Spring usually signals the beginning of real estate high season. According to Time magazine, the best time to sell a home in the spring. After the long winter months, buyers with a tax refund check in the bank may be more motivated to pay full price (or almost). In Calgary, resale-housing prices are rising despite the higher levels of inventory, the city has seen in many years. In Airdrie, houses are still on average $ 397,867 in Cochrane are $ 445, 033 and Fort McMurray average house costs a whopping $ 707, 216. Despite being known for the purchase price a house, oil prices decline and a slight change in the cost of buying a home, have a lot of demand on home insurance.
Availability, affordability and sustainability are all areas of concern for insurance companies in Canada. In recent years, Alberta has seen a huge increase in natural disasters cost millions in recovery. Now for home insurance is available and sustainable from the perspective of the company, the insurance companies are raising premiums. This is directly related to the rising costs of disasters across the country. They also started limiting guarantees regarding water, wind and hail to ensure they remain viable on the market
Examples of disasters that affect the steps:.
- 2013 Alberta floods: + $ 6 billion ($ 1.7 billion insured)
- 2012 Calgary hail, wind storms: $ 552 million
- 2011 Slave Lake fire: $ 700 million
- 2010 Calgary hailstorm: $ 400 million
- 05 Alberta floods: $ 400 million
- 1998 Que.-Ont. -NOT. B. Ice Storm: $ 5.4 billion
- 1997 Man. flood: $ 3.5 billion
If you're like most Canadians, your insurance company will probably raise your premiums and you shop for the best coverage at the best price. Examples of what you can expect this year for insurance
• Average increase 20% on homes without claims
• Home with multiple claims to increase premiums 55% - 60%
Keep in mind that this is not just a bad year that affects the change in premiums or coverage.
changes offers for personal lines are similar to commercial insurance, in that the formulations are changed, deductibles are high, they are limiting the covers and in some cases no coverage available depending on where the house and / or the risk is situated regardless of mitigating the insured prepared. (Ex. Installing sump pumps and back water valves.)
A quick Google search can be misleading, so to ensure you get the best coverage at the best price, talk to your insurance broker and discuss your options.
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