Many Canadian homeowners may be confused about home insurance. With auto insurance, you must have a policy in place no matter what. But is that the same case with home insurance? Here are the facts.

Home Insurance in Calgary & Canada

The short answer to the big question is that home insurance is different from auto insurance. It is not mandatory to have home insurance in Calgary. You are not coming into contact with other people that may possibly get hurt as with an automobile.

This does mean that you can go without a home insurance policy if you want to save money. But it’s important to understand what can happen if something happens and you are not covered. Your home is one of the biggest investments that you’ve made.

Natural disaster, wear and tear, and accidents can lead to you having to pay for huge repair expenses. One good example is roof damage. Roof damage is one of the more common issues that homeowners deal with. Even if your roof is in good conditions, fluctuating weather conditions and storms can lead to damage.

This will only cost you a few hundred dollars if you have home insurance in Calgary. But it may cost you thousands of dollars in repair costs without insurance. In many cases, the home insurance policies will more than pay for themselves.

Choosing best mortgage rates

When getting home insurance, it’s important to understand what kind of coverage you’re getting. Some homeowners assume that they are going to get coverage if they deal with flooding. However, this is not the case.

There may be a separate flooding premium that you may have to get on top of an existing home insurance policy. This is the same case if you deal with sewage issues. It’s important to ask your insurance company on the specifics and options you have available.

In addition to actual damage to your home, you want to see how much coverage you get for personal property. Many plans will come with coverage for your belongings. You want to get an idea of how much protection the specific plan provides you with.

In conclusion, home insurance isn’t mandatory in Canada. However, it’s probably something you don’t want to go without as damage will often result in you paying far more for necessary home repairs.

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]