Cheapest Home Insurance Alberta Broker
Protect Your Home Today with Leibel Insurance
Protecting your home with insurance coverage is not a luxury; it’s a necessity. We understand the time and effort you’ve invested in building your shelter; that’s why we help you protect it from the unexpected. Leibel Insurance is an insurance broker, operating in Alberta and Ontario, dedicated to helping you insure your most valued possessions, like your home, car, or business, with comprehensive, affordable insurance solutions.
Alberta Homeowners can bundle their Home and Auto Insurance and save!
When you bundle your home and auto insurance policies in Alberta with Leibel Insurance, you could enjoy significant savings of up to 25%. Call now to speak directly with a Leibel Insurance advisor about Alberta Property Insurance, or complete a no-pressure, no-obligation quote request form below.
CALL USIs Home Insurance Mandatory in Alberta?
Home insurance isn’t mandatory by law in Alberta. However, in most cases, if you’re buying your house through a mortgage, your lender or bank will require carrying coverage to protect their investment. Even if you’re mortgage-free, home insurance is recommended, as it offers financial protection from most unexpected events that may leave you in a jam, financially.
Why You Should Get Homeowners Insurance in Alberta
Home insurance coverage isn’t a luxury; it protects your home from many perils that you may not see coming. Whether it’s a fire that damages your appliances, a theft from a break-in, or an accident that leaves your guest injured, insurance pays to cover the damage. Without proper insurance, you will have to incur many expenses that may put a dent in your savings. With the right coverage, you don’t have to worry about your financial security.
How Does Home Insurance in Alberta Work?
- Home insurance, or homeowners’ insurance, protects homeowners from risks of damage and loss to their house or its contents against specified risks. For example, if theft is an included risk in your home insurance policy, you will get compensated if someone steals a personal belonging inside your home.
- Another example would be a windstorm hitting your home’s structure and destroying the windows. If wind is a covered risk, you can make a claim to get reimbursed for the windows’ repair cost, or replacement cost if they need replacement.
- Before the home insurance providers in Alberta can reimburse you, you need to pay monthly or annual premiums. You also need to pay a deductible when the accident happens. A deductible is an amount you agree on that you pay out of your pocket before the insurance company can reimburse you. For example, if your window repair cost is $900, and the deductible is $1000, you don’t get any compensation. However, if the repair cost is $1100, the insurance company will have to pay $100 if the covered claim is successful.
- Home insurance coverage also includes personal liability. That means if you accidentally cause damage to someone else’s property or a bodily injury to another person, you don’t have to compensate them from your own money if they sue you. Your insurance will cover all legal fees.
Is Home Insurance Regulated in Alberta?
Yes. Home insurance is regulated in Alberta under the Alberta Insurance Act, which sets standards for how insurance companies operate. The government doesn’t control the prices of premiums, but the insurers must follow certain rules. They must be licensed, follow fair claims prices, and provide clear policy terms. The Alberta Superintendent of Insurance oversees insurance companies, while the Alberta Insurance Council regulates brokers.
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Save up to 25% by bundling your home and car insurance. Save on average $525 a Year!
Alberta’s Best Home Insurance Broker Near You
Contact Leibel Insurance today for an online Home Insurance quote in Alberta, as well as other cities in Alberta and Ontario. Find out the FREE quote request form, or call our office today.
What Are the Types of Alberta Home Insurance Policies?
We care about our clients and will take the time to create long-term relationships. We will provide you with all the details you need, and we will start with the three main types of home insurance plans you can consider.
- Basic coverage: This type of insurance will only protect your home and physical contents from specific risks listed in your policy.
- Comprehensive Coverage: This type of insurance will protect your home and physical contents from all risks of loss and damage. The only time your home and physical contents will not be protected is if there are items specifically excluded from your policy.
- Broad Home Insurance: Protects your home from all standard risks, but will only protect your contents from the risks that are listed in your policy.
What Does Home Insurance Cover in Alberta?
Dwelling Coverage
Your policy will cover your dwelling structure along with other structures on your property, like a detached garage or shed, for example. Coverage includes protection from events, like fire, theft, vandalism, and some natural disasters.
Personal Property Insurance
You will have coverage for all of your personal belongings on your property, in the event of a natural disaster or a break-in.
Personal Liability Coverage
Home insurance coverage includes legal protection if you’re sued for causing accidental bodily injury or property damage. It covers legal fees, medical bills, and repair costs.
Additional Living Expenses
Your policy will cover you for additional living expenses if your home is severely damaged and you are unable to live in it while repairs are being made.
Home Insurance in Alberta Add-Ons
These are coverage options you can add to your home insurance policy. Consult with your insurance broker to learn how to purchase additional coverage.
- Sewer backup: Damage caused by sewer water backing up requires an endorsement.
- Earthquakes: Standard home insurance policies don’t include earthquakes.
- Overland Water: covers damage from flooding of fresh water, like rivers and lakes.
- Extended Contents: If you have high-value items that extend your coverage limits, extended contents can cover them.
- Identity Theft coverage: helps with identity recovery and lost wages if your identity is stolen.
- Personal Umbrella Insurance: Bridges the gap if your claim exceeds your insurance coverage limits.
What is Not Covered by Home Insurance in Alberta, Canada?
These risks aren’t covered by home insurance policies:
- Normal wear and tear is generally not covered by insurance.
- Intentional and criminal acts are never covered by insurance.
- Pests and mould take time to cause damage, so insurance doesn’t cover them.
- Poor maintenance and negligence aren’t covered by insurance, as it’s your responsibility to upkeep your home.
- Business activities in the home are only covered by home-based business insurance or commercial insurance.
How Much is the Average House Insurance Cost in Alberta?
The average home insurance cost in Alberta is $1,396 per year. The cost of the house insurance premium differs for each policyholder, depending on many factors, like the person’s individual insurance profile, the house’s value, age, and location.
Factors Affecting the Homeowners’ Insurance Cost in Alberta
These factors are all considered when an insurance company is pricing insurance premiums.
- Property Location: Factors like crime stats and weather conditions affect the premium rates. For example, an area in Calgary with the postal code T2B can get an expensive average annual premium between $2,600–$2,700 annually, while the postal code T4G in Innisfail costs around $1,700–$1,900 in average annual premiums, which is significantly less.
- Property age: An old building costs more to insure because it is considered high risk due to outdated systems, like plumbing, electricity, and heating systems.
- Property value and size: A large property costs more to insure than a smaller one. Building materials also impact the price; expensive and uncommon materials increase the insurance price.
- Claims history: A policyholder with a clean claims history may get a reduced price compared to a policyholder with frequent claims.
- Special features: Pets, pools, and other liabilities increase the price of the home insurance.
How to Lower Your Home Insurance Premiums in Alberta
Here are some specific ways to save and get cheap home insurance costs in Alberta:
Choose a Higher Deductible
The deductible is the amount you pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible can lower your insurance premiums, but it also means you’ll pay more out of pocket if you need to make a claim.
Take Advantage of Discounts
Many insurance companies offer discounts for various factors, such as having multiple policies with the same company. Be sure to ask your insurance broker about any discounts you might be eligible for. They can help you get the best home insurance rates in Alberta.
How to File a Home Insurance Claim?
Making a home insurance claim is not always easy, but Leibel Insurance Group will guide you through the process. Understanding the claims process will make things a lot easier, and having the right information will prevent undue stress during an already stressful situation.
- Damage to your home is very upsetting, but you have to step back to assess the situation. If a burglary takes place, call the police right away. If you are dealing with a flood, take any steps you can to prevent further damage.
- You must have all of the details related to the claim, including the time, date, location, circumstances, cause, and extent of the damage. The more details you can provide, the better your claim will be when it starts. Use photos or videos to record the damage, and do not discard any contents before they are assessed.
- Protect yourself and your family at all times, and once you have an overview of the damage, contact your insurer as soon as possible so that they can assist you with the claims process. With Leibel Insurance Group’s dedicated Claims Advocate to assist you during your claim, you can rest assured that someone is working with you and helping to move your claim along quickly so you can get back to your daily pre-claim routine.
- If you have to move out of the home during the claim, additional living expenses and their coverage limits may activate. If it does, your claims adjuster will review details with you, including how you must keep all payment receipts for these additional living costs to claim the expenses.
- The claims adjuster will look into your policy and the facts related to the claim, along with the documents, to determine coverage for the loss.
- The insurance company will send you an offer that you can approve or negotiate.
We care about our clients and make this process quick, so if you are a homeowner, condominium owner, or just have a tenant’s policy, do not hesitate to contact us if you have any questions or concerns. We can gladly provide you with more details, so contact us today if you are looking for home insurance quotes in Alberta or condo insurance!
Why is Home Insurance Expensive in Alberta?
There are three main reasons behind the rising costs of home insurance in Alberta.
- Shortage in skilled workers: Alberta is facing a shortage in skilled workers that has led to increasing prices of construction work.
- Frequent Claims: There has been a rise in home insurance claims due to the weather conditions. In order for insurance companies to stay financially sustainable, they have to increase premiums.
- Construction Expenses: Due to inflation, the cost to repair or rebuild a house has skyrocketed in Alberta. Along with the shortage in skilled construction workers, fixing or rebuilding a house has become a financial burden on both insurance companies and homeowners.
What are the Risk Homeowners Face in Alberta?
Homeowners face many risks in Alberta. These are the most common ones:
- Severe weather conditions: Flooding, thunderstorms, and wildfires are all increasing risks in Alberta, affecting hundreds of homes.
- Fire: Both wildfires and urban fires are huge risks in Alberta. Urban fires are often started due to outdated electricity and heating systems.
- Theft: Home burglary is on the rise in Alberta, with thieves targeting sheds and garages late at night.
How to Get the Best Home Insurance Quotes
How to Compare Home Insurance Quotes with Liebel Insurance
Here’s a simplified three-step process for obtaining a home insurance or car insurance online quote through Leibel Insurance.
- Contact and Initial Consultation: Contact us by phone or submit a request using our “Get a Quote” form to set up an appointment. Discuss your insurance needs and preferences with one of our agents, including desired coverage options and any specific requirements. They will help you buy home insurance in Alberta with ease.
- Quote Comparison and Presentation: We gather quotes from our list of approved insurers. We will compare the coverage options, deductibles, and premiums offered by each insurer and present you with the best available options based on your needs and budget.
- Policy Selection and Finalization: Review the quotes provided by Leibel Insurance and select the policy that best meets your requirements. Complete the application process with our assistance, providing any necessary documentation. Once the policy is approved and issued by your chosen insurance company, arrange for payment of the premium and receive proof of insurance.
Home Insurance FAQs
If you own a house or residence, you should consider insuring it. In fact, it’s not an option if you have a mortgage on your home, because the lender wants their financial interests protected. Even if you are only renting a house or apartment, you should have the contents insured against damage and theft, because your landlord’s property insurance doesn’t cover your possessions or legal liability if your dog bites someone. Here are properties that should be fully insured:
- Private residences.
- Cabins and vacation homes.
- Condominiums.
- Townhouses.
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Luxury homes (Learn more about High-Value Home Insurance here.)
- Rental properties.
A standard home insurance policy can help you secure financial protection for your home and personal belongings. It is made up of different types of coverages that can help you pay to repair or replace your home or belongings should damage from insured perils occur.
- Liability Protection: All typical home insurance policies will provide you with something called liability coverage. This coverage will protect you if someone who does not live with you becomes injured on your property. Imagine a visitor trips and falls over your broken porch steps, or a neighbour slips on ice in front of your home. If you are found at fault, the liability insurance can help you cover the legal or medical expenses associated. You may be able to increase your coverage limit and your agent can help explain the options that are available to you.
- Theft: If you or anyone living in your home is a victim of theft, your home insurance policy can help you replace your stolen possessions. Your personal belongings will be covered whether they are stolen inside or outside of your home.
- Fire Coverage: House fires are one of the most common causes of damage to homes. Your home insurance policy will help protect structures and belongings against them.
- Vandalism Coverage: Vandalism is typically covered under an all-risks or all-perils policy, unless specifically excluded.
Standard insurance is not usually enough and you might need to consider these important insurance options for your home.
- Flood Insurance.
- Sewer backup coverage.
- Identity Theft protection.
- Extra Liability insurance.
- Additional contents – can include luxury items, antiques, collections, art, and such.
- Replacement cost coverage.
- All risk or peril insurance.
You may find a number of discounts and factors that affect your premiums to review when you speak with your insurance agent. For example:
- Burglar alarm systems.
- Sewer backup prevention equipment.
- Multiple policy discounts.
- Discount for non-smokers.
- New roof.
- Mortgage free.
Winter brings a sense of beauty to calm, snowy Alberta nights. It can also bring calamity when enough snow and ice build up on your property. Unfortunately, home insurance policies are not all-encompassing, so your personal policy may not cover some damage caused by winter weather. However, there are a few things that your insurance will not cover, no matter how extensive your policy is. This includes frozen pipes that burst due to the occupant(s) being away for an extended period of time without having someone checking up on the property.
If you know you will be away from your home for more than a week, have a friend or relative check on your house every few days to ensure that the pipes are warm and the property is clear of heavy snow. Here are some common damages that the winter weather can cause:
- Flooding from snow or burst pipes.
- Collapsed roof from heavy snow or a nearby tree that has fallen.
- Leaks from ice dams.
- Hail and wind.
A home replacement cost guarantee is an endorsement that ensures you get reimbursed for the full value if your house is destroyed due to a covered event, regardless of changing material and labour costs.
If you operate a small business out of your house, it’s best to add home-based business coverage as an endorsement to protect you from client liability claims. If it’s a large-scale business, you should consider getting commercial insurance coverage separately.
Yes, most insurance companies allow bundling home and auto insurance under one policy. They could also give you a discount for doing that.
Yes. If you’re unhappy with the service you’re receiving from your home insurance company, you can cancel coverage. Note that there are penalties to pay for canceling before the policy term is over. We recommend switching to another insurance company, as gaps in insurance coverage can increase premiums in the future.
You can still get home insurance coverage even if you are in the high-risk category. Many insurance carriers that we work with provide insurance options for high-risk homeowners. Call us for more information.
Factors, like location, home age and value, credit scores, and claims history, affect the prices of home insurance in Alberta.
To save on home insurance premiums, you could:
- Ask about qualifying discounts.
- Bundle home and car insurance.
- Upgrade your home security.
- Increase deductible
- Maintain a claims-free record
No. Fire insurance and home insurance aren’t mandatory in Alberta. However, some mortgage lenders may require you to hold home insurance coverage that includes fire coverage
No. If you use your home as a rental property, you need a separate insurance policy. Consult with your home insurance broker in Alberta to find out which rental insurance plan fits your insurance needs.
While not mandatory, personal liability insurance is important as it protects from legal claims. Without coverage, you may find yourself paying expensive legal fees to lawyers, aside from a settlement amount, if applicable. Personal liability coverage is part of standard home insurance policies.
Fire is a huge risk for homeowners, as it may cause loss of life and severe property damage. Here are some precautions to minimize the odds of fire.
- Keep a fire extinguisher on every floor of your home.
- Install smoke detectors on every floor.
- Never leave an open flame unattended.
- Never pour water on a grease fire.
- Regularly inspect your chimney and furnace.
- Don’t plug multiple appliances into the same electricity outlets.
Yes, most home insurance policies in Alberta cover damage caused by fires, including wildfires, protecting your home and its belongings from related damage.
In Alberta, you may choose whether to use credit scores as a pricing factor or not. Insurance companies can use your credit scores to determine your profile risk, but you have to give consent first.
Yes, the number of mortgages registered is considered when pricing your house insurance in Alberta, and you may get a discount if you are mortgage-free. Consult with your insurance company to learn more.
You can claim a broken fence as detached private structures are part of dwelling coverage. You just have to make sure it was broken because of a covered peril.
Yes. You will be reimbursed by your insurance company, as most home insurance policies cover damage from a hailstorm.
Depending on your coverage limits, your home insurance may include expensive items. However, if you have many expensive items, we recommend getting extended contents coverage as an endorsement to cover scheduled items. Another solution would be getting high-value home insurance, which has a higher coverage limits than regular home insurance.
When it comes to choosing the best insurance company, it all depends on your insurance needs and budgets. An insurance broker can help you find the best match that is suitable for your home.
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