Red Deer Home Insurance Broker
Home Insurance for Red Deer Residents
Red Deer is a great city to live in. Whether your home is situated on multiple acres of farmland, a new build, or in the downtown core, you need to get sufficient coverage for your home and its contents. The city faces many risks that can put your investment on the line, including harsh weather, natural disasters, and more. These can cause substantial damage that is expensive to repair or lost items that are financially hard to replace. With good home insurance coverage, you can put your mind at ease. Your insurance company will reimburse you and protect you financially.
Sharp Insurance is a red deer home insurance brokerage that connects you with the top insurance companies in Canada. Get excellent customer service and consultancy from Red Deer insurance Brokers.
Sharp Insurance will help you find you a home insurance policy that works for your wallet and your situation. Our experienced Red Deer home insurance brokers work on your behalf to save you time and money.
Get a QuoteWhy Choose Sharp Insurance for Home Insurance in Red deer ?
Sharp Insurance is a tech-forward, client-driven insurance brokerage based in Calgary, Alberta. It’s fast and simple to get a home insurance quote in Alberta, which gives you immediate access to our network of insurers.
Sharp is one of Canada’s fastest-growing insurance brokers, with satisfied clients all over the country. Thanks to our tech-driven approach to serving clients, we can acquire insurance coverage they need.
Top 4 reasons Red Deer homeowners choose Sharp:
We’re independent.
Although we partner with numerous red deer home insurance companies, our priority is you.
We’re competitive.
Our network includes many high-rated insurers, so we can get you the best Red Deer home insurance coverage.
We’re experts.
Our brokers just don’t dabble in insurance – they’ve got decades of experience. We answer your questions, assist with claims and ensure your coverage is the right fit for you and your needs.
We’re digital.
Digital tools allow us to make insurance simpler. We leverage digital tools, like our online portal and app, to help improve your experience.
What Are the Types of Red Deer Home Insurance Coverage?
There are different levels of home insurance coverage: basic, broad, comprehensive coverage. Basic is the first level of insurance protection and comprehensive offers the maximum amount of coverage.
- Basic Coverage – Named Perils: This covers the belongings you name only. For example, if you don’t include your electronics, they don’t get covered in case of an accident. It’s the cheapest type of home insurance, but it offers the least coverage.
- Broad Coverage: This covers your home’s structure in addition to any perils you name. It offers more protection than basic coverage and costs more.
- Comprehensive Coverage: This is the most protective and most expensive coverage type. It covers all types of perils except for the ones you specifically exclude.
- No Frills: This type of insurance is a temporary solution for homes that can’t be insured under standard home insurance. It’s ideal if the mortgage lender requires home insurance but insurance companies refuse to insure the house because it’s too old or too damaged.
What’s Covered Under a Home Insurance Policy in Red Deer?
There is a difference between home insurance and tenant’s insurance in Red Deer. Home and tenant insurance both cover your liability and your contents, but home insurance also extends to the physical dwelling or your building structure itself.
A home insurance policy can be a basic insurance policy or a comprehensive policy that covers valuables and add-ons including sewer backup and overland water coverage.
A Red Deer home insurance policy will cover:
- Personal property
This type of coverage includes financial protection for your personal belongings after an incurred loss, including theft, fire and floods. If you have expensive items (e.g., jewellery, collectibles, art pieces) you may want to carry a special content limit policy to account for the extra cost of your belongings.
- Dwelling insurance
Coverage for the physical structure of your home, including the roof and sidings. It also covers structures that are attached to your home, such as a garage or fence.
- Personal liability
This includes both bodily injury and property damage. Bodily injury coverage pays for the medical and legal expenses if someone is injured by your property or by you or your child (under 12 years old). Property damage covers the legal and repair costs if you damage someone else’s property.
- Additional living expenses
If you need to relocate to live in a hotel or a rental unit, this coverage pays for living expenses, including food, accommodation and travel — depending on your insurance policy details.
- Detached structures
Detached structures that are covered may include sheds or other structures that are on your property but not attached to your home. Check with our insurer for the details of this coverage.
What is Not Covered Under a Home Insurance Policy in Red Deer?
- Intentional acts: Any intentional acts of damage or injury to others aren’t covered under your home insurance policy. Attempts to file claims in case of intentional acts might result in the insurance company filing a suit against claiming insurance fraud.
- Mould: Mould isn’t sudden, it builds over time before it causes substantial damage. That’s why insurance companies don’t cover mould; they see it as an act of negligence. If you have mould, call a home maintenance service to get it removed right away.
- Pests: Similarly, pests, like rodents and insects, take time to infest in your home and cause damage. If your home is starting to get infested, call an exterminator. Your house insurance will not cover damage caused by pests.
Is Home Insurance Mandatory in Red Deer?
While home insurance in Red Deer is not mandatory, it’s highly recommended by insurers. An insurance policy will also be requested by your financial institution or mortgage lender if you’re borrowing money to buy your home. Moreover, home insurance protects your home and its contents against many types of dangers that are very costly to fix.
Request a home insurance quote today. Sharp Insurance will help you find the perfect home insurance plan from the best home insurance companies.
How Much Does Home Insurance Cost in Red Deer?
Home insurance costs more than the provincial average Alberta home insurance rate. For example, the average monthly home insurance rate in Red Deer is $340, while Home insurance in Edmonton has an average of $239 per month.
The price of house insurance in Red Deer isn’t fixed. Two Red Deer residents will get completely different insurance rates from the same home insurance provider. Many factors go into play when calculating home insurance premiums that affect the price.
What Affects your Red Deer Home Insurance Rate?
Many different factors affect home insurance rates, including:
- Your coverage limits: The more coverage options you have, the more protection you get. However, it comes at a price. Each coverage you add increases your home insurance premiums.
- Deductibles: A deductible is the amount you pay out of your pocket when you make a claim. A higher claim means a lower deductible and vice versa.
- House value and property type: An expensive large house is costly to repair and replace. In comparison, a smaller mid-range home will cost significantly less.
- Location: Every insurance company considers location as a factor. Things like crime rate, claims state, and weather conditions affect the insurance rate.
- Credit score (you may need to opt-in for this to be a factor): A high credit score might get you a significant, while a low score might increase the insurance rate.
- Insurance history and past claims: Your insurance history is an important factor. Home insurance companies are aware that making previous claims increases the likelihood of making future claims.
- Condition of the home: An old home poses a lot of risks because of its outdated systems. So, an old home might be more expensive to insure.
How to Get Cheaper Home Insurance in Red Deer?
- Bundle insurance policies: Bundling auto insurance and home insurance under the same insurance provider gets you a discount.
- Review home insurance coverage: Update your content coverage. You might find that you’re paying too much coverage you don’t need. Make an inventory check and contact your insurance broker to make any updates necessary.
- Ask about discounts: You might find yourself eligible for discounts on your insurance policy, like a retiree discount or a no-claims discount. All you have to do is to ask your Home insurance broker about available discounts.
- Upgrade your home: If you live in an old house, you might have outdated systems, like electrical wiring, heating systems, or plumbing systems. These put you at a greater risk of a covered loss or claim, like fire or water damage. Upgrade these systems to potentially lower your insurance premium.
- Increase deductible: The more deductible amount you pay, the less monthly premium you owe to the insurance company. Increase your deductible amount if you can afford to pay it out of pocket at any point.
- Upgrade home security system: Your security system protects your home from theft and vandalism. Consider installing or upgrading it to get a lower premium. For example, you can get a CCTV camera or smart door locks.
- Install a backwater valve: A backwater valve will prevent water from flooding your basement in case of a flood or seasonal snow thaw. So, having it installed may lower your premium. Bear in mind that extreme weather conditions are very common in Red Deer.
- Maintain a good credit score: Remember that many companies factor in your credit score when calculating the premium rate. Paying your due credit on time and not exceeding your credit limits are some of the ways to lower your premium.
Common Red Deer Homeowner’s Insurance Endorsements
An endorsement, also known as a rider, means adding or supplementing coverage to an existing home insurance policy. Some of the most common items our Red Deer clients add coverage for include expensive jewellery, fine art collections, cameras and sports equipment. While there’s some coverage for most of these categories in a general policy, the limits are typically low.
Common Add-Ons for your Home Insurance Policy:
Flood insurance/overland water
Did you know that most kinds of water damage are not covered by your standard home insurance? Basement flooding is by far the most common type of flooding in many homes.
The June 2013 flooding in Alberta was estimated at over $7 billion in damages. Whether it’s wind and rain, excessive snow and snow melting, or rising river levels, flooding is a real concern.
Recognizing the need for home insurance options to protect Red Deer properties from overland flood damage, the insurance industry answered with a water protection endorsement. Call us to ask for more information.
Sewer backup coverage
Most home insurance policies don’t include coverage if your property is damaged from sewage backs up in your home. This endorsement will cover you if your sewer backs up due to an issue in your home, neighbourhood or because of a municipal storm system issue.
What types of risks do homeowners face in Red Deer?
Flooding
Floods are very common in the province of Alberta. Each year, floods happen all over the cities, costing millions of dollars in home insurance claims. Costs cover flood damage repair, replacement cost, and temporary displacement cost. Your home insurance policy in Red Deer must include flood coverage and temporary displacement coverage. If you’re not sure if your policy includes flooding, contact your insurance broker or company.
Wildfires
Wildfires are another common risk in Alberta. Not only does the fire damage properties, but its smoke can also damage furniture, walls, and windows. These are expensive to repair or replace. Most home insurance policies include wildfire coverage but we recommend double-checking with your insurer.
Storms
Tornadoes, windstorms and damaging hailstorms are all common in Red Deer. They can cause substantial damage that is very costly, as they can damage a home’s structure. Make sure you’re covered against storm damage.
Harsh Winters
Extreme weather conditions are a part of the Alberta winter. They include strong winds and snowfall. These can cause burst pipes, as well as water damage from thawing ice. Preparing your home for winter is crucial in Red Deer to reduce damage or loss. And getting home insurance protects you in case of the inevitable.
Find the Best Home Insurance Rate in Red Deer
Thanks to our tech-first approach, Sharp Insurance has successfully helped many Red Deer residents find comprehensive home insurance policies that satisfy their risk management needs and lets them enjoy their home.
Keep your home secure and enjoy the good life with a solid and secure Red Deer home insurance policy. Give us a call or get a quote today.
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Home Insurance Red Deer FAQs
We can help you get the best home insurance in Red Deer. All you have to do is contact us or fill the online form to get a quote.
The average monthly home insurance rate in Red Deer is around $340. The rate highly differs between individuals based on factors, like location, claims history, coverage limits, and more.
No, home insurance isn’t mandatory by law. However, we recommend having home insurance to protect your home and belongings. Also, if you take a loan to pay for your home, mortgage lenders might require you carry home insurance coverage.