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

Shopping around for insurance can be a daunting task, but it’s an important one if you want to ensure that you’re getting the best coverage for your needs at a price that fits your budget. Whether you’re looking for home, auto, or business insurance, it’s important to know what to look for and how to compare different policies. In this blog post, we’ll discuss how to shop around for insurance, with a focus on working with Calgary insurance brokers.

1. Determine Your Insurance Needs

Before you start shopping around for insurance, it’s important to determine your specific insurance needs. This will depend on a variety of factors, such as the type of property you own, the level of coverage you need, and your budget. Take some time to assess your needs and priorities so that you can find insurance policies that meet your unique requirements.

2. Research Different Insurance Providers

Once you know what you’re looking for in an insurance policy, it’s time to research different insurance providers. This can include both large national companies and smaller, local providers. Look for companies that have a strong reputation for customer service, competitive pricing, and a range of coverage options that fit your needs.

3. Compare Policies and Prices

Once you’ve identified several potential insurance providers, it’s time to compare policies and prices. Don’t just look at the cost of the policy, but also consider the coverage limits, deductibles, and other terms and conditions. Make sure that you’re comparing apples to apples when evaluating different policies.

4. Work with Calgary Insurance Brokers

One of the best ways to shop around for insurance is to work with a local insurance broker. Calgary insurance brokers have in-depth knowledge of the local insurance market and can help you find policies that fit your needs and budget. They can also help you navigate the complex world of insurance policies and understand the fine print.

5. Ask for Discounts

Finally, don’t be afraid to ask for discounts when shopping around for insurance. Many insurance providers offer discounts for things like multiple policies, safe driving records, or security systems in your home or business. Make sure that you’re taking advantage of all available discounts to help reduce your insurance premiums.

Final Thoughts

In conclusion, shopping around for insurance doesn’t have to be a daunting task. By determining your insurance needs, researching different providers, comparing policies and prices, working with Calgary insurance brokers, and asking for discounts, you can find insurance policies that meet your needs and fit your budget. Remember to take your time and choose policies that provide the coverage you need to protect your assets and your peace of mind.

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].

The housing market in the city has seen condo sales rising lately. The next step for these new condo homeowners is to find insurance companies in Calgary to secure their homes from potential losses or damages.

However, condo insurance is vastly different from a house’s insurance coverage and its price. If you’re a recent condo homeowner, read on to find out what you can expect to pay for condo insurance and what its coverage entails.

Finding Condo Coverage from Insurance Companies in Calgary

Why Have Condo Insurance?

You might be asking yourself: “Why do I need coverage when I pay condo fees? Doesn’t condo fees act as a form of insurance coverage?” The short answer to that question is yes and no.

Your condo fees provide some insurance coverage, but it’s technically meant to help cover any losses, damages, or liability claims to public spaces in the condo building. For example, the condo’s insurance would cover any instances that occur within common areas like the elevator or on-site gym. In essence, their coverage is mainly focused on the collective – where it goes toward the building as a whole.

Depending on the condo, they can cover certain parts of your unit that are core to the building (e.g. windows & light fixtures). However, they don’t cover liability cases, damages, or losses within your condo unit. For instance, if someone broke into your unit and stole any valuables from you. According to how a condo works, that’s considered your responsibility to handle.

In these scenarios, finding the right insurance companies in Calgary for personal condo insurance comes in handy.

What Types of Condo Insurance Exist?

Like any insurance, not all coverage is the same. Depending on your preferences for coverage, you want to see what insurance brokers in Calgary offer for insurance policies.

For the most part, you can expect personal condo insurance to commonly cover the following:

Personal liability
Personal property
Unit improvements
Additional protection for contingency scenarios
Loss assessment
Loss of unit
Other living expenses

If you’re looking for more from your condo insurance policy, there are other options available such as:

Directors & officers’ liability
Overland water
Sewer backup
Identity theft

What’s the Cost of Condo Insurance?

As you recall, insurance plans all have varying degrees of coverage. In turn, it can affect how much you need to pay for your condo insurance. Naturally, the more coverage you want, the more it will cost you. Meanwhile, the less coverage, the less you will have to pay each month.

Plus, that’s not accounting for other factors such as:

Property type
Credit score
Replacement cost
Location
Internal construction
Renovations
Claims history
Pets
Special use

However, if you need substantial numbers, the average cost of condo insurance in Calgary is between $30 to $50 per month (around $400 to $600 per year). These monthly payments aren’t too bad – and there are ways you can further lower your condo insurance. Either way, it’s a reasonable price for personal peace of mind as a condo unit owner.

Insurance brokers in Calgary can offer a variety of insurance depending on your specific needs for coverage. When it comes to saving money on insurance, there will be different methods on how to save depending on what type of insurance you have adopted.

Check out how you can save money on most standard insurances!

Combining Insurances

Paying for two different types of insurance can get costly. If both insurances are a necessity, then combining them can be proven to be cost-effective. One popular combination insurance companies offer is paying your home and car insurance together under them exclusively. Not only do you receive a discount for doing so, which saves you money and can cut some costs on your premiums as well. In essence, you’re getting more bang for your buck by taking advantage of these types of bundled insurance plans.

Reducing Coverage

Sometimes a little goes a long way. It makes sense that folks would want maximum coverage in case the worst occurs and their bases are all covered. However, there is such a thing as going overboard when it comes to insurance coverage. You might be spending unnecessary money on coverage that you might not even use at all. Best to review the details of your insurance coverage and discern what policies to keep or eliminate. In this way, you can not only have insurance that best reflects your needs and save money as well.

Higher Deductibles

Paying out of pocket may seem unappealing when dealing with a claim. But when you increase your deductibles, your future self will be thanking you in the long run for doing so. How does considering a higher deductible save you money when you’re paying more? Let us explain. Higher deductibles can be incredibly beneficial in the case of a major loss and can lower your premiums. Lower premiums are certainly worthwhile for those with travel insurance that plan to be abroad for months. It helps bring extra ease to finances for a traveler.

Pay Premiums Annually

Many are used to paying most bills monthly. With insurance, you can pay monthly as well, but it might not be the best method to pay for coverage. Monthly payment lapses with your insurance might have you spending more than necessary. By paying your premiums annually, you only need to worry about paying one big sum once a year. This route has proven to be the best in cost saving as some insurance companies can offer you discounts for choosing to pay annually instead of monthly. If you can swing paying a large amount, then this would be highly lucrative for you to consider in the long term.

While car insurance in Calgary may be a necessity, it doesn’t mean you should be breaking the bank every month in an effort to keep your vehicle street-legal.

Fortunately, there are several ways to save money on your car insurance, allowing you to put your savings into more exciting expenditures. Let’s explore some of your money-saving options below!

6 Ways To Save Money on Car Insurance

Shop Around

Surprisingly enough, prices often differ between companies. Therefore, it’s only practical to explore your options and get quotes from a handful of places.

If you’re not sure of which companies to start with, consider asking your friends and family for recommendations. While quotes are based on a range of factors, such as age, driving record, and type of vehicle, those close to you will be able to offer up information on what they pay on car insurance. This allows you to establish a baseline for what you can expect your payments to look like before you even speak with a broker.

As a note, the cheapest option may not necessarily be the best one. Ensure your car insurance in Calgary has adequate coverage, allowing you to feel secure whenever you hit the road.

Bundle Your Insurance

Insurance companies often offer discounts when you choose to purchase two or more types of insurance from them. Therefore, if you already have home insurance, consider reaching out to your insurance company to explore car insurance savings.

Take A Driving Course

Some insurance companies offer discounts on car insurance if you have taken a driver’s education or defensive driving course. This is because you have taken steps to prove that you have added competency behind the wheel, thus decreasing any likelihood of risk.

Have A Clean Record

The cost of your car insurance in Calgary often correlates with your driving record. More accidents and violations? Expect your insurance to go up. But if you steer clear of any trouble, your car insurance company will often reward your spotless record by decreasing your car insurance after a few years.

Bundle Vehicles

If you have several drivers and several vehicles in your household, consider insuring them all together. Many insurance companies will offer bulk rates, thus making it more cost-effective to insure three cars together than separately.

Review Your Coverage

Many types of coverage are more important than you may think, so speak to your broker before altering your auto insurance plan. However, older cars may not be worth collision or comprehensive coverage, as the value of the car may not hold up against what you’re actually paying.

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.

No one likes to think of travel plans going awry when they’re dreaming of adventure and relaxation. However, being prepared and planning ahead can save you money in the long run, ensuring a bump in the road doesn’t ruin your entire vacation.

Trip cancellation insurance is a great way to protect yourself and your finances. But exactly what does this type of insurance do for you? Let’s take a look.

Exploring Trip Cancellation Insurance

What is trip cancellation insurance?

Unfortunately, we can’t see into the future when we’re booking our vacations. This means that, despite best efforts, issues can arise, whether due to our own fault or to uncontrollable circumstances. That’s where trip cancellation insurance comes in.

Trip cancellation insurance protects your trip before departure. This means it reimburses you for non-refundable and/or non-transferable deposits on prepaid travel arrangements and cancellation penalties that a hotel, airline, transportation provider, or tour operator may charge.

This means you can be sure that you’re not losing money on extra fees that are designed to make cancelling a hassle.

Does trip cancellation insurance cover expenses during your trip?

Trip cancellation insurance only covers you before you leave. That’s why it’s often bundled with trip interruption insurance, which protects you after departure.

Happy mature woman exploring her travel destination before going on a journey

Trip interruption insurance covers extra costs if you need to return home earlier or later than you had planned and reimburses you for non-refundable and/or non-transferable portions of used, prepaid travel arrangements.

Cutting your trip short is already stressful enough; don’t worry about adding additional cancellation fees to your plate as well.

How much does trip cancellation insurance cost?

The cost of trip cancellation insurance is largely dependent on the price of your vacation. When purchasing travel insurance in Calgary as a package, which includes trip cancellation, trip interruption, and medical insurance, you can expect to pay between 4% and 10% of your trip costs. This means that you might pay between $40 and $100 for a $1000 trip.

If you are hoping to simply purchase trip cancellation insurance, rather than the entire bundle, then it will naturally cost less. For a more definite quote, it’s recommended that you contact a trusted travel broker.

Trip cancellation insurance allows you to take some of the uncertainty away that can come with planning in the future. If you are wondering if it makes sense for you, don’t hesitate to reach out to a professional and ask for advice.

As a business owner, it’s important to protect your company and its finances. You’ve invested a lot of time and money into your business, so it would be a shame to put that at risk. Accidents can happen on and off the job site, so it’s critical to ensure you’re covered if such an event occurs.

Commercial general liability insurance is one measure you can take to prevent additional hardships and to protect your investments.

We elaborate on how commercial general liability insurance can benefit you and what the cost of such insurance might be.

Understanding the Cost of Commercial General Liability Insurance

What is commercial general liability insurance?

Commercial general liability insurance (CGL) is a type of insurance policy. It provides financial coverage to businesses and corporations for bodily harm, personal injury, and property damage that occurs on the company’s premises. Said injury or damage can also be a result of interacting with the business’s operations, equipment, or products.

How much does commercial general liability insurance cost?

Some business owners grimace at the idea of having to spend additional money to maintain the operation of their company. However, this extra cost can save you from thousands or even millions of dollars worth of legal fees in the long run.

The cost of CGL does vary depending on the insurance plan you decide on. There are several options when it comes to the level of coverage that your CGL can provide.

Insurance agent explain consulting with customer to signing the policy form.

Some coverage levels focus primarily on the premises, which includes any worker injury that occurs on the property. Other levels extend to damages that are a result of finished products or services done off-site. Naturally, the latter will cost more, as your insurance coverage will need to have a greater reach.

Purchasing CGL can feel intimating due to the amount you can be insured for. If you are insured up to $1 million, most may assume the monthly rate will be incredibly high. However, the average yearly amount that companies pay is around $450. Therefore, when broken down into monthly payments, it can seem much more manageable.

How much should I be paying?

As the Insurance Bureau of Canada notes, you want adequate coverage without being over-insured and overpaying. Some aspects to consider when looking into CGL are:

The value of your property
Your potential liability exposure
Past losses

Speaking with an insurance broker regarding commercial general liability insurance can help you determine the level of coverage you need and gain a better understanding of the cost.

As an employer, one of your top priorities is the safety of your workers. That said, accidents can happen, leading to the injury of your employees or property.

Ensuring you have financially protected your company in the event of such injury is an important consideration to make. Commercial general liability insurance is one measure you can take, giving you a certain peace of mind in times of crisis.

But what is commercial general liability insurance, you may ask? We break down the term below and explore its coverage.

Learning About Commercial General Liability Insurance

What is commercial general liability insurance?

Does CGL cover all claims resulting from injury or damage?

Overall, CGL is considered to be comprehensive business insurance. However, this answer may be dependent on the level of coverage your CGL provides. As a business owner, you have the choice of the degree of coverage you feel your company requires.

Business woman examining insurance policy

Speaking with a professional insurance broker is always a great start in deciding which coverage level is right for you.

Are there different types of CGLs?

There are two types of commercial general liability policies:

Occurrence

For the claim to be valid, the injury, harm, or damage must have taken place during a specific period of time.

Claims-made

These claims are covered during any period of time, as there are no restrictions surrounding when the injury, harm, or damage must have taken place.

Taking care to ensure your company is protected if the worst happens is a smart precaution to take. Don’t hesitate to talk to an insurance broker about getting commercial general liability insurance or whether your current coverage level is the right one for you.

The world of car insurance in Calgary has many moving pieces and components. Luckily, your friendly insurance brokers are here to make sense of the insurance landscape, and this also applies to new drivers. However, there are a few things to establish off the hop.

Considerations for Car Insurance in Calgary

Typically, new drivers have an extra burden when it comes to getting insurance. There are several reasons for this, such as their risk category. We will touch on the risk category more later, but at this point, you can simply consider it as the likelihood of a driver to experience a collision.

Additionally, there is a legal requirement for all drivers to have basic coverage insurance. In Alberta, basic coverage includes both third-party liability and accident benefits insurance. Third-party liability refers to the coverage you receive if someone, or something, other than you causes damage to your vehicle. In a similar vein, accident benefits cover your recovery or your family in the event of serious personal injury.

Sale agent deal to agreement successful car loan contract with customer and sign agreement contract Insurance car concept.

Now that we have established the insurance requirements, and why it might be a higher rate for new drivers, we can dive into the costs. Ultimately, there will be many factors to consider for your car insurance in Calgary, which can considerably fluctuate the cost. However, both your risk category and the AIRB will play pivotal roles in determining this price.

Factors Affecting Calgary Car Insurance Rates

Auto Insurance Grid Rate

The Automobile Insurance Rate Board (AIRB) has developed a sliding scale that establishes the maximum premiums for insurance companies offering basic coverage. This is called the Auto Insurance Grid Rate, and it essentially enforces the lower cost choice of two options. The first option is the driver’s premium through the Auto Insurance Grid Rate calculator, and the second is the insurance company’s current rating program.

This is a beneficial way to keep car insurance in Calgary under a reasonable standard and is often quite effective. The AIRB reports only 6% of drivers use the Grid Rate, which means that new drivers can usually expect to pay less than the $2,531 per year mandated by the program.

Risk Category

The risk category will adversely affect new drivers for a few reasons. Naturally, new drivers are at the highest risk for collisions and driving infractions. Additionally, fresh male drivers are at even higher risk than females because they tend to engage in risky behaviours. Therefore, an 8-year term applies to all new drivers that see their insurance rates increase to compensate for the possibility of danger.

New Driver’s Best Calgary Car Insurance

At Lakeview Insurance Brokers Ltd., we pride ourselves on offering all our clients straightforward, effective and comprehensive insurance plans. Further, we work with you to determine the optimal insurance level for your needs and combine deals from insurance providers around the province. Give us a call to learn more today!

A Calgary insurance broker performs many of the same functions you would expect from a typical insurance agent. However, where they differ is in their ability to offer you a wide range of options from several different insurance providers. In contrast, an average insurance agent would only provide you with the options of their company.

However, before we get into the benefits of this service, first, it seems necessary to review the ordinary functions of insurance brokers and agents alike.

The Tasks of Calgary Insurance Brokers

Providing Insurance

Of course, the task that you are probably most familiar with, when it comes to insurance brokers is their ability to sell insurance. Often, people have multiple insurance policies for their vehicles, homes, lives, and much more. A Calgary insurance broker can provide coverage for each of these policies.

Combining Policies

However, they can additionally provide better savings because of their relationship with multiple insurance providers. For instance, they can bundle your home and life insurance under one provider, and your vehicles through another. This versatility gives you the chance to take advantage of different deals or specials the insurance companies offer, such as savings or rate reductions.

Insurance protecting family health live, house and car concept.

Continuing Support

Insurance brokers are also responsible for other tasks, such as study and research. Every year some changes affect insurance policies, regulations, and more. It is up to each insurance broker to ensure they know about the changes so they can better inform their clients and provide useful information.

As a result of insurance brokers’ knowledge, they can also provide relevant information. For instance, showcasing how different plans or bundles can save money for their clients. Or, advising on what insurance policies are necessary for different items, such as basic versus comprehensive coverage for vehicles.

Why Choose a Calgary Insurance Broker?

At this point, you may be wondering why you should choose a broker over an agent. The reasons above speak to their ability to find you the best promotions and packages. But, if that isn’t enough, there is one additional reason.

The final reason, and perhaps the most convincing, is that insurance brokers work for commission. This means they only get paid if they work out a deal between their clients and the insurance companies. The reason this is so convincing is its offer of a continuing incentive for the broker to learn about new sales and changes within each company.