Check your home insurance in Calgary, Alberta to ensure you have adequate cover

As any other homeowner in Calgary, you probably already have a home insurance cover from a leading insurance company. Fair enough. However, have you double-checked and gone through the fine print of the policy document? Are you sure that what you have signed up for is the right insurance cover for you, and gives you adequate protection in case any mishap occurs?

Historical perspective
Historically, home insurance in Calgary, Alberta seeks to provide cover against calamities such as wildfires, flooding, hailstorms and excessive rain that have hit Albertan cities in recent years and resulted in heavy losses for the inhabitants. It was home insurance that enabled the inhabitants to recover from these losses and get back on their feet again.

Composition of Home Insurance in Calgary, Alberta
Broadly speaking, home insurance comprises coverages that help you repair or replace your property and belongings if they are damaged due to calamities. In Calgary, Edmonton, Fort McMurray, or any other city in Alberta, most home insurance comes with general coverages and in order to ensure proper coverage, one needs to engage with an insurance broker like Beneficial Insurance Solutions to understand options on how your policy can be customized to suit your needs and your budget.

For this, you might have to purchase additional coverage for higher protection, increase or decrease the amount of deductibles, or take measures to secure your home.
Check the risks covered under a typical home insurance policy in Calgary, Alberta
A typical home insurance policy in Calgary, Edmonton and other cities in Alberta provides coverage against certain perils and losses, such as damage from fires, theft and injuries to your guests and covers:

House:
This includes the physical building, or structure in which you live, as well as structures attached to it, such as a garage; and other structures that are separate from it, such as detached garages, sheds or fences.
Contents:
This includes personal belongings such as furniture, clothing and electronics.
Liability protection:
This includes cover for legal and medical expenses that you might have to pay as a result of someone not living in your home injuring himself on your property. Likewise, liability protection also covers costs for repairing any damage that you might accidentally cause to someone else’s property.
Experts at Beneficial Insurance Solutions feel that while the above coverages are adequate, it might not be a bad idea to buy additional coverage for flooding, fracking due to industrial activity and earthquake insurance.
Check the amount of deductibles and limits for your home insurance policy
Deductibles:
Try and negotiate a lower amount of deductible for your home insurance policy. The higher the amount of insurance, the higher will be the amount of the deductible. Deductibles are paid in advance, before you get benefits of your insurance cover.
Limits:
All home insurance plans also have a limit. It begins with the coverage of your house and limits for other coverages in your policy are worked out as a percentage of your house. You can adjust your coverage limits based on the value of your house and its contents, as well as the potential cost to repair or replace them, if they are damaged in an event.
Best practices to follow to reduce the premium of your home insurance in Calgary, Alberta
Thinking of buying a new home and becoming a homeowner? If yes, then by following a few best practices you can reduce the amount of premium of home insurance payable for your future home:
Check whether the builder of your home has provided warranties?
Warranties are provided for labor and materials, breakdowns in heating, electrical & plumbing systems and workmanship of frame and foundation.
The objective of these warranties is to ensure that homeowners get protection from mistakes in construction and that new homes are built to last.
These and other best practices are suggested by home insurance brokers like Beneficial Insurance Solutions. They provide home insurance throughout Albertan cities. As per them, the better the quality of your home, the lower will be the insurance premium payable on it.