Most people do not put too much thought into their homeowner’s insurance coverage after they buy it, that is, until they need it. If your homeowner’s policy is limited as to what types of calamities it will cover, you may be inadequately covered when it comes to the extreme weather of Calgary, Alberta.
The Importance of Home Insurance in Calgary
According to an article in The Globe and Mail, Alberta sees more insurance claims, but that is due to the extreme weather conditions this area is prone to. The Insurance Bureau of Canada said that 62 percent of losses reported were due to natural disasters and in 2012, those claims totalled more than $730 million. These disasters were not always dire emergencies, but often included:
- Heavy rain
Verify You Are Adequately Covered
There is no need to panic though. As long as you examine your homeowner’s insurance, you can be better prepared in case disaster strikes. Some things you will want to make sure you have coverage for include:
- Flood – Standard homeowner’s insurance does not cover flooding when it is due to natural disaster. Your policy may cover if an appliance or pipe floods the house, but not rain. While it will cost a little more annually, if you live in an area prone to flooding, the extra premium is worth the investment.
- Wind – Wind can cause significant damage and is generally covered as part of your standard policy. However, there are some exceptions, so you will want to see how much coverage you have for extreme wind. For example, will your insurance cover the cost to repair a fence or replace a broken window due to wind damage?
- Simultaneous Events – There are times when two separate events can happen at once. For example, an earthquake strikes and causes pipes to burst, which in turn flood your basement. While you were covered for flooding from broken pipes, your policy does not cover earthquake damage; therefore, all of the damage may not be covered.
- Total Rebuild – In addition to the costs to repair damage from natural disasters, you will also want to check if you are covered for the total cost to rebuild your home. Review how much you are covered for and verify that the coverage amount would cover a total rebuild if necessary.
To make sure you have the right coverage, verify that your home insurance in Calgary, Medicine Hat and Brooks are ready for the next natural disaster. The team at TSG Insurance is here to help by providing competitive home insurance quotes and making sure our clients have the right coverage. Contact us online with your questions or call us toll-free at 800-830-9423.