5 Insurance Mistakes Calgary Homeowners Make
1. Only Relying on Bank Mortgage Insurance
Bank mortgage insurance pays the bank, not your family. The coverage decreases as your mortgage shrinks, but your premiums often stay the same. A personal term life policy is usually cheaper and gives your family full control of the funds.
2. Underinsuring Your Home's Replacement Cost
Calgary's construction costs have risen significantly. Many homeowners are insured for the home's market value, not what it would actually cost to rebuild. Review your coverage limit annually with your advisor.
3. Skipping Sewer Backup Coverage
Calgary has experienced significant flooding events. Standard home insurance doesn't always include sewer backup or overland water coverage. This add-on is relatively inexpensive and can save you hundreds of thousands.
4. Not Bundling Home and Auto
Bundling your home and auto insurance with the same carrier typically saves 10–15% on both policies. It also simplifies claims when everything is with one provider.
5. Never Reviewing Your Policy
Life changes — renovations, new valuables, home-based businesses, rental properties. Your insurance should change with you. An annual review ensures you're never overpaying or underprotected.
Want a free review of your current coverage? Book a consultation and I'll help you find any gaps.