Home Insurance For New Homeowners In Alberta
Hail, sewer backup and overland flood: what to ask about before you get the keys.
Your lender will want proof of home insurance before closing, so it's worth shopping a few weeks ahead.
A typical policy covers the building, your belongings, and liability if someone gets hurt on your property. Condo owners usually need a condo unit policy to cover the inside of their unit and their stuff, since the condo corporation insures the building.
In Central Alberta, ask specifically about hail. Hail is one of the costliest weather risks in the province, and deductibles for it can differ from your regular one.
Sewer backup and overland flood are often add-ons, not standard. If the home has a finished basement, those are worth a close look.
Older homes can be harder to insure if they have things like knob-and-tube wiring or old plumbing. Ask your insurer before you remove conditions on an offer.
Inspired by Home Insurance for New Homeowners: A Practical Guide on REALTOR.ca's Living Room blog. Further reading there.
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