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How we find you the best home insurance in Lethbridge.

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 force you to prove you have home insurance before they’ll give you a mortgage.

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.

 

Your home insurance questions, answered.

How much does home insurance cost in Lethbridge?

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.

That's why it’s important to compare rates before buying a policy. You don’t always want to go with the first provider that gives you a quote because you might get a better deal elsewhere. Always do some comparison shopping before choosing an insurer.

What risks are specific to Lethbridge?

Here are a few of the weather risks homeowners in Lethbridge contend with:

  • Rain. Lethbridge gets about 275 millimetres of rain every year and spring and summer storms in the Prairies can drop large amounts of rain in a short period of time. This can flood basements and back up drainage systems. The more homeowners that make claims, the more likely your rates will increase.
  • Flooding. Lethbridge is situated next to the Oldman River, which has a history of flooding. Insurance for overland floods isn’t often included in most policies, so you’ll need to pay extra for this coverage in the form of an insurance rider.
  • Snow. Lethbridge gets an average of more than 110 centimetres of snow every year. Heavy snow, ice damming, freezing weather or a combination of these can cause damage to your home. Again, these might not always be covered by your insurance and you may need to get additional coverage.

What risks does home insurance cover in Lethbridge?

There are a number of risks that home insurance covers in Lethbridge. Here are some of the standard risks that are covered:

  • Theft.
  • Fire.
  • Explosions.
  • Lightning.
  • Aircraft or vehicle impact.
  • Smoke (from cooking or heating devices, but not fireplaces).
  • Damage as a result of indoor plumbing freezing.
  • Falling objects (except those caused by landslides, avalanches, or earthquakes).

What risks won’t home insurance cover in Lethbridge?

The typical home insurance policy you buy often won’t cover certain things including:

  • Damage caused by landslides or earthquakes.
  • Water damage or flooding caused by floodwater.
  • Damage as a result of indoor plumbing freezing caused by negligence.

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.

What kind of home insurance do you need in Lethbridge?

There are four basic types of home insurance in Canada:

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.

What can you do to save on home insurance in Lethbridge?

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:

  • Bundle your home and auto insurance together.
  • Install a home security system.
  • Pay a larger deductible.
  • Shop around and compare rates. 

What are the best insurance companies in Lethbridge?

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:

  • Aviva
  • Intact
  • Square One
  • TD Insurance
  • The Co-operators

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