If you have been wanting to get a Cheap Home Insurance Calgary but don’t know how to go about it, you should start by understanding the key factors that influence your rates. There are a number of variables that determine your premium prices. However, there are some that affect your premiums more than others. Right from your claims history, your deductibles, your home security solutions to your age, many factors can affect your insurance prices. Let’s look at the 3 important factors you should consider to lower your rates:

1. Location
Where you’re located can highly influence your insurance rates. Location plays one of the major roles in determining your insurance premiums. The various factors that come into play include:

• Distance from a fire hydrant or a fire station – The closer your home is to a water source or a fire department, the faster the response time in case of a fire. This will lower the chances of a total loss and thus, your insurance company will charge you less.

• Neighbourhood History – If your neighbourhood has a history of frequent claims, including for break-ins, vandalism or a catastrophic weather event, you’ll have to pay more. Insurance companies use zip codes to determine your premium rates. Make sure you look for a home in a locality that’s relatively safer and has less weather-related problems.

• Surroundings – Is your home surrounded by woods, big trees or other items that can be hazardous and lead to a loss? If yes, you’ll have to pay more in premiums. When you look for a house, make sure to keep the surroundings as safe as possible to get better rates from your provider.

2. Home Characteristics
The characteristics of your home will determine what kind of coverage you need and how much insurance you’ll have to buy to rebuild or replace your home in case of a total loss. The factors involved include:

• Age – Older homes cost more to insure, especially if their roofs are older as they cost a lot more to replace. Always choose a newer home to cut down on your insurance costs. You’ll also save a lot on maintenance in the initial few years.

• Structure – The type of structure (wooden or brick) can also impact your rates. Brick homes are less susceptible to losses related to wind and hail and thus, cost less to insure.

• Size – The size of your home also plays an important role in determining your rates. Larger homes cost more to replace and thus, cost more to insure. Also, if you own a large garage, it will hold a higher value of contents and be more likely to be broken into. Always remember that higher risks = higher premiums. So to get a cheap home insurance Calgary, it is better to buy a smaller house if you don’t need the extra space.

3. Insurance History
Many homeowners don’t know that the more claims you file; the higher premiums you have to pay. Even if the loss was due to a weather-related activity, your claims can keep on increasing your premiums. When determining a loss history of a customer, insurance companies usually look at the loss severity and the loss frequency. If you tend to file smaller claims frequently, the insurance company will increase your rates for 2 reasons:

• You seem like a customer who will file more claims in the future (which costs additional money to the company)

• You are not capable to prevent smaller claims at your property

The best way to get better rates on your policy is to file minimum claims and only call your insurance company if it is a major loss that you cannot afford to pay by yourself.

Discuss your risks and coverage requirements with your broker and look at the best ways to get cheap home insurance Calgary, keeping in mind these important factors.

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