As a homeowner or a renter, you understand the value and importance of house insurance in Calgary. By buying insurance you don’t just cover risks, but you also get the peace of mind that in case any eventuality happens, you will be protected against damages and your losses will be covered.
The important question is how to buy the best house insurance policy, so that coverage is maximized and costs are minimized. While taking the advice of a knowledgeable insurance broker is the best way to get started, below are some ideas that could also help you lower your premium:
Compare the offers of different insurers in Calgary
Reach out to insurance companies and check out if they are offering any deals or have any promotions going on. Availing discounts is one big way in which you can save on premiums. Check memberships to see if you can get any benefits, if you are a veteran, belong to a college alumni association, or any other clubs and associations.
Make your house safer
It is a good idea to improve your home by upgrading the quality of core elements in the house such as plumbing or electric wiring. This is particularly important if you are living in an old building. Insurance companies can offer you lower premiums, when they find improvements in your home that make it safer and less prone to risks.
Know the difference between Actual Cash Value and Replacement Cost
House insurance offers homeowners and renters several options and each option has a bearing on the price. A major option is to choose a policy that offers actual cash value (ACV), as against a policy that offers replacement cost. ACV is the current value of your home and property, while replacement cost is what it takes to replace your home and property. Homeowners mostly prefer a replacement cost policy, even though it has a higher premium.
Get a higher deductible in your home insurance policy
By doing this you can reduce the amount of premium in your insurance policy significantly. Although this means that you will need to pay more before insurance starts, so you will have to keep aside the necessary money for this.
Check the option for an Umbrella policy from insurance companies
Although it will not provide huge benefits initially, it is a big benefit if you ever require home insurance in Calgary for a large claim.
Buy all your insurance policies from one insurer
As far as possible buy your home insurance, auto insurance and business insurance policies from the same insurance company. Experts say that bundling together policies for different types of insurance not only saves you money but also valuable time and administrative hassle. Instead of working with three different companies, you can work with only one company and they will take care of all your needs.
Improve the security of your home
Improve the security of your home to ensure that chances of theft and burglary are minimized. Fitting secure locks, installing an alarm system, hiding money, keys and valuables, and limiting access to your property are some ideas. Some owners also go the extent of using hedges, thorny shrubs and climbing roses as barriers.
Maintain a good credit score
Experts say that if you have a good credit score, and continue to maintain it, then insurance companies will like working with you. You will get qualified for the best premium rates and will pay lower finance charges on credit card balances and loans.
Keep yourself updated
Buying house insurance in Calgary requires expertise and skills and above all knowledge of the insurance market. It is a good idea to keep yourself updated with the latest happenings in the insurance industry. This will equip you with the necessary information that you will need when negotiating with your broker on price and other terms of your house insurance policy.
Call a home insurance broker
Beneficial Insurance Solutions provides home insurance in Edmonton, Calgary and other areas throughout Alberta. Our policies are transparent and our experienced team will help you buy the best policy that is suited to your needs.