Home Insurance in Medicine Hat
Over 65% of homeowners in Medicine Hat live in single-detached homes, with over half of the households having two or more people. A home is not only a large investment, it also holds sentimental value as a place you spend time and make memories. We can help you protect your home in Medicine Hat with home insurance that fits your needs and budget. Whether you own a townhouse, a family home, or an acreage, we can help protect your property. Get a Medicine Hat home insurance quote today or read on to learn more about this type of protection.
The Basics of Home Insurance in Medicine Hat
Home insurance can be confusing but we’re here to help you understand it. Our experienced Medicine Hat home insurance brokers can answer your questions as well as give you advice. Give us a call if you’d like help right away or don’t find your question on this page.
What is home insurance?
At a basic level, home insurance helps reduce the financial burden of an unexpected, major disaster. You pay an annual or monthly premium in exchange for your home being repaired or rebuilt or your property being replaced after an insured peril damages or destroys them.
Is home insurance required in Medicine Hat?
Home insurance is not required in Medicine Hat by any law or bylaw. However, if you have mortgaged your home, your bank or lender will likely require you to have home insurance. This helps them protect their loan.
What’s covered by home insurance in Medicine Hat?
Exactly what’s covered by a home insurance policy in Medicine Hat will depend on your insurance company as well as your individual coverage options. However, there are generally three main areas of coverage:
Property Coverage
If your home or its contents are damaged or destroyed by an insured peril, your home insurance will help repair or replace them.
Additional Living Expenses
If you are forced to evacuate your home due to a mandatory order or after damage from an insured peril, this coverage will help with additional living expenses due to the changes in accommodation, transportation, and food.
Personal Liability Protection
If someone is hurt or has their property damaged while at your home or due to your unintentional actions, this coverage will help cover legal expenses if you’re sued.
Common insured perils under home insurance in Medicine Hat include:
- Fire
- Smoke
- Explosion
- Lightning
- Wind
- Hail
- Impact by object, vehicle, or aircraft
- Theft
- Vandalism
- … and more!
Coverage for sewer backup and overland water (commonly known as flood) is often an add-on coverage. This is known as an endorsement in insurance language. However, these endorsements are not always available for all homes or offered by all insurance companies.
It’s important to read your policy documents and talk to your insurance broker to understand what’s covered by your home insurance in Medicine Hat.
What isn’t covered by home insurance in Medicine Hat?
Unfortunately, home insurance doesn’t cover everything. Here are common exclusions to home insurance in Medicine Hat:
- Wear and tear
- Slow seepage or leaks
- Mould, rot and rust
- Damage caused by insects, rodents and other vermin
- Nuclear accident
- War or terrorism
- Intentional damage by someone in the household
- Damage that occurs when you’ve left your home vacant and you haven’t informed your insurer
Also, if you do not have sewer backup or overland water coverage, you will not be covered for damage caused by sewer backups or overland water (floods).
Remember, every home insurance policy in Medicine Hat is different. Read your policy documents as they’ll specifically outline exclusions!
Common Home Insurance Add-Ons in Medicine Hat
There are a few common add-ons (or endorsements) available for home insurance policies in Medicine Hat:
Home-Based Business
Covers general liability and property related to your home-based business.
Sewer Backup
Covers damage caused by a sewer backup (water or sewage that comes up through drains, sump pumps, or bathroom fixtures in your home).
Overland Water
Covers damage caused by overland water, which is often defined as rapid accumulation of rainwater or meltwater or the overflow of a fresh body of water like a river.
Service Line
Covers the repair or replacement of service lines from the side of your home to your property line. This can include water, sewer, communication lines and more.
Work with one of our home insurance brokers in Medicine Hat to determine your insurance needs. We can advise you on what coverage you should have.
The Cost of Home Insurance in Medicine Hat
The cost of home insurance in Medicine Hat varies widely depending on many factors.
What affects home insurance rates in Medicine Hat?
The following factors can affect home insurance rates in Medicine Hat:
- Your demographics
- Your insurance history
- Your credit rating
- Your neighbourhood’s crime rate
- Your neighbourhood’s claim rate
- Proximity to the nearest fire hydrant and fire station
- Age, size and type of home
- Building material of the home
- The age and type of roofing
- The age and type of heating, plumbing, and electrical systems
- The presence of risks like a river, pool or trampoline
- Mitigation devices such as burglar alarms and sump pumps
- Discounts
- Insurance options including coverage, policy limits, and deductible
Every insurance company in Medicine Hat calculates their rates differently, which is why we get home insurance quotes from a variety of insurers. You’ll get the best price for the coverage you need!
Tips on How to Get Lower Home Insurance Rates in Medicine Hat
Here are some tips on how to get lower home insurance rates in Medicine Hat:
- Bundle your insurance with a single insurer to get discounts.
- Install mitigation devices like security alarms, sump pumps, water alarms, fire suppression systems, or backup valves.
- Choose a higher deductible.
- Invest in improvements that make your home more resilient to damage
- Stay with the same insurer
- Quit smoking – you’ll pay higher rates if you smoke
- Improve your credit
- Work with an insurance broker to find the best rates
- Re-evaluate your insurance annually with a broker
Who has the cheapest home insurance in Medicine Hat?
The cheapest home insurance in Medicine Hat will depend on many factors. That’s one reason why it’s important to get quotes from different insurance companies – there’s no one insurer that is the cheapest.
It’s also important to remember the cheapest does not always mean best. You want the right coverage at the best price. That’s where a home insurance broker in Medicine Hat can help.
Medicine Hat Home Insurance Claims
You may need to make a claim on your home insurance in Medicine Hat. Your broker is here to help you and advocate on your behalf to the insurer – don’t hesitate to reach out to us for guidance.
How to Submit a Home Insurance Claim in Medicine Hat
There are three common ways to submit a home insurance claim:
- Contact your broker online or by phone or email
- Call your insurance company directly
- Submit a claim online to your insurer directly
The website or person who answers the phone should provide guidance on the claims process and what you need to do next.
Frequently Asked Questions About Home Insurance in Medicine Hat
Yes, home insurance generally covers wind damage in Medicine Hat.
Yes, hail damage is generally covered by home insurance in Medicine Hat. Some insurers offer hail protection as add-on coverage only.
You should talk to your broker if you work from home as not everything may be covered by your home insurance. For example, if you are a business owner, you wouldn’t be covered by your home insurance unless you have a home-based business endorsement added on to your policy.
Yes, sheds, decks, garages, and fences are generally covered by home insurance in Medicine Hat. Make sure you tell your insurance company that you have these detached structures!
If you cannot afford to repair or replace your home if it suffers damage, you should have home insurance in Medicine Hat. You may also be required to have insurance by a mortgage lender.
You should have home insurance in Medicine Hat if you’re required to by a mortgage lender or if you could not afford to rebuild your home if it is damaged. Your home insurance also provides personal liability protection and additional living expenses if you’re forced from your home due to an insured claim or a mandatory evacuation order.
The deductible is what you pay out of pocket for an insurance claim. Deductibles can range from $500 to $2000 or more. The lower the deductible, the higher your home insurance premiums.