All you need to know about holiday decorations and home insurance
This article has been updated from a previous version. From trees and lights to candles and ornament...
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If something happens to your home, having the right type — and amount — of insurance can provide huge peace of mind.
While home insurance isn’t mandatory if your home is paid off, most mortgage lenders will require you to agree to purchase home insurance before they’ll give you a mortgage.That’s why finding the right home insurance in Lethbridge, Alberta is so important.
With LowestRates.ca, you can compare home insurance quotes from Lethbridge’s top home insurance brokers and agents in just a few minutes. All you have to do is select the best home insurance rate in Lethbridge and a provider will be in touch to help you secure it. We even quote home insurance companies that take care of the entire process online.
There are a few things you need to consider before you purchase home insurance. Unsure of where to start? Keep reading and you’ll learn all you need to know about buying home insurance in Lethbridge.
See how our customers in Lethbridge save big on home insurance.
Type of home | Location | Previous claims | Lowest rate | Average rate | Saved |
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Quote from December 08, 2024 Type of home Detached 1,407 sq ft | Location Lethbridge | Previous claims None | Lowest Rate $63/mth $756/yr | Average rate $133/mth $1,590/yr | Saved $70/mth $840/yr (52.00%) |
Quote from December 08, 2024 Type of home Detached 1,568 sq ft | Location Lethbridge | Previous claims None | Lowest Rate $181/mth $2,167/yr | Average rate $231/mth $2,769/yr | Saved $50/mth $600/yr (22.00%) |
Quote from December 08, 2024 Type of home Detached 932 sq ft | Location Lethbridge | Previous claims None | Lowest Rate $122/mth $1,458/yr | Average rate $164/mth $1,968/yr | Saved $43/mth $516/yr (26.00%) |
Your home insurance policy will be customized to suit your needs and the property you’re insuring.
Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.
Here are some of the criteria insurance companies look at when calculating your premium.
Your home insurance premiums in Lethbridge could be based on a number of things, which is why it’s difficult to say exactly what your home insurance price in Lethbridge will be. Because insurance is a custom product, your costs will depend on the home insurance company in Lethbridge you choose to work with. Furthermore, the average cost of home insurance in Lethbridge probably won’t be what you’ll pay.
The cost of home insurance in Lethbridge will vary depending on your situation and the different types of coverage you may need. If an insurer feels that it's taking a risk by insuring you (meaning it's assumed there's a good chance you're going to file a large claim), the more expensive your premium will be. However, you may see some large differences when you compare quotes because each insurer underwrites risk in a different way.
One of the fastest ways to get an Lethbridge home insurance estimate is to fill out a form on a rate comparison site like LowestRates.ca. We’ll compare 15+ quotes from the top insurance companies serving Lethbridge.
To see the current home insurance rates in Lethbridge, enter your postal code and click the ‘Get Started’ button.
While property insurance in Lethbridge works the same way as other cities in Canada, there are some specific environmental risks to be aware of.
Home insurance policies provide financial support if you ever need to repair your home, replace your belongings and cover legal costs in case anyone gets injured on your property and wants to sue. They can also help cover the cost of alternative accommodations if you need to relocate temporarily.
Generally speaking, house insurance in Lethbridge will cover:
Home insurance coverage in Lethbridge will include the following risks:
Most home insurance providers in Lethbridge won’t cover uninsurable perils.
Some commonly excluded risks include:
However, coverage for these perils is available — but in order to get it, you have to buy it extra in the form of an insurance rider (also known as an insurance endorsement). The coverage is added to your base policy and it will increase your premium.
It’s important to ensure that you’ve purchased a policy and additional add-ons that adequately protect your assets, which is where endorsements could come in handy. For instance, excluded risks such as sewer backup and flooding caused by overland water are available as endorsements on your policy. While you may be able to buy a home insurance policy that excludes these items, our internal experts advise against it. This is because the damage caused by these risks may amount to expensive repair costs.
Standard homeowners insurance in Lethbridge comes in four different forms: comprehensive, basic, broad, basic and no frills.
Comprehensive - This kind of insurance covers both the structure and the contents of your home against all insurable perils. It’s important to note, however, that perils normally excluded by insurance companies won’t be covered with this policy.
Basic or Named Perils - This type of policy only covers the perils that are stated. While it will cost less, you also have to carry the financial risk of potential losses.
Broad - This policy is for those who want less coverage than what a comprehensive policy offers but more than a basic or named perils policy. While the structure of your home is covered under all insurable losses, the contents of your home are only protected against perils that you specify.
No-Frills - A no-frills policy is offered by some insurers for properties that don’t meet their regular standards. If these problems are fixed at a later date, you should be able to qualify for improved coverage in the future.
Home insurance doesn’t usually cover valuables, such as jewelry, collectibles, computers, sports equipment and fine art. In that case, there are insurance endorsements you can add to your policy. Depending on the insurer you choose, you may be able to get all of your valuables covered under the endorsement or you may need to purchase an increased jewelry endorsement.
Insurers also exclude coverage for damage caused by overland flooding, earthquakes, and landslides. If you’re concerned about any of these perils, consider purchasing an endorsement on top of your base policy.While purchasing extra coverage will likely increase home insurance premiums for Lethbridge residents, it’s important to ensure that your assets are adequately protected. If your assets aren’t properly protected, the costs of repairs and damages might outweigh the cost of additional coverage.
Everyone likes to save money and there are a number of ways to save on your home insurance. Here are a few ways you can reduce your premium:
There isn’t one home insurance company that’s best for everyone. What’s important is that you find a policy that provides the coverage you want at an affordable price.
Before choosing an insurer, do some research on the company. Ask your friends and family about their experience with their current insurer. Keep in mind that home insurance premiums are based on a constellation of risk factors, each of which is weighted differently for every policyholder. Your neighbour may have gotten a great deal from their insurer, but that doesn’t mean you’re guaranteed the same premium.
Also, don’t automatically assume the insurance company offering you the lowest rate is your best bet. Make sure you ask your broker or agent about what’s excluded from the policy before you buy it. Sure, being able to afford your premiums is important — skipping payment will void your insurance — but having inadequate coverage will cost you more in the long-run.
You can also check the annual J.D. Power Canada Home Insurance Satisfaction Study to see how the country’s major insurers are rated by consumers. Once you’ve completed your research and you know how much coverage you need, it’s time to choose a home insurance provider.
Here are some of the companies that offer home insurance in Lethbridge:
LowestRates.ca can help renters and condo owners get property insurance. If you’re in the market for either of these policies, enter your postal code and indicate which type of coverage you need. We’ll show you 15+ quotes from Canada’s leading property insurance companies.. If you’re looking for more information about either of these products, visit our condo insurance or renters insurance pages.
Jessica Vomiero
About the Author
Jessica is the former Associate Editor for LowestRates.ca. Before joining the team, Jessica worked as a National Online Journalist with Globalnews.ca and previously spearheaded the launch of the Business Section at one of Canada's largest technology websites, MobileSyrup.
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*Shoppers in Alberta who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 36% The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes condo and tenant insurance.