Home Insurance in Lethbridge

Why do you need Lethbridge home insurance?

Basic home insurance in Lethbridge can protect your home from various risks like theft, fires, car accidents, smoke, and more. With property insurance, you won’t have to cover damages and losses out of pocket. Instead, you can file a claim, and your home insurance provider will give you a payout to help with the costs.

Also, while home insurance isn’t mandatory in Lethbridge or anywhere else in Alberta, if you took out a mortgage loan for your home, most mortgage lenders require you to have home insurance as part of your financing agreement.

Even better, Lethbridge homeowners have many types of home insurance policies available. For instance, a BrokerLink insurance broker can assist you in finding tenant insurance, condo insurance, or other home coverages, like vacation property and cottage insurance. Contact BrokerLink today to discuss your insurance needs, and we’ll do our best to meet them.

What does home insurance cover in Lethbridge?

Policies often vary between Lethbridge home insurance providers. That said, standard coverage usually includes the following:

Dwelling coverage

Dwelling coverage is what most people imagine when they think of home insurance. It’s essential for all buyers, including first-time homeowners. This coverage provides financial security if your home is damaged. For instance, if a window or door is broken or the foundation is affected, you can file a dwelling coverage claim as long as the damage was caused by a peril covered in your policy. Review your policy’s terms and conditions to see which hazards or risks are included. However, most home insurance plans in Lethbridge cover the following:

• Fire
• Lightning
• Smoke
• Theft
• Wind
• Car / aircraft impact
• Explosion
• Falling objects

Contents coverage

Contents coverage is another key part of basic home insurance, likely included in your Lethbridge policy. It protects your personal belongings inside the home if they’re lost or damaged due to an insured event, like fire, theft, vandalism, or severe weather. This type of coverage can help repair or replace items such as clothing, furniture, electronics, artwork, and more.

When adding contents coverage to your Lethbridge home insurance policy, choose a limit that matches the value of your belongings. This ensures you receive enough to replace everything in case of a total loss, like a house fire. If standard coverage isn’t sufficient because you have high-value items like musical instruments, fine jewellery, or vintage wine, consider high-value home insurance. A BrokerLink insurance advisor can explain how it works and help you select the right coverage limit for your belongings.

Personal liability coverage

Personal liability coverage is another standard part of home insurance in Lethbridge. It protects you if someone files a claim against you for property damage or personal injury that happens on your property.

For example, if someone slips on an icy path leading to your door and gets hurt, they could sue you for their injuries. Fighting a lawsuit and covering medical expenses can be costly, but with personal liability coverage in your home insurance, your insurer helps cover these costs. It can also help pay for legal fees and third-party property damage repairs.

Additional coverage for Lethbridge home insurance

If you want extra protection for your Lethbridge home, you may consider adding more coverage to your policy. You can increase your coverage limits for dwelling, contents, and personal liability or add other types of coverage. Some people opt for Airbnb or accommodation insurance, mortgage protection insurance, or home renovation insurance. Others might prefer home business insurance or flood insurance, like overland water coverage. Keep reading to learn about a few extra types of home insurance coverage you might want to add:

Equipment breakdown coverage

Equipment breakdown coverage helps protect you if a household appliance or system suffers an internal failure. If it needs repair or replacement, you can file a claim and receive a payout to cover the costs. However, this only applies to mechanical or electrical failures, not general wear and tear. You can talk to a BrokerLink insurance broker to confirm which appliances are covered, but typically, it includes dishwashers, refrigerators, ovens, dryers, furnaces, air conditioners, and more.

Sewer backup coverage

To stay financially secure if a sewer backup damages your Lethbridge home, consider adding sewer backup coverage to your home insurance plan. This coverage helps pay for any damage caused by a sewer backup. By adding this coverage, you can ensure that you are not responsible for the cleanup of sewage or damage due to a backup.

Although this may increase your premium, you can install a sewer backup detection device to reduce the cost. Installing this or a sump pump can prevent flooding and sewer backups, and you may even qualify for a home insurance discount.

Overland water coverage

Another way to protect your home from water damage is by getting overland water coverage. Unlike sewer backup coverage, this type of overland flooding coverage doesn’t protect against sewer backups. Instead, it covers water damage caused by nearby lakes or rivers, overflows, heavy rain, or rapid snow melt.

Home business coverage

Home business coverage protects you against losses or damage related to business activities at your home. You may not know this, but standard home insurance covers only personal use, not business use. So if you run a home-based business or frequently work from home, you may need to add this coverage to your policy. It safeguards you from losses, damage, or liability issues related to your business.

For instance, if a customer gets injured on your property and sues you, or if inventory stored at home is stolen, you’d only be covered with home business coverage or a separate commercial insurance policy. To understand how this coverage may benefit you, contact BrokerLink today.

What may not be covered by your Lethbridge home insurance policy?

As we mentioned above, standard home insurance in Lethbridge usually includes dwelling, contents, and personal liability coverage. Depending on your policy, you may also choose to include home business insurance or equipment breakdown endorsements. While home insurance protects against various incidents, it’s only effective if your policy remains valid. An insurer could void your policy if your home is left vacant for a long time or if you neglect home maintenance. Keep reading to learn about situations where insurers may have the right to cancel or void your coverage:

You’re renting out your home

Many Lethbridge homeowners rent out their homes for short-term stays to make extra income, often using platforms like Airbnb and VRBO. While this can be profitable, failing to inform your insurance provider could void your policy. If you plan to rent out your home, ask your BrokerLink insurance broker today about Airbnb or accommodation insurance.

Your home is sitting vacant

If your home is empty for extended periods (over a month), tell your insurance provider because it can affect your rates. Before leaving for a long vacation, such as heading south for the winter, notify your insurance broker. If damage happens while you’re away and you haven’t informed them, your current home insurance might not cover it.

You’ve failed to maintain it

You could lose coverage if you neglect home maintenance and let it deteriorate. For instance, if your roof is missing shingles, causing water damage, your insurance company might refuse to cover it.

You’re doing renovations

Damage from renovations might not be covered under your homeowner’s policy. Notify your insurance broker when renovating, as these changes can impact your insurance costs.

What factors influence Lethbridge home insurance premiums?

Everything from your home’s age to the condition of its roof affects property insurance premiums in Lethbridge. Insurance agents consider several factors when assessing your risk and setting a premium. Below are some of the factors your insurance company may consider:

• How valuable your home is
• How safe and desirable your neighbourhood is
• How close your Lethbridge home is located to emergency services
• The age and condition of your home and its roof
• The type, age, and condition of the heating system that your Lethbridge home uses, older systems like oil tanks or wood stoves may lead to higher premiums
• The type, age, and condition of the electrical system in your Lethbridge home
• The type, age, and condition of the plumbing system in your Lethbridge home
• Whether your Lethbridge home is equipped with a security system, and if so, what type of system it has
• If there are any additional or detached structures on your property that need to be insured
• Your insurance claims history

Expert tips to help you lower your home insurance rates in Lethbridge

Stop overspending and start saving on Lethbridge homeowners insurance today. We feel that protecting your home shouldn’t break the bank. BrokerLink can help you save money by sharing our expert broker tips to reduce your premium:

Pools raise your home insurance rates

People may be surprised to find that having a pool usually means higher home insurance premiums because pools pose a significant liability risk, especially unenclosed ones. We’re not discouraging you from having a pool, but it’s something to consider when house hunting in Lethbridge.

Live near a fire hydrant or fire station

Some insurers offer discounts to homeowners who live near fire hydrants or stations. If you’re close to emergency services like a firehouse and want to lower your property insurance costs, talk to your BrokerLink broker. We can tell you what you need to qualify for these discounts.

Review your policy annually and remove unnecessary coverage

To lower your Lethbridge home insurance costs, make sure you review your existing home insurance policy every year and consider removing any coverage you no longer need. Many customers have more coverage, higher limits, or lower deductibles than necessary. Updating your policy by renewing coverage, lowering limits, or raising deductibles can help you save on insurance costs.

When your policy is up for renewal, ask a BrokerLink insurance advisor to review it. They can help identify which coverage is essential and which can be modified or removed. They can also help you decide if you want to change your home insurance by finding a better deal.

Choose annual payments instead of monthly payments

Many insurance companies charge administrative fees for each payment, so by opting to pay your home insurance premium once a year instead of 12 times a year, you’ll save more money.

Always pay your home insurance on time

If you choose a monthly payment plan for your Lethbridge home insurance, ensure your bills are paid on time. Late payments could lead to policy cancellation, making it harder and more expensive to get coverage in the future. To keep your premium low, always pay your bills in full and by the due date.

Bundle your insurance policies

Bundling your insurance policies, such as home and auto insurance, is a reliable way to get a discount at many Alberta insurance companies. To reduce your premium, consider buying a bundle that includes two or more types of insurance. While not all policies qualify, home and auto insurance usually do. Plus, by bundling your Lethbridge home and car insurance policies, you’ll have just one policy expiration date to remember instead of two.

Choose a higher home insurance deductible

Premiums and deductibles are connected, so the deductible you select for your Lethbridge home insurance policy directly affects your premium. That’s why our experts suggest choosing a higher deductible to reduce costs.

For example, if you currently have a $500 deductible, you may consider increasing it to $1,000. This will quickly lower your premium, but keep in mind that you’ll have to pay more out of pocket if you file a claim.

Install a home alarm system

A home alarm system can significantly affect your home insurance premium in Lethbridge. Many Lethbridge insurance providers offer discounts to customers who install security systems. Since these systems vary in features, it’s best to consult an insurance broker to understand how the discounts work and which home security system will lower your premium.

Consider installing solar panels

Many Alberta insurance companies now offer discounts to homeowners who add solar panels to their houses. This encourages more people to install them because solar panels save energy and reduce a home’s carbon footprint.

Install a sewer backup prevention device or sump pump

Because flood damage is usually costly to fix, installing devices that help prevent it can reduce your home insurance costs in Lethbridge. For instance, many homeowners who install sump pumps or sewer backup detectors receive insurance discounts. Talk to a BrokerLink personal insurance broker to learn more about these discounts.

Perform regular home maintenance

By performing simple, regular home maintenance, you can easily reduce the risk of unforeseen expenses on your Lethbridge home. This will help you spot early signs of damage, like a missing shingle or a cracked pipe. Yes, having the right home insurance coverage can help you cover the costs of unwanted surprises like a leaky roof or burst water pipe, but by performing regular maintenance checks around your home, you can minimize these surprises in the first place.

Work with an insurance broker

Consider working with an insurance broker to guide you through the home insurance process. Brokers know the ins and outs of the insurance industry and can help you find the best policy by comparing quotes from top insurance providers. They can also inform you about discounts and answer any questions about coverage, ensuring you receive the right protection at a fair price.

At BrokerLink, our licensed brokers are dedicated to finding you the best coverage at an affordable price. When you call us, you’ll be paired with an insurance advisor who will understand your unique needs and find a policy that fits your home and lifestyle. Whether you need home, renters, or condo insurance, we’ll compare quotes from Canada’s top insurance providers to get you quality home insurance at a great price.

Three reasons to work with a BrokerLink insurance advisor in Lethbridge

We understand that finding home insurance in Lethbridge can be confusing with so many options available. However, BrokerLink aims to make the process simple for you. With excellent customer service, insurance expertise, and vast resources, we offer a stress-free insurance experience. Here are three benefits of working with a BrokerLink insurance advisor:

Brokers work independently of insurance providers

Did you know that an insurance broker is independent of insurance companies? At BrokerLink, this means we always put your needs first. We’ll learn about your specific requirements and give you straightforward advice on the best coverage for your home.

Brokers do the work for you

If you don’t feel like searching for home insurance after a long day at work, a broker can help. An advisor at BrokerLink can handle the legwork for you. We’ll contact Canada’s top insurance companies, request quotes based on the coverage you need, compare them, and find savings to present you with premium insurance options that suit your budget.

Brokers are home insurance experts

Since 1991, the BrokerLink team has been dedicated to finding insurance policies that meet our customers' needs and budgets. We are experts in all things Lethbridge insurance and can ensure you receive the most competitive rate on your policy.

We’re in your community

Getting involved in the community is a big part of who we are. We live and work in your community. We love meeting our neighbours!

Contact us

Are you looking to purchase home insurance in Lethbridge? BrokerLink is ready to help whether you have questions about working with a broker, need advice on the best policy for your family, or want to get a free Lethbridge home insurance quote.

At Lethbridge BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or in person at any one of our locations throughout Alberta. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

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FAQs on home insurance in Lethbridge

Is home insurance legally required in Lethbridge, Alberta?

No, the Alberta government does not legally require home insurance in Lethbridge. However, if you have a mortgage or lease, you may be required to carry home insurance as part of your mortgage or lease agreement.

Do I need home insurance in Lethbridge if I rent my home?

No, Alberta’s government doesn’t mandate home insurance in Lethbridge. Still, many renters choose to have tenant insurance because their landlord’s insurance does not cover their belongings or personal liability. To learn more about how tenant or renters insurance works, contact an insurance professional in your area.

How much does home insurance cost in Lethbridge?

Home insurance costs vary in Lethbridge because insurance companies look at many factors when setting rates. These include the size and value of your home, your neighbourhood, your claims history, and the deductibles, limits, and coverage you select. For an accurate estimate, consider comparing quotes from multiple Lethbridge insurance companies.

How do I lower my home insurance premium in Lethbridge?

There are several ways to reduce your premium or avoid an increase. Many insurance companies offer discounts, like those for installing a home alarm system. You can also get a discount by adding a sump pump or sewer backup prevention device to your home. Choosing higher deductibles, paying annually instead of monthly, and making payments on time can also help keep your premium low.

What isn’t covered by Lethbridge home insurance?

Your Lethbridge home insurance won’t cover damage from wear and tear or neglect, as no policy will. If your home is empty for 30 days or more, your insurance won’t cover any damage unless you have purchased a vacant insurance rider. The same applies to home sharing; you won’t be covered unless you buy coverage specifically for rentals or home sharing. If your home is damaged due to renovations or business activities, you won’t be covered unless you have renovation or home business insurance.

If you have any questions, contact one of our local branches.