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Best Home Insurance Canada For First Time Home Buyers

Home Insurance

There are numerous insurers in Canada providing top of the line home insurance packages. For a first time home buyer in Calgary or any other Canadian city, it is quite a challenge to identify what type of home insurance cover is actually needed, who are the players in the market, and which package offers them the best deal.

Although expert guidance is available throughout the process, one has to dig deeper and look at all aspects of home insurance. The reason is that home insurance is not a one-time purchase. Once bought, a home insurance package will require renewal each year, with little or no modification to the cover.

In such a situation, it is best to begin early. The first step in the journey starts with finding a home. Most folks buy a home first and then purchase the home insurance, whereas the golden rule is to choose your home first, keeping in mind that you will also have to buy insurance for it. This is the ideal approach.
With this approach in mind, it is advisable to follow the below tips while buying your first home:

Ask yourself 5 important questions

Discuss with your partner and then answer as honestly as possible.

  • Why are we planning to buy a home?
  • Are we financially ready to take the plunge and bear the costs of owning and maintaining a home?
  • Do we jointly or individually qualify for a mortgage?
  • Do we plan to stay at this location for a few years, or for the rest of our lives?
  • Are we prepared for the responsibilities associated with homeownership, maintenance and repairs?

Getting answers to these questions will clear the air whether you are serious of buying a home, or not?

Compare your answers with advantages and disadvantages of owning a home

Sit with your partner and do a comparison.


– Value of your property will appreciate over time.
– You can rent out part of your home and earn rental income.
– You can renovate as per your needs.
– You get privacy, a sense of community and stability.


– You are involved in a long-term financial commitment.
– Upfront costs are big such as down payments, closing & legal costs, and annual property taxes.
– You spend time and money in maintaining your home.
– It binds you to a certain neighborhood.

Choose your home insurance cover and provider

If after doing a comparison, you arrive at a decision to buy a home, then it is worthwhile choose the best Home Insurance Canada cover. Always remember that home insurance isn’t a legal requirement in Canada, but with home insurance in place, your property and possessions are protected in the event of fire, natural disasters, and theft or vandalism. This is the reason almost every mortgage provider will ask you to show proof of insurance before lending you money.

House insurance

House insurance covers the entire structure of your home and your belongings (contents), including your building, swimming pool, or sheds in the backyard, front yard, subject to limitations of your policy.

Condo insurance

Condo insurance is for a condo or apartment, and covers the contents in your unit and renovations you have done such as new flooring or cabinetry. Common area is included in the policy.

Tenant insurance

Tenant insurance applies to rented property. The landlord buys insurance which covers the house or condo, and the tenant is responsible for their belongings (contents).

Home insurance is customizable

Always remember that home insurance is customizable. In order to get best home insurance Canada, the ideal approach is to first cover your basic risks. Once that is done, you should get check with your insurance broker for any additional add-ons such overland water protection for loss or damage arising from water that has entered your property from lakes and rivers.


By following the above approach, you can buy best home insurance Canada and have a peace of mind that your risks are covered.

For more information about Business Insurance Broker and Calgary Insurance Companies Please visit : Beneficial Insurance Solutions.

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Business Insurance for your home-based business in Alberta

Business Insurance

Entrepreneurship thrives in Alberta. In fact data from the Centre for Innovation Studies reveals that Albertans have the highest rate in the world for entrepreneurship; much higher than other Canadian provinces, the US and other western European countries.

A significant portion of the entrepreneurs comprises small business owners. These owners either have their own premises, or have taken it on rent, or operate from home.

If you operate your business from home, do you need an insurance cover?

Yes, if you are a home-based business, then you certainly need an insurance cover. That’s because the majority of homeowner’s or renter’s insurance policies do not cover business-related damages or losses.

Further, as each business is different from others, insurance needs of businesses are also different from each other. It may be the case that for your business, you may simply need a specialized policy, while another business owner may simply require a little extra coverage on his or her current home policy.

Either way, a business insurance broker in Calgary can easily guide you on the risks for which you will need coverage and the cost of the cover.

Some factors to consider while obtaining home-based business insurance cover:

Below are some points that you need to discuss with your business insurance broker in Calgary :

Basic features of a home-based business policy:

Every basic business insurance plan offers coverage for office equipment, inventory, business interruption, and liability for clients, third-party consultants, and employees. As this coverage varies from company to company, be sure to let your broker know the nature of your day-to-day operations, to ensure that they can help you find the most suitable cover.

Errors and omissions insurance:

This is an important cover for professionals such as accountants, lawyers, engineers, architects, who provide professional services from their homes and could end up creating a financial loss for their clients due to an error or omission.

Insurance for specialized equipment and tools:

While most standard business operating equipment such as computers and other hardware are covered in a home-based policy, it is the specialized high-end equipment or tools such as camera equipment, carpentry tools or other manufacturing products, that are not covered. They can however be covered, by making an endorsement on your policy.


It is advisable to avoid manufacturing any product at home as this will require additional coverage. Secondly, you could put your home coverage at risk. Manufacturing processes are best done in a factory, and in the event of an incident happening, your claim could be denied, if the process and raw materials violate your policy’s terms & conditions.

Risks to which your home-based insurance is exposed:

Theft and damage to inventory:

The biggest risk is that your inventory is uncovered and exposed to unexpected scenarios that include fires and floods.

Losses due to errors and omissions:

A client could file a lawsuit against you, if he or she suffers a loss because of errors in your work.

Damage to business equipment:

Your essential and specialized equipment is exposed to risks from fires, floods, or mechanical breakdowns. In case an event occurs, most home insurance policies also don’t provide coverage.

Injury to visitors:

Unexpected injuries can occur on your property leading to costly lawsuits. This could include a slip-and-fall injury at your home, and this is typically not covered under a home insurance policy.

What risks does home-based business insurance cover?

Home-based business insurance can be quite comprehensive and provide you coverage against damaged equipment, stolen inventory and customer slip-and-fall accidents on your property. Below are some of the risks against which you are protected:

• Lawsuits filed by customers
• Product or operations liability
• Theft and damage to business inventory
• Theft and damage to stolen business equipment
• Disasters caused by business equipment
• Closure of business for repairs for a temporary period
• Slip and fall causing injury to customer
• Damage to customer property

Talk to a business insurance broker in Calgary

Above factors must be reviewed when it comes to home-based business insurance. Just as you have planned your business for success, plan to secure your investment with insurance coverage that works for you.

For more information about Home Insurance Broker Calgary and Calgary Insurance Companies Please visit : Beneficial Insurance Solutions.