Saskatchewan Home Insurance Broker
Everything You Need to Know About Saskatchewan Home Insurance
Saskatchewan is known in Canada for being a hub for vibrant arts and culture, with scenic provincial parks. It was also heralded as the birthplace of Medicare. If you’ve chosen to call Saskatchewan home, then you will need an insurance policy to protect your home and its contents.
Your home is your shelter, as it is a long-term investment. Many risks await that may disturb your peace and make a hole in your pocket. You have the structure, the property, and personal belongings to protect. And while you can’t prevent accidents, you can protect yourself from damage and replacement costs with good home insurance. That’s where Sharp Insurance enters the chat.
Sharp Insurance is an insurance brokerage that provides different types of property insurance for all Saskatchewan homeowners and renters. That includes house insurance, condo insurance, and tenant insurance. We’re partnered with some of the top insurance companies in Canada to bring you the best price and protection for your home. Get a free personalized home insurance quote with Sharp Insurance today.
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Why Choose Sharp Insurance for Saskatchewan house insurance?
Choosing to work with Sharp Insurance, one of Canada’s fastest-growing insurance brokerages, is a smart idea if you want exceptional customer service and someone to work on your behalf. With a tech-driven approach to insurance, we prioritize the client by making insurance more accessible through innovative tools, like our online portal and app. Secure your home with a reliable policy today.
We’re independent.
While we have partnerships with some of the top insurance companies in Canada, we work for you first.
We’re competitive.
Thanks to our many connections, we can acquire the best SK home insurance quotes from the most highly-rated insurers on your behalf.
We’re experts.
With in-depth industry knowledge, our highly trained brokers can give you the best advice for your well-deserved peace of mind.
We’re digital.
A digital-forward approach allows us to improve access to your house insurance policy documents.
What Does Saskatchewan Home Insurance Cover?
Homeowners insurance is an umbrella term to encompass the following: tenant insurance, condo insurance and more. However, home insurance is different than tenant and condo insurance in that it also protects your physical dwelling — not just your liability and contents.
12 common insured perils you’ll find in a standard SK home insurance policy:
- Lightning
- Wind
- Hail
- Fire
- Smoke
- Vandalism, theft, riot and other malicious acts
- Explosion
- Electrical current
- Falling object
- Weight of snow (roof collapse)
- Impact of car or plane
- Water damage (depends on your policy)
Ask a Sharp Insurance broker to walk you through your various home insurance coverage options. Our brokers explain your insurance policy details, so you’re never unclear about how you and your contents are covered.
Get a QuoteTypes of Saskatchewan Home Insurance Coverage
Basic Coverage
This type of home insurance, known as named perils, only covers the contents of your home against specific risks that you list in your policy. It’s the cheapest home insurance type but offers less protection than other types.
Broad Coverage
Offering more than basic coverage, broad coverage protects your property and its contents against all the risks you list. It’s more costly than basic coverage.
Comprehensive Coverage
The most expensive coverage with the most protection, comprehensive coverage protects your home’s structure, property, and contents against all perils except the ones you list to exclude.
No-Frills
This special type of insurance coverage is for homes at high risk that insurance companies won’t insure them under normal circumstances. It’s temporary coverage that helps in some cases, like if the mortgage lender requires home insurance for your home.
What Does A Standard Saskatchewan Home Insurance Policy Cover?
Dwelling coverage
This covers the building structure of your house. If your home gets damaged because of a covered loss, like fire, vandalism, or severe weather, your home insurance pays to repair the damage. If your home is completely destroyed, you might get compensated for the full value or rebuilding it depending on your home insurance policy, known as replacement cost. Ask your insurance company if they cover other structures in your property, like a garage, fence, or guest house.
Contents coverage
Your furniture and personal belongings also get covered under a standard home insurance policy. If your items get lost or stolen and you make a home insurance claim, you will get reimbursed for their value. Some valuable items might need additional coverage, so assess the value of your items and ask your insurer about their coverage.
Liability coverage
If someone files a lawsuit against you for any of these reasons, you may file home insurance claims to cover the legal and/or medical costs:
- Someone got injured inside your property.
- You or a minor under your care (12 years old or younger) injure someone.
- You or a minor under your care (12 years old or younger) damage someone else’s property.
Additional living expenses coverage
This house insurance coverage pays for accommodation, groceries, and travel expenses if you have to leave your house because of a major covered loss or damage that leaves it uninhabitable.
What Does Saskatchewan Home Insurance Not Cover?
Damage that takes time to happen and can be prevented. For example, mould and pest infestations are two types of perils that house insurance companies don’t provide coverage for.
Intentional acts of damage. If you damage your home or injure someone on purpose, you don’t get compensated. Attempts to file a claim in that case might result in an insurance fraud lawsuit filed against you.
What Are the Most Common Saskatchewan Home Insurance Endorsements?
Standard home insurance may not cover everything you need it to, which is why it’s essential to know what coverage options you can add to your policy. Add-ons, also known as endorsements, can offer more complete coverage that extends beyond your standard home insurance policy in Saskatchewan. Ask a broker about the add-ons below.
Common endorsements for a home insurance policy:
Sewer backup
Beyond basic water damage coverage on a standard home insurance, this endorsement covers water damage from septic system seepage, backup or issues in the municipal sewer system causing backup and water damage to your home.
Overland water damage
Overland water damage covers flooding due to rainwater entering through your basement floors, rain accumulation, accidental dam break, overflow from lakes and rivers and more.
Earthquake and landslides
Earthquakes and landslides are not common in the prairies, but their effects can be devastating. This endorsement covers damages resulting from earth movements.
Home-based business insurance
This is for homeowners who run a business inside their property. It protects against commercial-related risks, like if your inventory gets damaged. You can add this as an endorsement or get a separate business insurance policy.
Umbrella Insurance
Often sold separately, this insurance covers you if your limits have been exhausted. For example, if the damage done costs more than your insurance covers, this add-on pays for the difference. It covers:
- Injuries
- Damage to property
- Certain lawsuits
- Personal liability situations
Identity theft insurance
If someone steals your identity, it gets costly to try to recover. You may have to pay for legal costs and new official documents. Additionally, you might have to suffer financially if you lose your job. Identity theft insurance reimburses you for all these costs, including lost wages.
Extended contents insurance
Expensive items, like collectibles, fine art pieces, and jewelry, can get limited coverage if any. This endorsement allows you to set the limit that provides adequate protection for these items.
Do you Need Home Insurance in Saskatchewan?
Saskatchewan has a government insurance program (SGI) for mandatory auto insurance, but home insurance isn’t regulated the same way. While it isn’t mandatory, purchasing home insurance can go a long way toward preserving your financial security. Often, your lender will ask that you purchase home insurance to protect their investment while you’re paying off your home.
Home insurance is a small price to pay compared to the potential losses you could have if you went without and had a loss. No one wants to spend their disposable income on rebuilding their home. Comprehensive insurance prevents you from suffering devastating financial setbacks.
Top 3 Reasons to Purchase Home Insurance in Saskatchewan
- Your bank or financial institution requires you to carry coverage.
- You don’t want to pay out-of-pocket to restore your home and its contents.
- If someone sues you or a third party’s property is damaged, you won’t have to pay for legal bills or settlement costs.
The Cost of Home Insurance in Saskatchewan
On average, you can expect to pay $1,100 per year, or about $90 per month for home insurance in Saskatchewan. Each individual gets different home insurance quotes, depending on their personal circumstances and other factors.
Here are some variables that may impact your home insurance rate in Saskatchewan:
- Your insurance and claims history
- Your credit rating
- Your home’s construction (materials and type)
- The size of your home
- How much it would cost to rebuild your home
- If you have a pool, trampoline or other risk
- If you have security or loss mitigation devices installed (e.g., burglar alarms, sump pumps)
- If you rent out a room or suite in your home
- Proximity to the nearest fire station and fire hydrant
- The claim and crime rate in your area
- The frequency and severity of natural disasters
- How close you are to risks like rivers
- Which discounts you’re eligible for
- Your policy options: loss settlement, policy limits, deductible and coverages
In essence, this means you could have two homes side-by-side that have entirely different home insurance premiums.
How to Get Cheaper Home Insurance Rates in Saskatchewan
These are some of our tips to get lower home insurance premiums and save money.
- Bundle your home insurance policy with another policy, like auto insurance or life insurance, for example.
- Maintain a good credit score.
- Avoid making an insurance claim for small damages.
- Upgrade your heating, electricity, and plumbing systems if they’re old.
- Install security systems, like a burglar and fire alarm.
- If possible, get a house in an area with low crime rates.
- Increase your deductible if you can pay it out of pocket at any point.
- Ask your insurer for discounts, like loyalty discounts or non-smoking discounts, to see if you’re eligible.
Choosing the Right Home Insurance in Saskatchewan
From your home to your commercial business, we offer competitive prices and coverage options to help you narrow down what you need. For many people, finding insurance can feel like a drag. We’re revolutionizing the insurance experience. We’ve innovated insurance in a way that makes it more accessible and more understandable, so our customers can get back to doing what they love.
Sharp Insurance is constantly evolving in how it addresses the needs of its clients. Give us a call or get a free Saskatchewan home insurance quote by clicking the button below.
FAQs: Home Insurance in Saskatchewan
On average, you can expect to pay $1,100 per year, or about $90 per month for home insurance in Saskatchewan. This is just an estimated average and the real price might differ entirely based on many factors.
Unlike auto insurance, some factors aren’t considered when calculating home insurance rates. For example, age and gender aren’t factors home insurance companies look at.
If you want to make a home insurance claim, follow these steps:
1) Create a list of damaged or stolen items.
2) Call your insurance company as soon as possible and ask about what you’re entitled to. If you can’t live in your home for some time, you may be entitled to hotel and food expenses.
3) A claims adjuster will contact you to fill out a proof of loss form.
4) The insurance company will review all the documents and settle the claim.