There are a large range of Alberta Home Insurance policies that can be modified to suite your needs. Excluding items can lower your premiums or allow you to increase protection for valuables. At Lanes Insurance, this includes coverage for some things normally NOT covered by Alberta Home Insurance policies:
- Art
- Rare collections
- Firearms
- Computers
- Outbuildings used for business
- Floods*
*Flood insurance is unavailable in Canada; however, if a pipe breaks and floods your home, the damages are normally covered.
A basic Alberta Home Insurance policy can exclude or limit coverage for your:
- Home
- Personal Property
- Replacement value
- Property temporarily stored outside of your home
- Additional cost of reconstruction due to by-laws
- Mysterious disappearances
Excluding coverage can save your money or can allow you to get better protection for the things you do want covered. Discounts are another way to save and are available for your Alberta Home Insurance if you:
- Remain claims-free for 5 years
- Have a qualified security system
- Have a remote fire detection system
- Carry both automobile and home insurance policies with Lanes
- Choose a higher deductible
Whether you want to make adjustments to your coverage or you’re searching for ways to save, the easiest way to understand an Alberta Home Insurance policy is to break it into segments:
Dwelling
This segment of your Alberta Home Insurance policy covers the home itself, and any structures and fixtures attached to it like a garage, deck, or patio. Keep this part of your policy up-to-date. If you add any fixtures such as a deck, air conditioner, or dishwasher they add value to your home — make adjustments to your coverage.
Additional Structures on Your Property
This portion of your Alberta Home Insurance covers any detached structures on your property. If your garage, porch, fence, or storage shed is not attached to your home, they are covered under this portion of your policy. If you have additional structures on your property, read this portion of your policy carefully.
Personal Property
Determine whether your policy covers the actual cash value or replacement cost. In case of a loss, replacement cost pays you the total cost of replacement, rather than the cash value of your property. A cash value policy only pays for the value of your property and subtracts depreciation, depending the age and condition of the property at the time of loss.
These articles are subject to special limits of insurance. If you have the following items in your home, you should consider scheduling them on your policy to ensure you have adequate coverage:
- Stamp, coin, and card collections
- Jewellery and Furs
- Bicycles
- Property of a student living away from home
- Business property
Additional Living Expenses
If your home becomes uninhabitable due to a loss covered by your policy, additional livings expenses help families manage expenses during rebuilding or repairs. Lodging, food, and other expenses over and above the costs incurred while you were living in your home are covered under this portion of the policy. Either a maximum time or dollar amount is specified.
Endorsements to Your Alberta Home Insurance
Guaranteed Replacement Cost – Pays the entire replacement cost of your home. This endorsement says that the insurer will go over and above the dwelling limit on the policy if necessary to rebuild the dwelling as it was before the loss.
Inflation Coverage – Adjusts the limits of the policy to accommodate inflation.
Scheduled Items – Add or increase coverage for art, rare collections, firearms, computers, or other items of that are typically NOT covered under a typical Alberta Home Insurance policy.
Secondary Residence – Protects an additional residence you use regularly.
Theft Coverage & Forgery Protection – Coverage for theft from your personal vehicles; covers credit cards and forgery.
Claims Free Protector – Retain your claims free status after one loss.
Water Damage Extension (Sewer Backup) – Covers damages caused by the backup of water from a sewer, sump, septic tank, eavestrough, downspout, or drain. This additional coverage is important to consider because of:
- The aging infrastructures of many municipalities
- Many homeowners have spent considerable amounts of time, effort and money on finishing their basements
Perils or Comprehensive Coverage With Your Alberta Home Insurance – Cover fire and theft, and exclude other risks. A named perils policy is one way to save money because it allows you to choose which risks you want to cover.
Please Contact Lanes Insurance if You Have Any Questions
Please contact Lanes Insurance to get the best coverage based on your individual needs. We’ll get your most important investment covered and adjust any aspect of your Alberta Home Insurance you request.
Contact us today so we can begin working together!
