Compare home insurance quotes in Saskatoon. Raise the roof!

Home insurance prices can have a wide range, and take into consideration details such as what kind of property you’re insuring, where you live, the crime rate in your neighbourhood, how close you are to a fire station and whether you have a history of making claims.

Every home insurer has its own formula for how it calculates risk. Whatever your situation, though, you should know that every insurer has a different formula for assessing risk. That’s why it’s important to compare rates. You could be overpaying hundreds or even thousands of dollars a year because your insurance company judges you to be more of a risk than another company would.

All of these factors also mean it’s hard to ballpark what an average rate for home insurance is in Saskatoon. Your best bet is to get a quote at LowestRates.ca to see what prices home insurance companies are willing to offer you.

Home insurance providers are going to be looking for whether you live in an area more prone to certain hazards. It’s also important to be aware of what weather events are common in Saskatoon so you know what kind of coverage to get.

• Floods: Climate change is causing more intense storms across the world and Saskatoon is no exception. The city has seen periodic flooding from heavy rains that have overwhelmed the city’s plumbing and damaged property. A changing climate is only expected to worsen these events, so make sure you have the right coverage to protect you — you’ll probably need to buy additional insurance through endorsements.
• Tornadoes: Saskatachewan gets more tornadoes than any other party in Canada annually. While they are not common in Saskatoon, the city does sit right on the border of Tornado Alley, a region encompassing parts of Canada and the U.S. where tornadoes tend to occur at a higher frequency. Most home insurance policies will cover damage from tornadoes and wind storms, but check with your provider to ensure you’re covered.
• Fires: Wildfires have become a growing concern through much of Western and Central Canada in recent years. Several major fires have broken out near Saskatoon in recent years, including a grass fire that forced evacuations in Biggar, about 93 kilometres west of Saskatoon, earlier this year. Most home insurance policies will cover fire damage, but again, check with your provider to make sure you have coverage.

Risks that are covered under home insurance are known as perils. While different perils can be covered under different home insurance policies, some common ones include:

• Explosions
• Fire
• Lightning
• Theft or vandalism
• Falling objects
• Aircraft or vehicle impact
• Smoke (if your toaster short circuits and catches on fire for instance, that will be covered, but usually this won’t cover damage from fireplaces)

Unfortunately, not all perils are covered under home insurance. Coverage for so-called “uninsured perils” can be purchased as an extra coverage under your policy. Some common risks that are not usually included in standard policies are:

• Earthquakes or landslides: Most policies will not cover this. However, there has been a growing trend among insurers to include this in standard policies. Aviva has embedded earthquake coverage in all its home insurance policies in B.C. and is studying whether to include it in Quebec.
• Sewer backup: While most policies will cover damage from burst pipes or broken appliances, sewer backup — where water pours into your home due to clogged drains or if your city’s sewer system is overwhelmed during heavy rains — is usually not included. This can often be purchased as an add-on to your existing policy.
• Overland flooding: A river overflowing its banks or lake water spilling onto your street and into your home are often not covered under standard policies. This can often be purchased as an add-on, however.

There are four main types of home insurance available to you in Saskatoon. They run the gamut from offering you a lot of protection, to offering you very little. Let’s take a look at each below.

Comprehensive: This policy covers you against the highest number of risks. A comprehensive policy will cover you from all insurable perils, like perils such as wind, fire and flooding from appliances, while also protecting the contents of your home. Keep in mind even with comprehensive, uninsurable perils are not included, so if you’re worried about a specific risk— overland flooding, for instance — make sure to ask your insurance agent or broker if it’s covered.

Basic or Named Perils: This is cheaper than a comprehensive policy and will cover you only for the insurable perils that you specifically name in your policy. This means you have greater control of the cost of your premium, but if a peril isn’t written into the policy, you’re not covered for it. Think of it like ordering à la carte at a restaurant — but for home insurance.

Broad: This is a middle spot between the relatively minimal coverage of a basic policy and the full gamut you get with comprehensive.

No-Frills: A very specific product that is mainly for properties that may not qualify for other types of insurance (such as those with structural issues).

These tips and tricks may potentially help you save some money.

• Change your deductible: increasing the amount you pay when making a claim will help lower payments.
• Switch to annual payments instead of monthly.
• Install a home alarm system or security cameras.
• Bundle your home and auto insurance.
• Are you a senior? You might be eligible for discounts.
• Professional or alumni of specific post-secondary schools may be eligible for discounts as well.
• Avoid making claims. If you’re facing a bill, evaluate whether it makes more sense to pay out of pocket or to make a claim.

Canada’s biggest insurance providers operate in Saskatoon, and many of them aim for a high level of customer service. When shopping for insurance, always be sure to ask questions if you don’t understand what’s being offered.

In the meantime, take a look at our list of the home insurance companies we compare in Saskatoon.

• Wawanesa
• Aviva
• The Co-operators
• SGI Canada
• CAA