Name: Lakeview Insurance
Address: Calgary, AB
Telephone: 403-287-2521

Shopping around for insurance can be a daunting task, but it’s an important one if you want to ensure that you’re getting the best coverage for your needs at a price that fits your budget. Whether you’re looking for home, auto, or business insurance, it’s important to know what to look for and how to compare different policies. In this blog post, we’ll discuss how to shop around for insurance, with a focus on working with Calgary insurance brokers.

1. Determine Your Insurance Needs

Before you start shopping around for insurance, it’s important to determine your specific insurance needs. This will depend on a variety of factors, such as the type of property you own, the level of coverage you need, and your budget. Take some time to assess your needs and priorities so that you can find insurance policies that meet your unique requirements.

2. Research Different Insurance Providers

Once you know what you’re looking for in an insurance policy, it’s time to research different insurance providers. This can include both large national companies and smaller, local providers. Look for companies that have a strong reputation for customer service, competitive pricing, and a range of coverage options that fit your needs.

3. Compare Policies and Prices

Once you’ve identified several potential insurance providers, it’s time to compare policies and prices. Don’t just look at the cost of the policy, but also consider the coverage limits, deductibles, and other terms and conditions. Make sure that you’re comparing apples to apples when evaluating different policies.

4. Work with Calgary Insurance Brokers

One of the best ways to shop around for insurance is to work with a local insurance broker. Calgary insurance brokers have in-depth knowledge of the local insurance market and can help you find policies that fit your needs and budget. They can also help you navigate the complex world of insurance policies and understand the fine print.

5. Ask for Discounts

Finally, don’t be afraid to ask for discounts when shopping around for insurance. Many insurance providers offer discounts for things like multiple policies, safe driving records, or security systems in your home or business. Make sure that you’re taking advantage of all available discounts to help reduce your insurance premiums.

Final Thoughts

In conclusion, shopping around for insurance doesn’t have to be a daunting task. By determining your insurance needs, researching different providers, comparing policies and prices, working with Calgary insurance brokers, and asking for discounts, you can find insurance policies that meet your needs and fit your budget. Remember to take your time and choose policies that provide the coverage you need to protect your assets and your peace of mind.

Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].

The cost of home insurance in Calgary has recently become a hot topic issue. According to the insurance comparison site RATESDOTCA, their 2021 study illustrated that the average cost of home insurance rose at more than three times the inflation rate over the past decade.

No homeowner with insurance is happy about this development – but there is a way around it.

Here are a few ways you can save on home insurance, so you don’t need to spend further than you’ve had to pay.

Combining Your Insurances

If you have automobile insurance, your best bet to save on home insurance is by combining these two insurances under one provider. It’s not an uncommon practice to do so. You would be surprised by how much you can potentially save through either special discounts or being able to reduce your premium. In this way, you’re simultaneously saving money on both home and automobile insurance. It’s a win-win scenario!

Paying a Higher Deductible

Initially, it might not seem ideal to pay more for a deductible. After all, you want to save money, not spend more of it. However, if you decide to pay more towards an insured loss, you can expect to save more on your premium. By paying more than your minimum deductible amount, you can potentially reduce the cost of your home owner’s policy.

Before paying more in deductibles, do keep in mind if your home insurance has any separate deductible for damage from major disasters. It is an important detail to consider, especially if you live in an area of Calgary that has been prone to flooding.

Maintain Your Credit Score

Keeping your credit score in good standing is generally ideal. However, it’s particularly important if you’re hoping to save further on your home insurance. With insurers, part of figuring out what your premium amount should be means having access to your credit history. When an insurer notices you have a particularly poor credit score, you can expect an insurer to double the amount for your premium potentially. Ensure your credit score remains in good standing so you don’t pay the consequences through higher home insurance premiums.

Safeguard Your Home

Home insurance is all about coverage for various forms of loss that can occur to your home. In this case, prevention is key to saving money on your home insurance—for example, combat theft loss by implementing security measures that will deter them. Also, security isn’t the only means of preventing potential losses. Keep up with your home’s maintenance by conducting any necessary repairs. It promotes safety in your home, so the likelihood of a loss occurring will be slimmer, and you won’t need to make any possible insurance claims.

Paying Annually Instead

You would be surprised by how much insurance companies will reward you for paying annually instead of monthly. It might not seem great to pay a huge sum upfront, but some insurers will give you potential discounts for making the switch. Plus, you don’t need to worry about it for another year by paying a large amount right off the bat. It saves you money and the stress of meeting monthly home insurance payments.

There are various forms of insurance that you can get. When it comes to your home, you can easily find insurance brokers in Calgary that can provide home insurance. However, did you know that you can also get condo insurance?

If you’re a condo owner, it might be in your best interest to consider looking into condo insurance and see if the cost of coverage is worth your dime!

Encapsulating the Cost of Condo Insurance in Calgary

What is Condo Insurance?

So what exactly is condo insurance? And what does it cover? Condo insurance is mainly regulated to coverage in your unit. These include the possessions in your unit, storage locker, and any possible personal liability claims in case someone is injured at your place.

Here is additional coverage that condo insurance provides in the case of any loss or damage to the following:

Personal belongings
The inside of your condo unit
Possible theft
Unit renovations from you or previous owners
Common spaces (i.e. hallways & elevators) resulting from an accident within your unit
Additional living expenses

Worried Woman Holding Bucket While Water Droplets Leak From Ceiling in Living Room.

Why Get Condo Insurance?

Many might wonder why condo insurance is even necessary. After all, the whole point of you owning a unit is that the condo fees can handle what needs to be covered. However, a condo corporation’s building insurance policy can vary in what is covered for the building and individual unit owners.

When it comes to a condo corporation, they ensure the building’s insurance coverage through the condo fees that you pay monthly. Yet, the thing about condo fees is that it’s regulated to only the building – not your unit. The condo fees you pay go towards the building’s upkeep through snow removal, utilities, lawn care, parking garages, and repairs to the building’s common spaces.

In essence, a condo building’s insurance policy doesn’t fully cover damages and losses for individual unit owners, but more so for communal coverage that extends to the building’s common areas. But with condo insurance, you can rest assured that if anything were to occur in your unit, it would be covered. You won’t risk assuming your building’s insurance will cover anything and be surprised by unexpected expenses.

That’s why it’s important to review a condo building’s insurance policy when comparing condo insurance coverage and whether you’re considering moving into a condo.

What’s the Cost of Condo Insurance?

Currently, in Calgary, condo corporations have higher insurance policy rates, resulting in increased condo fees for unit owners. As a result, condo insurance rates have been steadily climbing since 2021. The reason is from recently damaging hailstorms. The June 2020 hailstorm in Calgary saw a whopping $1.2B in insurance claims.

Despite the increase in condo fees, condo insurance has remained relatively steady in rates. In Calgary, you can expect the average cost of condo insurance to be between $30-$50 per month or $400 to $600 annually. The prices will vary depending on the location, building age, and risks. Compared to home insurance in Calgary, paying for condo insurance is more affordable.

Insurance brokers in Calgary can offer a variety of insurance depending on your specific needs for coverage. When it comes to saving money on insurance, there will be different methods on how to save depending on what type of insurance you have adopted.

Check out how you can save money on most standard insurances!

Combining Insurances

Paying for two different types of insurance can get costly. If both insurances are a necessity, then combining them can be proven to be cost-effective. One popular combination insurance companies offer is paying your home and car insurance together under them exclusively. Not only do you receive a discount for doing so, which saves you money and can cut some costs on your premiums as well. In essence, you’re getting more bang for your buck by taking advantage of these types of bundled insurance plans.

Reducing Coverage

Sometimes a little goes a long way. It makes sense that folks would want maximum coverage in case the worst occurs and their bases are all covered. However, there is such a thing as going overboard when it comes to insurance coverage. You might be spending unnecessary money on coverage that you might not even use at all. Best to review the details of your insurance coverage and discern what policies to keep or eliminate. In this way, you can not only have insurance that best reflects your needs and save money as well.

Higher Deductibles

Paying out of pocket may seem unappealing when dealing with a claim. But when you increase your deductibles, your future self will be thanking you in the long run for doing so. How does considering a higher deductible save you money when you’re paying more? Let us explain. Higher deductibles can be incredibly beneficial in the case of a major loss and can lower your premiums. Lower premiums are certainly worthwhile for those with travel insurance that plan to be abroad for months. It helps bring extra ease to finances for a traveler.

Pay Premiums Annually

Many are used to paying most bills monthly. With insurance, you can pay monthly as well, but it might not be the best method to pay for coverage. Monthly payment lapses with your insurance might have you spending more than necessary. By paying your premiums annually, you only need to worry about paying one big sum once a year. This route has proven to be the best in cost saving as some insurance companies can offer you discounts for choosing to pay annually instead of monthly. If you can swing paying a large amount, then this would be highly lucrative for you to consider in the long term.

Pet insurance, also known as veterinary insurance or pet health insurance, provides reimbursement for veterinary treatment. Owners pay a premium to an insurer in return for coverage of specified medical costs associated with illnesses and injuries.

How Pet Insurance Works

Typically, owners claim against their policy after taking their pet to the vet. The vet invoices the owner for their fees and sends a claim form to the insurance company. The pet insurer then decides whether or not to reimburse the owner after checking if all procedures were within policiy guidelines. What is returned varies from policy to policy. Still, it typically includes veterinary fees, hospital stays, and prescription medication.

Top Pet Insurance Benefits

Pet insurance has numerous advantages. Here are some of the benefits pet owners stand to reap from insurance.

Pet insurance allows you to seek treatment for your pet without worrying about the costs involved. Many owners cannot afford veterinary fees and so put off treatment until their pet’s condition deteriorates further, increasing the cost of treatment and putting their pet at risk. Insurance is particularly valuable for young pets not yet eligible for pre-existing condition exclusions.

Depending on your preference and budget, you can choose to pay your premiums monthly rather than annually or quarterly. Most veterinarians also accept direct debit from most insurers, so you do not even have to worry about making a payment every month! The charges are often pre-authorized from your account, so it’s as easy as making a credit card or debit card payment.

Considerations for Pet Insurance

Many pet Calgary insurance brokers do not exclude pre-existing conditions if they are insured before developing any symptoms. Meaning you can ensure your healthy pet at a very low cost and then be covered should they acquire a condition later down the track.

Some insurance companies set limits on how much they will pay for your pet’s health care each year. If this limit is met, further treatment is excluded from the policy even if you still have money left in your account. Most pet insurance policies do not restrict annual payments or require that you reach a certain limit before any more benefits are paid out. Meaning you know your maximum liability and can budget accordingly.

Many pet insurance companies offer an ‘excess waiver.’ This means that if you take your pet to the vet for treatment and are liable for excess, the company will pay it for you. Usually, this is only available once per condition, so it’s important to check your policy details. You can also choose not to insure your pet if you find a good deal without an excess charge!

Some pet Calgary insurance brokers have limits on how much they will pay out in total over the lifetime of the policy or during a calendar year – usually around $10,000 or $20,000, depending on age and other factors. Others offer unlimited lifetime cover, which means you never need to worry about making a claim.

Pet insurance is affordable protection for your pet. With so many financial and emotional benefits, it’s not surprising that pet insurance has become one of the fastest-growing sectors of the insurance industry. With pet insurance, your pet can get the treatment it needs when it needs it most. Choose the best Calgary insurance brokers to help you find the most comprehensive pet insurance.

Thinking about our death and the ways in which our loved ones will have to respond is not a popular or enjoyable train of thought. However, while we’d like to focus on the now, planning for the future and what we leave behind is also important.

Life insurance is one such way that we can take care of our loved ones, even after we’re gone. By contacting your Calgary insurance broker, you can get set up today, affording you some peace of mind.

But what exactly is life insurance, and why should you get it? Let’s take a look at a few reasons below.

Defining Life Insurance

Life insurance aims to protect your family financially. By purchasing a policy, you are forming an agreement with a life insurance company, in which they will bestow a lump sum of tax-free money to the person of your choosing if you die. In exchange, you pay the life insurance company a set amount of money periodically; this amount is known as your insurance premium.

4 Reason To Get Life Insurance

You Have Children

The birth of a child is generally the number one motivator to get life insurance. You want to feel confident that your child or children will be financially secure, and if you’re the breadwinner, this pressure can seem to amplify. On the off chance that you don’t make it home one day, life insurance will cover bills, such as for the mortgage, food, and education, thus maintaining your child’s quality of life.

You’re Supporting Ageing Parents

Assisted living or nursing homes can be expensive– even government-subsidized ones. If your parents rely on you for financial support to ensure their quality of life, consider investing in life insurance. This will ensure that they can continue to live comfortably, despite your absence.

You Have Student Loans

Did you know that student loans are the only form of loans that don’t disappear once you’ve passed? This means the financial burden will be shuffled onto family or a loved one, thus forcing them to continue with monthly payments. Life insurance benefits can be put towards your student debt, thus alleviating the pressure from another’s shoulders.

Your Job or Hobbies Are High-Risk

If you work in a dangerous or high-risk environment, you have a greater risk of dying at work than someone who sits at a desk all day. Extreme hobbies also increase the likelihood of you dying from unnatural causes. By purchasing a life insurance policy, you can ensure you are covered each time you step out the door.

We want to protect our loved ones, even after we’re gone. One such way in which we can accomplish this is by purchasing life insurance. By contacting a Calgary insurance broker, you can feel confident that your family will be looked after, despite your absence.

But what exactly is life insurance, and what does it cover? Let’s explore that below.

Understanding Life Insurance & Its Coverage

What is life insurance?

It is up to you how much money would be paid out to your beneficiary upon your death, which in turn impacts your insurance premium. Naturally, the more your policy is worth, the higher your premium will be.

What can life insurance be used towards?

Your beneficiary is able to use the life insurance death benefit in any way they choose. However, the money is usually put towards financial responsibilities that the policyholder would have contributed to while alive, such as the mortgage, bills, tuition, and other costs of living. The money also typically goes towards covering funeral costs.

What types of death are covered by life insurance?

Life insurance policies cover the majority of deaths, with few exclusions. As long as your policy is active and up-to-date at the time of your death, life insurance will cover:

Natural causes: This can include old age, illnesses such as cancer, and unexpected health conditions, such as a heart attack.

An accident: This can include a car accident or an accidental overdose on prescription drugs.

Suicide: This is typically covered, provided it occurs after the policy’s “suicide clause” period has ended. If your policy has this clause, its average lifespan is approximately two years.

Homicide: This is applicable unless the beneficiary has played a role in the policyholder’s murder.

What does life insurance not cover?

There are a few instances in which your own actions, or failure to act, can impact your life insurance coverage. You will not be covered if you die while engaging in criminal activity and may not be covered if you die while participating in a dangerous hobby, such as skydiving. Additionally, your eligibility is put at risk if you allow your policy to lapse or lie on your application.

It may surprise you how affordable life insurance is. For more information, reach out to your Calgary insurance broker today!

Insurance companies in Canada are just like any other business: they have to follow along with rules and regulations set by a provincial and federal body.

Having an understanding of who manages insurance companies and how Calgary insurance brokers are impacted can be useful when it comes to measuring their legalities and filing complaints.

How Manages Insurance Companies in Calgary?

Federally, the Office of the Superintendent of Financial Institutions (OSFI) regulates and oversees the financial soundness and management of most P&C (Property and Casualty) insurance companies.

These regulators are called Superintendents of Insurance, and according to their website, they “conduct prudential reviews of the federally regulated insurers to determine their financial soundness, while the provinces regulate the licensing of insurers operating within their jurisdictions as well as the marketing of insurance products”.

However, each province has its own regulatory body that oversees, regulates and provides licenses for companies. Part of their roles include regulating insurance products and market conduct, such as underwriting, rating, claims, and marketing practices. The Alberta Superintendent of Insurance oversees the marketplace within the province.

Who Do I Complaint To About Calgary Insurance Companies?

Federally, the industry-funded, non-profit organization Property and Casualty Insurance Compensation Corporation (PACICC) will handle and respond to any claims of policyholders insured under P&C Companies. Their aim is to provide protection for policyholders and claimants.

In Alberta, individuals who have concerns about insurance companies can reach out to the Alberta Insurance Council or the Alberta Superintendent of Insurance. Both these departments work in tandem with the Alberta Treasury Board and Finance to handle any issues regarding insurance companies in Calgary.

However, the insurance brokers in Calgary at Lakeview Insurance can help you in solving your concerns regarding your insurance, be it auto, home, travel or life. We pride ourselves on offering all our clients straightforward, effective and comprehensive insurance plans, and assisting them with issues that arise.

The wide variety of insurance types is fantastic. Giving people the opportunity to protect themselves and the things they value is an integral part of the insurance industry. For example, home insurance in Calgary and auto insurance provide coverage for the biggest expenses people typically assume.

Thankfully, there are also types of insurance for smaller expenses. One of these is tenant insurance or renter’s insurance. Tenant insurance is a form of insurance that people who rent or have alternative living arrangements can purchase to protect their personal property. However, not all tenant insurance is made equal, and knowing the differences can be essential to your choice.

The Different Types of Tenant Insurance

Typically, the differences between insurance policies boil down to types of coverage. For example, consider your home insurance in Calgary. Every basic package includes the same coverage, but you can optionally pay more for added protection. Examples of additions would consist of fire and flood insurance, theft, accidental damage, and many more.

Ultimately, the same logic applies to tenant’s insurance. The primary coverage will take care of any issues with your own property at your lodging. This coverage will protect from damage, theft, and loss of property. Additionally, your tenant insurance will cover any damage you cause to other’s property or belongings. Typically, you can label this coverage as “liability” and “contents”.

Happy family couple renters tenants handshaking realtor landlord at meeting

However, there are also additional benefits that relate to tenant’s insurance. Easily the best example of this is temporary living expenses. This coverage is ideal when there are periods where you cannot reside in your home as they cover the costs for your temporary domicile. Naturally, your policy may have differing options, but typically this will include issues of fumigation, natural damage, fires, and more.

Another benefit of tenant insurance is the coverage it can provide for your valuables. Although there is a relevant stipulation to make at this point. This stipulation is that you should create an inventory of your valuables. Of course, it follows that the most pertinent information for an insurance claim is what exactly you are claiming.

Plus, there is no better time to start the list than right now. You will accrue more belongings as time goes on, and adding to the list is much simpler than the initial inventory. As well, if you are keen on ensuring your insurance company stays in the loop, feel free to send them a copy of the list. Then, if there is a claim, you will both be working under the same assumption about the estimated value of your belongings.

Find Your Tenant Insurance Broker Today

If you are looking for tenant insurance or any other form of insurance, give us a call today. Our professional staff looks forward to getting you the best coverage possible, and we love to share helpful tips and information!

A Calgary insurance broker performs many of the same functions you would expect from a typical insurance agent. However, where they differ is in their ability to offer you a wide range of options from several different insurance providers. In contrast, an average insurance agent would only provide you with the options of their company.

However, before we get into the benefits of this service, first, it seems necessary to review the ordinary functions of insurance brokers and agents alike.

The Tasks of Calgary Insurance Brokers

Providing Insurance

Of course, the task that you are probably most familiar with, when it comes to insurance brokers is their ability to sell insurance. Often, people have multiple insurance policies for their vehicles, homes, lives, and much more. A Calgary insurance broker can provide coverage for each of these policies.

Combining Policies

However, they can additionally provide better savings because of their relationship with multiple insurance providers. For instance, they can bundle your home and life insurance under one provider, and your vehicles through another. This versatility gives you the chance to take advantage of different deals or specials the insurance companies offer, such as savings or rate reductions.

Insurance protecting family health live, house and car concept.

Continuing Support

Insurance brokers are also responsible for other tasks, such as study and research. Every year some changes affect insurance policies, regulations, and more. It is up to each insurance broker to ensure they know about the changes so they can better inform their clients and provide useful information.

As a result of insurance brokers’ knowledge, they can also provide relevant information. For instance, showcasing how different plans or bundles can save money for their clients. Or, advising on what insurance policies are necessary for different items, such as basic versus comprehensive coverage for vehicles.

Why Choose a Calgary Insurance Broker?

At this point, you may be wondering why you should choose a broker over an agent. The reasons above speak to their ability to find you the best promotions and packages. But, if that isn’t enough, there is one additional reason.

The final reason, and perhaps the most convincing, is that insurance brokers work for commission. This means they only get paid if they work out a deal between their clients and the insurance companies. The reason this is so convincing is its offer of a continuing incentive for the broker to learn about new sales and changes within each company.