Introduction to Edmonton Home Insurance
At ARC Insurance, we realize that your home is most likely your greatest asset and your most important investment. It is the hub of activity for your family, and it contains all the personal belongings that you have accumulated over a lifetime.
House insurance is something that people often do not think about until they need to use it. Fire, burglary, hail, windstorm - these occurrences happen everyday to someone, somewhere. Buying a homeowners insurance policy will not stop these terrible things from happening, but it can help you quickly recover from the event and shield you from a potentially devastating financial loss.
If you were to experience something traumatic like a fire or break-in, like most of us, it would be impossible to replace you house and everything inside right away, and difficult to organize temporary accommodation while still needing to pay down a mortgage and trying to continue your day. Likewise, if a passerby slipped and fell on your sidewalk and sued you, the cost of defending that suit and resulting settlement could be tens or even hundreds of thousands of dollars. All of these situations could be covered by a good homeowner's insurance package.
ARC Insurance provides free quotes on insurance packages for the following:
- Standard homeowners policies
- High-valued home policies (Homes valued at over $800,000)
- Rental property policies (only in conjunction with an insured primary residence)
- Seasonal/cottage policies (only in conjunction with an insured primary residence)
- Condominium owners policies
- Rented condo policies (only in conjunction with an insured primary residence)
Contact us today and we will be happy to answer your top questions and give you all the info you need to make an informed decision about your home insurance.
Basics of a Homeowners Policy
Your homeowners' insurance policy can provide protection for many different risks, such as:
- Building coverage protects your home if it is damaged or destroyed due to certain perils.
- Personal property coverage will cover for your personal contents that are damaged or destroyed by certain causes.
- Liability coverage will pay for legal defense costs as well as settlements when you cause injury to another person or damage others' property.
- Additional living expenses coverage will cover the cost of temporary accommodation such as hotels or apartments when you cannot live in your home because of damage caused certain perils.
Detailed information for these types of coverage:
In the event of damage or loss to your house itself, the cost of repairs or rebuilding can be covered. "Comprehensive" or "all-risk" type policies are ideal, especially those that include a replacement cost clause in the contract. One thing to note is that in Alberta, your dwelling building coverage should increase a little bit every year to account for inflation costs in materials and construction costs over time. If you're not sure whether you have enough coverage on your house, give us a call today and one of our brokers can run a free rebuild evaluation for you.
Personal Property Coverage:
In a standard home policy, your personal contents limit is generally 75 percent of the building limit and protects the contents of your home against events such as fire or theft. Personal property is everything not attached to the dwelling including appliances, clothing, and furniture.
Some certain classes of personal property may have special limits or exclusions, such as jewellery, cash, and bicycles. Additional coverage, or "floaters," can often be purchased for these items.
Liability coverage in a home policy is extremely important also. All of our standard home insurance policies come with at least $1,000,000 personal liability coverage to cover potential lawsuits and wage garnishments arising from personal liability such as slip-and-fall claims, or dog bites. If a guest of your home, or even a neighbor, is injured by your negligence, they can file a claim against your coverage. Without the right coverage in place, you may be in for years of headaches and risk losing assets that you've worked years to obtain.
Additional Living Expenses Coverage:
If damage to your home as a result of a peril covered by your policy forces you to move temporarily to a hotel or apartment, your insurance company will pay reasonable and necessary additional living expenses that are above and beyond what you would normally pay. This can include the extra cost of eating out as opposed to cooking, or rent above and beyond what you would normally pay to live at home.