Tips to Keep in Mind for Getting Home Insurance in St. Albert
Buying a home is one of the biggest investments most Albertans will encounter, so it makes sense to protect it with insurance. It also advised to know what type and how much insurance you should have – you’ll need some form of home insurance to secure a mortgage, what perils are or are not covered, what about your contents, and liability should someone get hurt – are all important questions to ask.
At Grandin Agencies, we understand that your home, income property, or business property is important to you and insurance coverage should be an equally important investment. Grandin Agencies’ brokers work daily to connect clients with various plans that allow you the homeowner to: compare coverage plans; protect your personal property; and have sufficient liability coverage if a person is injured on the property. However, there are still a few basics that you should know about buying home insurance.
In Canada, there are three main forms of home insurance including:
- Comprehensive policy - covers all risks to both your home and your possessions that are not specifically excluded in your policy;
- Basic or Named Perils insurance - the only risks that are covered are those that are specifically mentioned; and a
- Broad policy - a combination of comprehensive coverage on your home itself, and basic coverage on the contents of your home.
Next is what you are actually paying for: ‘cash value’ or ‘actual cost’. You have the option to choose to insure your home and belongings for either replacement cost or actual cash value:
- Cash Value claim means you would receive the amount that your property would be worth if you were to sell it in its current condition. Cash value is the amount it would take to repair or replace damage to your home after depreciation.
- Replacement or actual cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation on its current property. It is important to insure your home for at least 80 percent of its replacement value.
You should consider that home insurance policies cover the contents of your home to a maximum value. However, if you have extremely valuable items in your home such as expensive jewelry or special collections, you may need to buy added coverage to insure these items.
Discover Ways You Could Save on Home Insurance with Grandin Agencies
It’s important that you sit down with your insurance provider to understand what your home insurance covers and doesn’t cover. If you need homeowners insurance in St. Albert, contact Grandin Agencies at 780-458-8110 in St. Albert or toll free at 1-800-661-6301 today, and we’ll we will be happy to address your home insurance questions.