Nearest broker: Searching for a broker nearby…
Nearest broker: 2607 Ellwood Dr SW, Edmonton, AB, T6X 0P7 Phone: 780-732-8616 10060 Jasper Ave, Edmonton, AB, T5J 3R8 Phone: 780-435-3632 , Calgary, AB Phone: 403-532-4882 322 Avenue C S, Saskatoon, SK, S7M 1N4 Phone: 639-398-4170 10325 Bonaventure Dr SE, Calgary, AB, T2J 7E4 Phone: 403-695-1050 5317 50 Ave, Taber, AB, T1G 1V3 Phone: 403-223-2377 110a McLeod Ave, Spruce Grove, AB, T7X 2H8 Phone: 780-571-1144 496 Marquis Rd, Prince Albert, SK, S6V 8B3 Phone: 306-970-8080 335 Hwy Avenue N, Picture Butte, AB, T0K 1V0 Phone: 403-732-6023 103-5020 Lac St Anne Trail S, Onoway, AB, T0E 1V0 Phone: 780-967-2282 2201 Box Springs Blvd NW, Medicine Hat, AB, T1C 0C8 Phone: 403-487-5132 550 Wt Hill Blvd S, Lethbridge, AB, T1J 4Z8 Phone: 403-394-1123 734 13 St N, Lethbridge, AB, T1H 2T1 Phone: 403-328-9114 5 St SE, High River, AB Phone: 403-652-4104 9901 103 St, Fort Saskatchewan, AB, T8L 2C8 Phone: 780-998-0881 , Edson, AB, T7E 1T6 Phone: 780-440-0075 16612 109 Ave NW, Edmonton, AB, T5P 1C2 Phone: 780-486-4488 201-4271 23 Ave NW, Edmonton, AB, T6L 5Z8 Phone: 780-466-2136 3908 97 St NW, Edmonton, AB, T6E 6N2 Phone: 780-465-6900 8170 50 St NW, Edmonton, AB, T6B 1E6 Phone: 780-469-9378 52 Ave, Drayton Valley, AB Phone: 780-621-1707 264 Midpark Way SE, Calgary, AB, T2X 1J6 Phone: 403-251-2926 1331 Macleod Trail SE, Calgary, AB, T2G 0K3 Phone: 403-278-1050 1331 Macleod Trail SE, Calgary, AB, T2G 1E1 Phone: 403-255-2252 234-7 Westwinds Crescent NE, Calgary, AB, T3J 5H2 Phone: 403-775-2100 , Calgary, AB, T3K 0S8 Phone: 403-719-9995 4632 70 St NW, Calgary, AB, T3B 2K6 Phone: 403-247-6435 5114 2 St, Boyle, AB, T0A 0M0 Phone: 780-689-3946 50 Ave, Bonnyville, AB Phone: 780-826-3147 12931 20 Ave, , AB, T0K 0E0 Phone: 403-562-2191 2903 Kingsview Blvd SE, Airdrie, AB, T4A 0C4 Phone: 403-945-8885

Why are Alberta home insurance rates increasing?

Home Insurance

By Samantha Lemna | July 8, 2019

If you’ve received your home insurance renewal recently you may have noticed a price increase even if you haven’t made a claim in the past year. It’s understandably frustrating. That’s why we’re going to walk you through the reasons why your premiums may have increased and how to keep them as low as possible without sacrificing your coverage.

First we’ll identify the factors that impact individual home insurance premiums. Second we’ll go through the larger contributors to the rate increases. Finally we’ll review what you can do to keep your rates as low as possible.

What Affects Alberta Home Insurance Premiums

There are ten high-level individual factors that affect the cost of your home insurance:

  • Your claims and insurance history.
  • Your deductible and coverage options.
  • The value of your home and belongings.
  • The age of your home and roof.
  • The distance of your home from a fire hydrant and fire station.
  • Your home’s proximity to natural hazards such as rivers.
  • The crime and claim rates of your postal code.
  • The presence of high-risk items like pools on your property.
  • Changes to your home such as remodels or additions.
  • Natural disaster frequency.
  • Unfortunately Alberta has experienced a large number of natural disasters over the past few years. The 2013 floods and 2016 wildfires cost $14 billion in damages. The frequency and severity of natural disasters are a major factor in your home insurance premiums.

    Other Factors Impacting Alberta’s Home Insurance Rates

    There are several other influences impacting your rates as well as the individual factors noted above:

    • The cost of building materials
    • The cost of labour
    • The replacement value of items
    • Cost of providing additional living expenses
    • Insurance fraud

    All of the factors listed above have been increasing across Canada. Reconstruction costs have risen 4%  in 2018 alone. Let’s take a look at water-related claims as an example. Aging infrastructure and weather events have contributed to a 9% increase in this type of claim in 2018. Repairing the damage has also become more expensive thanks to increases in the costs of labour and materials.

    What can you do to keep your home insurance rates lower?

    Here are a few tips to help you keep your premiums as low as possible:

    • Pay your insurance on time
    • Stay insured – gaps in your insurance history means your rates will be higher
    • Don’t change insurers unless it’s truly worthwhile
    • Bundle your insurance with one company to save
    • Avoid submitting claims for minor damage or damage you can afford to fix yourself
    • Increase your deductible (this will lower your premium)
    • Reduce your exposure to risks by installing monitored security alarms water shutoff valves water sensors sump pumps backup generators and gas leak detectors. Some insurance companies offer discounts for these items too!
    • Be aware of insurance fraud and scams

    Finally one of the most important things you can do isreview your coverage with your insurance broker. You should do this at least once a year. They can help advise you on how to save money as well as get you the best coverage for the best price.

    Get A Quote From A-WIN

    Get the best insurance deals and stay on budget.

    Get A Quote

    Life Events - It's Time to Reassess Your Insurance

    Whether it’s heading off to university or deciding to start your own business,...

    Download

    Rogers Insurance and CapriCMW Merge to Become Acera Insurance.

    A-WIN Insurance, as part of the Rogers Insurance Group, is now Acera Insurance.

    As one unified company, we are now one of Canada's largest independent and employee-controlled brokerages.

    LEARN MORE