What Damages Does My Home Insurance Cover?
Alberta homeowners and business owners have felt the impact of natural disasters. In the past few years, Albertans have experienced huge losses through events such as the 2016 Fort McMurray wildfires, 2013 flooding in Southern Alberta, and 2012 hailstorm in Calgary. Millennium Insurance has helped hundreds of individuals and businesses recover with sound insurance coverage and 24/7 claims reporting. If comparison shopping for your insurance policy makes your head spin, talk to your Millennium Insurance representative. We can help design a custom insurance package that provides you peace of mind in an uncertain world.
Home insurance is made up of coverages that will help you repair or replace your property and belongings if they are damaged or destroyed under catastrophic circumstances. If you compare policies and quotes for home insurance in Calgary, for instance, or wherever you live in Alberta, you will see that most home insurance comes with general coverages; you should talk to your insurance broker about how your policy can be personalized to your needs and your budget, by purchasing additional coverage for greater protection, increasing or reducing the deductible, or by taking steps to secure your home.
Typical Coverage for Home Insurance in Calgary, Edmonton & Beyond
Home insurance policies are designed to protect your property against certain perils and losses, such as damage from fires, theft and injuries to your guests. Is this sufficient? Such a policy for home insurance in Calgary, Edmonton and other Alberta locations may be just the beginning. It covers:
- Your home – Home or dwelling protection is a basic home insurance coverage that covers the structure in which you live as well as structures attached to it, such as a garage.
- Other structures – Most home insurance in Edmonton, Calgary and other Alberta locations also includes coverage for other structures on your property that are separate from your home, such as detached garages, sheds or fences.
- Your belongings – Most home insurance policies don’t just cover the structure of your home; they also cover the personal belongings you keep inside it such as furniture, clothing and electronics.
- Liability – Typical home insurance also entails liability protection. This feature can help pay for legal or medical expenses as the result of someone not living in your home injuring himself on your property. Liability can also cover costs for repairing damage you accidentally cause to someone else’s property.
Alberta homeowners may want to look at additional coverage for flooding if they live in a floodplain; if you have felt some tremors in your community due to industrial activity (such as fracking), you might want to consider getting earthquake insurance as well. The CBC warned in 2016 that earthquakes caused by industrial activity in Alberta could become more frequent and more severe, and that these quakes could cause serious property damage.
Deductibles & Limits for Your Home Insurance
When you report an insurance claim for the theft of a belonging or for damage to your home, the amount you pay is called the deductible. You can choose the amount for your insurance deductible based on how much you’re prepared to pay in the case of a loss. Usually, you’ll have to pay your deductible before your insurance benefits start covering the loss.
All home insurance plans also have a limit, which is the maximum amount your policy will pay toward a covered loss. The limit generally starts with your dwelling coverage, with limits for other coverages in your policy calculated as percentages of your dwelling limit. You can adjust your coverage limits based on the value of your home and belongings as well as the potential cost to repair or replace them if they are damaged or destroyed in a covered loss.
New Home Warranties Offer Alberta Homeowners Additional Protection
Millennium Insurance Corporation is one of 7 warranty providers who partner with builders to provide Government of Alberta mandated new home warranties in Calgary, Edmonton and other Alberta communities. We offer new home warranties that include at a minimum:
- 1 year of coverage on labour and materials
- 2 years of coverage against breakdowns in heating, electrical and plumbing systems
- 5 years of coverage for elements of the building envelope
- 10 years of coverage for the frame and foundation
A new home warranty provides new home owners protection from mistakes in construction and ensures that new homes are built to last.
Millennium Insurance Corporation, a member of the Wheaton Group of Alberta insurers, provides home insurance in Edmonton, Calgary and other areas throughout Alberta. Our policies are designed to be a safety net for when the unexpected happens at your home. Contact our experienced team to help you make the right decision about home insurance.