What a Home Insurance Policy Can Do for You?
Purchasing a home is on everyone’s bucket list. It takes a lot of hard work and savings for purchasing a home in Alberta. Purchasing your dream home is one of your biggest financial decisions you ever make. Sometimes we buy property with the aim of settling down, while sometimes just for investment purposes. Whatever the reason, it is important to secure it with a Home Insurance policy just to minimize risk of financial losses in future. Make sure you secure it with the right Home Insurance coverage that your home requires. Each house is different and has different maintenance needs. It is important that the Home Insurance you buy is in line with those needs.
Wondering Why Home Insurance is Needed?
Reasons to Have Home Insurance in Alberta
Although having Home Insurance is not mandatory in Alberta, you must opt for it. Most common perception is that Home Insurance provides coverage in case of fire or theft, however there are a lot more Home Insurance policies can offer. There are numerous reasons for you to invest in Home Insurance and they are:
Help you get Home Loan: Without a Home Insurance policy you don’t have any financial backup in case any damage happens to your property and will impact your finances. Lenders or banks will not be very interested in giving you a loan without Home Insurance in place.
Acts as Financial Back-up: Your personal money will be at risk in case of any theft, fire or property damage. It will need immediate attention and can put a lot of financial pressure on you and your family.
Interior/ Exterior Repairs: Damages to the interior or exterior part of a home because of extreme weather conditions will be a heavy financial blow on your savings. Your water pipes can burst because of frost; you can easily avoid this expense if you are covered by Home Insurance policy.
Coverage in Case of Theft: Did you know across Canada there were 1,37,516 burglary cases in 2020 and Alberta crime rate is quite high. There are chances of theft or burglary in houses in Alberta. Having Home Insurance will provide financial coverage and protect you against theft or loss of any personal belongings.
Loss or Breakage of Personal Belongings: Home Insurance policy protects not only damage of infrastructure but also loss or breakage of any type of personal belonging or any appliance you have inside of your home in case of fire or any natural calamity. You can get coverage starting from your furniture to your clothes, decorative items to kitchen appliances all is covered. Any loss of item occurred in case of theft or damage will be covered. You do not have to pay from your pocket for repairs or repurchases.
Loss of Items Kept in Vehicle: Home Insurance policy even covers loss of item kept inside your vehicle i.e., car or truck.
Personal Liability Coverage: Accidents can happen anytime, anywhere. It is possible that a guest came to your house and met with an accident on your premises. Then in that case you are liable to make compensation for treatment or damage caused. If you have Home Insurance then compensation up to $2,000,000 can be paid on your behalf depending upon coverage you got. The coverage is also known as coverage for personal liability.
Property Loss Due to Fire: It can happen that your house caught fire, then the cost of getting everything repaired and getting back to normal life is very difficult. If you have Home Insurance all the losses caused because of fire will be compensated.
Fire Liability Coverage: It is possible that fire started in your house can spread to neighboring houses as well. In that case you will be liable to pay for damages caused to their property. If you don’t have Home Insurance it is possible you get bankrupt. Home insurance provides coverage for fire related liabilities and saves you from a big financial breakdown.
Expenses During or After an Unfortunate Incident: It is difficult to cope mentally and financially from any unpleasant incident. There are chances that you have to shift to other premises temporarily because of damage caused. This will require a lot of money and can be financially exhausting. Under Home Insurance policy it is possible that you can get coverage if you have to move temporarily to another place after the disaster.
Home Insurance is a comprehensive package that not only saves you from property related damage but also saves you from personal liabilities. You can save money on Home Insurance premiums but it can cost you a lot more on expenditure due to an unexpected event that can be easily covered under Home Insurance policy.
Each Home Insurance policy provides different coverage and you can increase or decrease coverage depending upon your needs. The premium of the policy will depend upon the type of coverage you are opting for. Selecting a suitable yet affordable plan is time taking. If you have an experienced insurance broker to help and guide you, it can save you a lot of time. At iSmart Insurance we help you get the best possible coverage at lowest premiums. Our intensive knowledge and years of experience in the insurance industry make us a strong negotiator. Every home is different and so is its insurance requirement. We offer a wide range of Home Insurance plans tailored as per your coverage requirement. It doesn’t matter if your house is in a flood-prone locality or is not perfectly maintained, our business connections with top insurance companies across Canada will help you crack the best rates.
Contact iSmart Insurance for best rates!
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