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Factors That Impact Home Insurance Rates in Alberta

Updated: Jul 6

a close-up image of a desk with a binder reading "Insurance Plans" and also the slight images of a calculator and reading glasses.

If you have been looking for insurance coverage for your home in St. Albert, you have probably noticed how different rates can be from one situation to the other. But why do rates vary so much and what are the internal and external factors that most impact home insurance in Alberta? In this blog we will share valuable information exploring what usually impacts home insurance coverage in the province. 

Location and Neighbourhood Characteristics

One of the most relevant factors when it comes to home insurance is your property’s location. Areas with higher criminality rates may offer a greater risk for both homeowners and insurance companies in case your property is damaged or broken into. In contrast, homes situated in low-risk areas or near protective services like fire stations may benefit from more affordable insurance rates.

Home Type and Age

Just like insurance for automobiles, the integrity and age of your property is an important factor in determining insurance assessments. Generally speaking, older homes are more likely to impose a variety of risks to the owner when compared to newer constructions. On the other hand, modern homes that are built with more durable materials might be more resistant to different kinds of damage, which may lower insurance costs. 

Impact of Climate Change

That’s right. Climate change has recently become one of the most relevant factors that contribute to insurance rates variations in Alberta. Since the province has recently witnessed severe weather patterns such as wildfires and hailstorms, insurance companies are understandably taking into consideration climate change when calculating their rates. 

It is also important for homeowners to make sure their insurance covers other types of weather-related issues. For instance, problems like overland water and sewer backup coverage are not typically mentioned in most standard home insurance policies. If you live in an area that has been severely affected by climate change in the last few years, you might want to ensure that your insurance company specifically covers what you need. 

Credit Score

While not always a direct factor, your credit score can influence your home insurance rates. If you think you have a good credit history, you can give insurance companies permission to check your credit score in order to be offered a more reasonable rate for your coverage. 

Choice of Coverage and Deductible

The level of coverage you choose, and the deductible amount are directly proportional to your insurance premium. Opting for extensive coverage will most likely result in higher costs, whereas a higher deductible can reduce your premium. It is fundamental that you plan wisely what and how exactly you want to be covered by your home insurance. Professional insurance experts can help you find a coverage that is easy on the wallet while safeguarding what you need.

Home Insurance in St. Albert

Are you looking for insurance for your home? Wondering how to best protect your valuable belongings in St Albert? Grandin Agencies has got you covered. Our company offers tailored solutions that cater to your unique needs, ensuring your home is safeguarded against unforeseen events. Reach out to us to explore your coverage options and let us provide you with the peace of mind you need for your home’s safety. 


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