There are various forms of insurance that you can get. When it comes to your home, you can easily find insurance brokers in Calgary that can provide home insurance. However, did you know that you can also get condo insurance?

If you’re a condo owner, it might be in your best interest to consider looking into condo insurance and see if the cost of coverage is worth your dime!

Encapsulating the Cost of Condo Insurance in Calgary

What is Condo Insurance?

So what exactly is condo insurance? And what does it cover? Condo insurance is mainly regulated to coverage in your unit. These include the possessions in your unit, storage locker, and any possible personal liability claims in case someone is injured at your place.

Here is additional coverage that condo insurance provides in the case of any loss or damage to the following:

Personal belongings
The inside of your condo unit
Possible theft
Unit renovations from you or previous owners
Common spaces (i.e. hallways & elevators) resulting from an accident within your unit
Additional living expenses

Worried Woman Holding Bucket While Water Droplets Leak From Ceiling in Living Room.

Why Get Condo Insurance?

Many might wonder why condo insurance is even necessary. After all, the whole point of you owning a unit is that the condo fees can handle what needs to be covered. However, a condo corporation’s building insurance policy can vary in what is covered for the building and individual unit owners.

When it comes to a condo corporation, they ensure the building’s insurance coverage through the condo fees that you pay monthly. Yet, the thing about condo fees is that it’s regulated to only the building – not your unit. The condo fees you pay go towards the building’s upkeep through snow removal, utilities, lawn care, parking garages, and repairs to the building’s common spaces.

In essence, a condo building’s insurance policy doesn’t fully cover damages and losses for individual unit owners, but more so for communal coverage that extends to the building’s common areas. But with condo insurance, you can rest assured that if anything were to occur in your unit, it would be covered. You won’t risk assuming your building’s insurance will cover anything and be surprised by unexpected expenses.

That’s why it’s important to review a condo building’s insurance policy when comparing condo insurance coverage and whether you’re considering moving into a condo.

What’s the Cost of Condo Insurance?

Currently, in Calgary, condo corporations have higher insurance policy rates, resulting in increased condo fees for unit owners. As a result, condo insurance rates have been steadily climbing since 2021. The reason is from recently damaging hailstorms. The June 2020 hailstorm in Calgary saw a whopping $1.2B in insurance claims.

Despite the increase in condo fees, condo insurance has remained relatively steady in rates. In Calgary, you can expect the average cost of condo insurance to be between $30-$50 per month or $400 to $600 annually. The prices will vary depending on the location, building age, and risks. Compared to home insurance in Calgary, paying for condo insurance is more affordable.

Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected]

A common sight living in a metropolis like Calgary are busy cars, going here and there to connect to communities across the city. With that being said, more cars ultimately mean a higher demand for car insurance. In which case, it’s imperative to seek out affordable car insurance rates that can provide you with the best coverage.

However, some factors can affect your car’s insurance rate. By keeping in mind what can affect your car’s insurance rate, you can effectively strategize ways to lower your rates and avoid unnecessary issues down the line.

Type of Vehicle

Did you know the type of vehicle you choose can dictate car insurance rates? The reason is to determine what vehicles are susceptible to more claims and their cost. The Canadian Loss Experience Automobile Rating (CLEAR) is a system that insurers use to help determine rates by factoring in claims data, your car’s model, and its year.

This system can see the likelihood that your car is a target for theft based on where you live. As a result, the cost of repairs will be higher after it’s been in a collision.

In addition, any cars with higher quality safety equipment can contribute positively to lowering your car insurance rates. By opting for a safer car, you’re not only helping yourself but your wallet as well.

In which case, it’s wise to think twice about what car you might want to purchase in the future.

Driving History

The literal driving force behind what can affect your car insurance rate is your driving history. The more issues found within your driving history, the more you will likely have to pay for car insurance.

Beyond collisions and claims, other factors can impede your car insurance rate in drastic ways.

Here are just a few of what can impact your rate:

High speeding ticket
Careless driving
Distracted driving from either texting or talking on the phone.
Not following traffic laws such as: stopping during a red light, not obeying school crosswalks and stop signs, as well as not wearing a seatbelt.
Not remaining on the scene of a traffic collision.

Driving Experience

One key factor insurers look out for is how long a driver has been on the road. If you’re a new driver, there is a high likelihood that your insurance rate will be higher.

Why is that?

An inexperienced driver can easily get into accidents from an insurer’s standpoint. Therefore, heightening the possibility to file for claims. If you’re a new driver, the best you can do is to avoid all accidents and claims for a couple of years, and then you will be in the clear for less expensive insurance rates.

When it comes time to purchase home insurance in Calgary, you may quickly become surprised by how difficult it is to find an accurate estimate. While you may be looking for a set number or general idea of how much you can anticipate paying, it’s often a struggle to find an exact cost.

This is because a number of variables are factored into home insurance, thus impacting how much you will need to pay. No two homes feature the same home insurance policy, so let’s explore some of the factors that influence the monthly payments.

Calculating Home Insurance

The Extent Of Your Coverage

To begin, the amount of coverage you want on your home is a major factor in calculating your home insurance in Calgary. Some homeowners may opt for a more basic policy, while others may include coverage against sewage backups, hail damage, or roof ice damming.

Additionally, your standard policy may not cover the cost of rebuilding your home in the event of an unexpected accident. Therefore, some homeowners choose to add a guaranteed replacement cost to their provision, which will naturally make the payments go up in price.

The Location

Your location actually plays a large role in calculating your home insurance. Areas with higher crime rates, for example, may experience higher home insurance rates, as insurance companies are anticipating break-ins, vandalism, and theft.

The Distance From A Fire Station Or Hydrant

Fire is a major concern for any homeowner. Fortunately, living close to a fire station or hydrant offers both peace of mind and lower rates.

This isn’t typically a concern for more urban areas, but those who live in more remote or rural areas may have to contend with higher rates, as fire response tends to be further away.

The Age Of The Home

As with most things in life, the older your home is, the more likely you’re going to experience a few issues. Between leaky pipes and old, faulty wiring, older homes are more likely to require an insurance payout, and therefore, their rates will be higher.

Fortunately, home renovations can work in your favour. By rejuvenating your home, you can actually see your home insurance rates decrease, as you’re actively working to reduce the ageing of your home.

The Heating System

Surprisingly, your heating system can also impact your Calgary home insurance calculations. Oil heating is deemed riskier than a gas furnace or electric heating, as there is the potential for a leaky oil tank. Additionally, a wood-burning stove poses a greater risk for house fires and carbon monoxide poisoning.

Therefore, if you’re hoping to lower your rate, gas or electric is the way to go.

Thinking about our death and the ways in which our loved ones will have to respond is not a popular or enjoyable train of thought. However, while we’d like to focus on the now, planning for the future and what we leave behind is also important.

Life insurance is one such way that we can take care of our loved ones, even after we’re gone. By contacting your Calgary insurance broker, you can get set up today, affording you some peace of mind.

But what exactly is life insurance, and why should you get it? Let’s take a look at a few reasons below.

Defining Life Insurance

Life insurance aims to protect your family financially. By purchasing a policy, you are forming an agreement with a life insurance company, in which they will bestow a lump sum of tax-free money to the person of your choosing if you die. In exchange, you pay the life insurance company a set amount of money periodically; this amount is known as your insurance premium.

4 Reason To Get Life Insurance

You Have Children

The birth of a child is generally the number one motivator to get life insurance. You want to feel confident that your child or children will be financially secure, and if you’re the breadwinner, this pressure can seem to amplify. On the off chance that you don’t make it home one day, life insurance will cover bills, such as for the mortgage, food, and education, thus maintaining your child’s quality of life.

You’re Supporting Ageing Parents

Assisted living or nursing homes can be expensive– even government-subsidized ones. If your parents rely on you for financial support to ensure their quality of life, consider investing in life insurance. This will ensure that they can continue to live comfortably, despite your absence.

You Have Student Loans

Did you know that student loans are the only form of loans that don’t disappear once you’ve passed? This means the financial burden will be shuffled onto family or a loved one, thus forcing them to continue with monthly payments. Life insurance benefits can be put towards your student debt, thus alleviating the pressure from another’s shoulders.

Your Job or Hobbies Are High-Risk

If you work in a dangerous or high-risk environment, you have a greater risk of dying at work than someone who sits at a desk all day. Extreme hobbies also increase the likelihood of you dying from unnatural causes. By purchasing a life insurance policy, you can ensure you are covered each time you step out the door.

Why It’s Important to Hire an Insurance Broker in Calgary

Name: Lakeview Insurance
Address: Calgary, AB
Telephone: 403-287-2521

Buying insurance can be a difficult, challenging experience, but working with an insurance broker makes the whole process much easier. Brokers translate industry jargon and navigate policies to help you find the best insurance policy for you.

Here’s Why It’s Important To Hire Insurance Brokers In Calgary.

Calgary Insurance Brokers Get to Know You
Part of what makes insurance brokers in Calgary different from insurance agents is that they don’t work for a specific company. They work with a variety of insurance companies in Calgary so they can match you with the policy that best meets your needs. To do this, brokers first take time to get to know their clients.
Insurance Brokers can Help File Insurance Claims
Filing insurance claims can also be complicated, but insurance brokers in Calgary can help you with this task too. They know the proper way to file claims to help you through the process.
Calgary Insurance Brokers Have Your Best Interest in Mind
Brokers working with insurance companies in Calgary depend on their reputation in the industry and work harder to defend it. Selling a bad policy, or one that doesn’t meet their clients needs well, can negatively impact the insurance broker’s future business. This means brokers keep your best interests in mind because it’s in their best interest to fully meet your needs.
Insurance Brokers Understand the Intricacies of the Marketplace
Since insurance brokers work with different insurance companies in Calgary, they develop a detailed knowledge of the insurance marketplace. Hiring an insurance broker means you can put that valuable expertise to work for you. With their vast knowledge of the market, brokers can help you find and understand the best insurance policies.

Hiring insurance brokers helps you navigate the insurance marketplace and find the policies that work best for you.

Having your home invaded is difficult and unpleasant, but it can happen to anyone. Knowing what to do helps take some of the stress out of the situation. Follow these steps from insurance companies in Calgary if you experience a break-in.

Home Insurance Tips On How To Handle A Break-IN

Do Not Confront the Burglar
If you arrive home to discover it was broken into, don’t go inside. The burglar might still be there or you could disrupt criminal evidence. Call the police immediately and wait for them to determine the scene is safe. If you’re at home when the break-in happens, find a safe location immediately, preferably one that’s outside the house. Contact the police immediately, and don’t try to confront the burglar.
File a Police Report
After the police arrive and secure the scene, it’s time to begin the police report. Determine what items were stolen and the extent of the damage. Provide the police with any information you have about the event, such as footage from an alarm system. Insurance companies in Calgary often use this information when they process claims.
Contact Your Insurance Company in Calgary
Notify your home insurance company within 24 hours of a break-in to start a claim. They can help you recover the value of the stolen items. Give the insurance company all the information they need to complete the claim.
Clean Up After the Break-In
Once the police file their report and the Calgary home insurance claim is in process, it’s time to clean up the damage. Put away any items that were strewn about, remove markings from walls, secure broken windows or doors, and do everything you can to get your home back to normal.

Use these steps after a break-in to initiate a home insurance claim and return order to your home as quickly as possible.

Some decisions shouldn’t require much thought, like deciding to buy home insurance. Preparing for the unexpected can save you a bundle if something does happen. But the fact that it’s easy to decide to get insurance doesn’t mean it’s easy to find the right policy without spending too much.

Use These Tips To Help You Save Money On Home Insurance in Calgary

Compare Calgary Insurance Companies
Shop around and see if any insurance companies in Calgary are offering discounts. Check memberships as well; sometimes being a veteran, part of a college alumni association, or other clubs and associations can get you a discount.
Improve Your Home
Upgrading your home can lower premiums as well, particularly if you’re in an older home. Ask insurance companies in Calgary if they’ll give you a lower rate if you complete home improvements that make the house safer. This usually involves a core element, like plumbing or wiring.
Understand the Difference between Actual Cash Value and Replacement Cost
Home insurance comes with a variety of options that affect the price. One big one is whether you choose a policy with actual cash value (ACV) or 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. A replacement cost policy generally has higher premiums, but is a better choice for homeowners.
Agree to a Higher Deductible for Your Home Insurance
Increasing your deductible can significantly reduce premiums. Just remember that means you’ll need to pay more before insurance kicks in, so set aside the necessary funds.
Consider an Umbrella Policy from Insurance Companies
It doesn’t save money initially, but is a big benefit if you ever need home insurance in Calgary for a large claim.

Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected]

A lot of people don’t realize the value that insurance can bring to the table. These companies serve the purpose of helping to cover you in the event of an accident, and if you encounter trouble, a good insurance company will be there for you.

The Four Essential Offered By An Insurance Company in Calgary

Providing Compensation
Let’s say that you had a fire where everything burnt down. Having an insurance company in Calgary available will provide you with the necessary compensation to get the things that you need to get back on your feet. Starting from scratch again feels horrible, and that’s where one of these companies could help.
Protecting Loved Ones
Life insurance policies have the intention of protecting loved ones from a drastic loss of income. Let’s say that you have reached a level of comfort in your life, but you’ve become dependent on a loved one. With life insurance, should something happen to that individual, you will be given enough cash to where you won’t see your lifestyle change drastically.
Car Insurance
Car insurance is one of the most common options out there. And with good reason. In the event of an accident, who covers the damage? That’s what insurance companies in Calgary seek to resolve. They will take the person at fault’s insurance and use it to cover the damages from the accident.
Travel Insurance
There is nothing worse than travelling overseas and finding yourself in an emergency. That is why it is vital that you get travel insurance to cover you if something goes wrong while you are abroad.

These are some of the services that are the most essential when it comes to insurance companies. You want to make sure that you have hired a company that will also back you up in your hour of need. Choosing the best insurance broker Calgary company carefully will make a big difference over the long term.

You have a couple of questions that you have to ask your insurance broker in Calgary to ensure that you get the best deal. A lot of people find the insurance aspect confusing, and you have to ask the right questions. Before you begin your relationship with your agent, you should be able to trust them for an insurance quote.

What’s the Experience and Qualifications?

You have to stay alert to the dangers of insurance companies Calgary choices that don’t have much experience or qualifications. Ask the broker about their license and look them up on their licensing. You should also check for disciplinary actions that were taken against the broker because this is a bad sign.

What’s the Company That You Work With?

Check to see what kind of competitive quotes they can offer you in comparison to the other insurance brokers. Brokers that work with many different companies will have access to a variety of quotes. Getting an insurance quote from one of these companies will give you plenty of savings.

How Much Do You Communicate with Clients?

When it comes to insurance brokers, you eliminate much of the errors that can take place. A great insurance agent will always keep your best interests at heart. They will also send regular newsletters out to their clients, and they will inform them about everything going on in the industry.

Before you go with an insurance broker in Calgary, you should first check to see that they will always act with your best interests at heart. A company that doesn’t display honesty with you when it comes to selling you insurance shouldn’t be trusted. You’re better off finding another company to help you. One of the signs that you have a dangerous agent is that they refuse to tell you the negative aspects of the insurance policy, or one that says they don’t mind bending the law for you. This is a bad sign that shows they will be dishonest. In most cases, they won’t break the law for you. They will rip you off.

What considerations should you have when looking at Calgary home insurance? You have a couple of traits that you can use to measure the value of a broker. Let’s have a look at what separates a good broker from one a bad one.

Look at Expectations

You should ask your insurance brokers Calgary company for a quote. In doing this, you discover how fast they can come back to you with a quote, and you can measure their effectiveness overall. Also, pay close attention to how the Calgary home insurance company explains your coverage. Does it seem cloudy? This could signal a red flag.

What Type of Insurance Do You Need?

Some insurance companies Calgary options will offer more value than others based on what you want to achieve. Meanwhile, you have other policies that will have maddening limitations. For example, some will only give you the necessary coverage when you want full coverage for your home.

Do They Have Experience in Home Insurance?

Finding a Calgary home insurance company that has experience in this specialized field can lead to a better offering. Before you ever trust a company, check their technical knowledge of home insurance. Look at the letters they have after their name. Some of the most common designations include:

ARM
CPCU
CRM
CIC

The most important insurance designations are considered the CPCU and the CIC. However, while this lends credibility to the Calgary home insurance broker, a professional continuing their education and constantly reading about the industry has an even greater importance. You want a company that stays sharp.

These traits in an insurance can spell the difference between a good company and a bad one. Unfortunately, you usually don’t learn the difference until you have to fall back on their policy, but you can tell a lot about a company based on the terms inside the policy, reviews and how they act.