Home Insurance in Sherwood Park

Home insurance coverage in Sherwood Park

A great home insurance policy is one with comprehensive coverage. If you are new to the world of home insurance, then you may not have a firm grasp of what coverage home insurance typically features. That is why we have put together the following list. The list below breaks down the most common types of coverage included with home insurance policies to give you a better idea of how home insurance in Sherwood Park works:

Dwelling insurance

First up is dwelling coverage. Dwelling insurance is a core element of most home insurance plans as it protects the physical structure of your home. This means that if your home was damaged by an insured peril, such as fire or lightning, your insurer might step in and help pay for the cost of repairing it under the dwelling coverage portion of your policy. Covered losses that dwelling coverage may protect against are as follows:

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

Please note that dwelling coverage does not protect the land your home sits on or its contents - just the structure itself.

Contents insurance

Contents coverage is another element of home insurance that will be important for many Sherwood Park homeowners. The opposite of dwelling insurance that protects the physical structure of your home, contents coverage protects what is inside your home. With this type of coverage, if items inside your home, such as furniture, clothing electronics, jewellery, sporting equipment, etc., were damaged by a covered loss, you would likely be covered by your policy. This means that your insurance company would help pay for the cost of repairing or replacing any damaged or lost items. If protecting your personal belongings matters to you (especially if you have high-value belongings), then contents coverage is crucial.

Personal liability insurance

Lastly, personal liability insurance is the portion of a typical home insurance policy that protects against liability claims. Specifically, when you add this type of coverage to your home insurance plan, you will be protected from third party liability claims of bodily injury and property damage. An example of when personal liability insurance would come into play is if a guest visits your home and injures themselves while on the property. In this scenario, you as the homeowner could be considered legally responsible or liable, and be required to pay the cost of medical expenses, and more. But if you have personal liability coverage, your insurance company might help cover the costs of such an incident. The costs your insurer covers may include legal fees, repair bills, medical expenses, and more. Even better, the personal liability insurance included with home insurance policies may provide coverage in the event that your home causes damage to a neighbouring home.

Other coverage options in Sherwood Park

Although dwelling insurance, contents insurance, and personal liability insurance are all important parts of a home insurance policy in Sherwood Park, they may not provide enough coverage for some homeowners. For added peace of mind, some Sherwood Park residents may prefer to purchase additional coverage. Luckily, many insurance companies offer a range of coverages that can be added to existing homeowner’s insurance policies as endorsements or riders. Three examples of additional coverage that can be purchased by Sherwood Park policyholders are below:

Commercial business coverage

Is commercial business insurance right for you and your Sherwood Park home insurance policy? The answer to this question depends. If you operate a business out of your home, then commercial business coverage is important. Without it, your policy is unlikely to cover you if a damage or loss occurs as a result of your business. However, if you purchase a business coverage endorsement, your home insurance policy can protect you in the event of losses that arise due to the operation of your home business.

Equipment breakdown coverage

Equipment breakdown coverage can provide Sherwood Park policyholders with peace of mind. How? Due to the coverage it provides. Remember that contents coverage only covers items in your home that are damaged by an insured peril, not those that experience a mechanical or electrical failure, which is often the case with household equipment. That is where equipment breakdown coverage comes in. It can financially protect various equipment in your home, such as the washer, dryer, refrigerator, oven, security system, furnace, air conditioner, heat pump, and more, if they unexpectedly fail. Please note that the types of appliances and equipment covered by equipment breakdown insurance vary, so be sure to check with your insurance broker if there are specific pieces of equipment you need coverage for.

Sewer backup coverage

A sewer backup is a nightmare situation for any Sherwood Park homeowners. But the reality is that they do happen. By adding sewer backup coverage to your Sherwood Park home insurance plan, you at least have financial protection in the event of such a disaster. Should your home experience a sewer backup, your insurance company will step in and help pay for the costs of repairing the damage up to the policy limit.

Prepare for your homeowner’s insurance policy not to cover these circumstances

Typical homeowner’s insurance policies in Sherwood Park can be extensive, but that doesn’t mean they cover anything. All insurance plans have their limits, and home insurance is no exception. All Sherwood Park policyholders must be aware of the circumstances or situations in which their policies won’t protect them. In fact, there are certain circumstances that might even make your policy void. While they vary from insurance company to insurance company, there are a few examples of circumstances that home insurance policies commonly do not cover, which we outline below:

Home sharing

Home sharing is a prime example of something that is not typically covered by home insurance policies. Although home sharing is an exciting opportunity for many Alberta homeowners (and one that is now easily accessible thanks to platforms like Airbnb and VRBO), renting out your home and failing to notify your insurance provider can lead to voided coverage. More specifically, if you turn your property (or even part of it) into a home share but do not inform your insurer, they may not cover you if a loss occurs due to your home sharing venture. To avoid having your claim rejected, speak with an insurance broker or agent who can explain what coverage is needed to protect your home share.

Empty or vacant home

Leaving your home empty for long periods of time is another circumstance that your Sherwood Park home insurance plan may not cover. This is because vacant or empty homes are riskier, which can increase your rates and might even necessitate additional coverage. So before jet setting around the world with your spouse or family, contact an insurance company to explain the situation. An insurance professional can ensure you have the protection you need, giving you peace of mind that even if a loss occurs while you are away, your vacant home will be covered.

Allowing your home to fall into a state of disrepair

Allowing your home to fall into a state of disrepair by failing to properly and regularly maintain it is a third example of a situation that your home insurance policy is unlikely to cover you for. Ultimately, if an insurance company determines that you contributed to the loss or damage that occurred by failing to perform necessary maintenance on your home, they are unlikely to pay for the repairs.

Home updates and renovations

Home renovations are exciting, but they do increase your risk as a homeowner. From contractors entering and exiting your home at all hours to heavy-duty tools and equipment tearing down walls or flooring, the risk of damage and injury goes up during a renovation. For this reason, all Sherwood Park policyholders must notify their insurance companies before any major home updates or renovations begin. If you do not do so and an incident occurs as a result of the renovation, your insurer may not cover you.

Save money on Sherwood Park home insurance with these tips

Sherwood Park home insurance should never break the bank, and BrokerLink makes sure it doesn’t by helping our customers find top-quality insurance solutions at unbeatable prices. In addition to comparing the top home insurance policies across Alberta to ensure you get the best possible rate, we are always happy to provide expert tips on how to pay less for Sherwood Park home insurance. Avoid overpaying for home insurance ever again by following the tips below:

1. Buy a security system for your Sherwood Park home

Did you know that buying and installing a home security system on your property can save you money on home insurance? It’s true. Security system home insurance discounts exist and can be a great option if you want to both protect your home and pay less for a property insurance plan. Please note that only certain types of security systems may qualify for a discount, so we recommend speaking with an insurance broker or agent in advance of purchasing one. Alternatively, if you already own a home security system, be sure to tell your insurance broker when you are purchasing a new house insurance policy.

2. Bundle home insurance with car insurance or business insurance and save

A second tip to save money on Sherwood Park house insurance is to buy more than one insurance plan and bundle them together. Purchasing two or more insurance policies from the same provider might make you eligible for a bundling discount of up to 15% per policy. Please note that not all types of insurance can be bundled. However, home insurance, car insurance, and commercial business insurance can typically be bundled together. You may also be able to purchase multiple home insurance plans (e.g. a home insurance plan for your primary residence and a seasonal home insurance plan for your cottage) and still receive the same discount.

3. Consider increasing the deductible on your Sherwood Park property insurance policy

To save money on house insurance, you may wish to consider increasing the deductible on your Sherwood Park, Alberta home insurance plan. Raising your deductible can result in a cheaper policy since you will be required to pay more money toward an insured loss in the event of a claim. Therefore, you are likely to receive a cheaper rate on your home insurance plan due to your willingness to take on more financial responsibility if you suffer a loss.

4. Pay for your Sherwood Park house insurance policy in one payment

One of the easiest ways of paying less money for Sherwood Park home insurance is by paying for your policy upfront, rather than in monthly installments. Although not all insurance companies charge payment fees, and those that do might have various rates, it is not uncommon for administrative fees to be tacked on every time you pay down a portion of your insurance policy. Thus, paying for your Sherwood Park home insurance upfront in one payment can be a cheaper option than paying for it in twelve monthly installments.

5. Do not buy a Sherwood Park home that has a pool

Having a pool on your property is a quick way to increase how much you spend on home insurance. For this reason, if keeping home insurance costs down matters to you, we suggest avoiding properties with pools (especially if they are unfenced).

6. Buy a Sherwood Park home situated close to emergency services

Installing a security system in your home is one way to become eligible for a home insurance discount, and buying a home near emergency services is another. If you purchase a home that is situated near a fire hydrant, fire station, or another emergency service station, you might qualify for a discount on your home insurance plan. To learn more, contact a broker who can educate you on the specific conditions that need to be met to receive this discount.

7. Ask an insurance broker at BrokerLink Sherwood Park for help

BrokerLink insurance brokers are experts in all things home insurance, which means that our final tip to save money on a Sherwood Park home insurance policy is to consult with a BrokerLink insurance advisor. All BrokerLink insurance advisors are licensed and eager to help our customers find great policies at affordable rates.

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Purchase Sherwood Park home insurance in three easy steps

Find a Sherwood Park home insurance policy that meets your needs by following the three steps below:

1. Get in touch with a local home insurance broker

Step number one is to research local insurance brokerages in Sherwood Park. We are confident that you will find BrokerLink to be a reputable option. The Sherwood Park BrokerLink team has been in business for over 30 years and can help you find any type of insurance you are looking for, including house insurance.

2. Let us shop around and compare policies on your behalf

Once you’ve gotten in touch with a broker, all you have to do is explain your insurance needs, and the BrokerLink team will take care of everything. From contacting Canada’s top insurance companies to comparing quotes and researching discounts you might be eligible for, we will use our resources and expertise to find a home insurance policy that meets your needs.

3. You find a quality home insurance policy

The final step to purchasing Sherwood Park home insurance is to choose the policy you like best. Your BrokerLink advisor will present multiple options to you and explain them all in detail. All you have to do is select your favourite, and then before you know it, you will be enjoying all the perks and peace of mind of quality home insurance.

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Contact us

At Sherwood Park 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 Sherwood Park home insurance

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