage you don’t need, you could also be missing out on vital protections that you do.
Many local insurance companies are introducing changes to their home insurance policies beginning in 2014 in response the increasing frequency of severe weather claims, of which the 2013 floods are the most prominent example.
Calgary Home Insurance: Renewal Tips from the Experts
Here are some vital tips for consumers regarding their home insurance renewals:
- Review before you renew. If you have renovated, added or removed valuables, or made any other major changes to your property, you should perform a comprehensive review of your home insurance coverage to make sure it still meets your needs.
- Audit your coverage. Home insurance does more than protect you in the event of a disaster or unforeseen catastrophe. It also protects your valuables from everyday threats, such as theft, vandalism or accidental destruction. Don’t make the mistake of assuming that your insurance is only there for extraordinary circumstances, and ensure that you know exactly what is and what is not covered so you can bridge any gaps accordingly.
- Compare rates before renewing. While many people find it easier to just continue on with the same insurance company, you could get a better rate on comparable or identical coverage from a competitor. It is especially important for you to sit down and compare rates if you’ve filed a claim at any point during the year, as claims have a strong and direct impact on insurance rates.
- Thinking of making a switch? If you are dissatisfied with your current coverage or insurance company, the time to switch is when your policy comes up for renewal. Cancellation of a policy prior to its expiry can negatively affect your rates going forward, even though you are switching companies.
Calgary Home Insurance: Policy Types to Consider
If you’re thinking of switching insurance companies, or if you want to make changes to your policy, you should brush up on your home insurance basics. The two main policy types include:
- Named Perils Policies cover you for losses resulting from specific liabilities noted in the policy. Perils are incidences like fire, lightning, falling objects and water damage.
- All-risk or Comprehensive Policies cover all losses except any that has been specifically excluded.
You may add extra protection for items of value, such as wedding rings, artwork and collections.
Questions About Calgary Home Insurance?
Lane’s Insurance is one of Alberta’s leading independent insurance brokerages. We work with a wide range of carriers to help our customers get the protection they need for the most competitive possible rates. If your home insurance policy is up for renewal and you are thinking about switching carriers, or if you have questions about your current coverage or the type of coverage that would best suit your needs, please don’t hesitate to contact us. We are also pleased to offer fast, free, no-obligation online quotes for home insurance.
