There are three basic types of homeowners insurance in Canada:

Basic or Named Perils: This is a more economical coverage option that covers your home, contents, and property for perils that are specifically named in your policy.

Broad: This is seen as the middle ground coverage between comprehensive and basic. It covers your home against all risks (minus exclusions) and coverage for your contents against any named risks.

Comprehensive: This provides the most coverage and is the most expensive. It covers your home and its contents against all perils (except the ones specifically excluded from your insurance policy).

A licensed insurance advisor can offer home insurance in Yellowknife. If you contact the insurance broker channel they can provide you with more than one option, so you can see comparables in price and coverage!

A number of factors determine the cost of home insurance in Yellowknife: 

• The age of the home
• The square footage of the home
• The number of inhabitants
• Replacement cost
• Exterior construction
• Internal construction
• The location of your home
• Proximity to services like fire/police stations

Home insurance in Yellowknife is not legally required if you’ve paid your house in full. However, you should purchase the best home insurance in Yellowknife prior to getting a mortgage.

The cost of home insurance in Yellowknife: depends on a number of factors including the construction of the home, updates to heating, electrical, plumbing, and roofing, chances of water damage, prior claims, and more. It’s best to budget approximately $600 to 1500 annually for home insurance costs, but again this will vary from person to person.

You should always ensure you have the right insurance coverage for your home. Speaking to a licensed broker/advisor will help ensure you are not left unprotected in the event of a claim or insurable peril. It is also extremely important to be forthcoming with your advisor and be sure they have a full understanding of your property so you can have confidence that you are indeed covered if there is an accident.

After all, the only thing worse than having no insurance is paying for insurance that you can't collect on because you were covered improperly.

Home insurance is a tricky thing to predict, as many factors come into play when calculating the rates. Things such as the age of the structure and the construction of your home, wiring etc...all these items that can be found in and around your home all affect the rate. Plus, the top rated home insurance companies in Canada underwrite risk differently, so that is why getting to compare insurance companies and quotes when you get insurance online or over the phone.

Here are a few things you can to help reduce the cost of your home insurance:

Increase your deductible: This is the amount you pay towards an insurance claim, so by offering to pay a higher percentage of a future claim, the top rated home insurance companies in Canada will decrease the cost of your premium. But, keep in mind you will be paying more out-of-pocket when, and if, you ever file a claim.

Bundle your insurance: Bundling always helps you save, whether it's your phone, tv and internet! So, if you have a car, or any other insurable item, think about going with the same insurance company, who will most likely reward you with a discount!

Ramp up your home’s security: Getting a home security system can help, specifically ones that are monitored 24/7 by a security company. Also, inquire if your insurance company is partnered with a specific one for more of a discount.

Don’t switch before renewal: Breaking your contract before the renewal date could incur penalties.

Renew with your current provider: Homeowners who stick with one insurance company for years, will likely get to enjoy some discounts!

Review your insurance policy annually: Review your policy annually to make necessary adjustments after life changes, you may need less or more coverage, so keep up-to-date.

Shop around: Always compare home insurance quotes to see what all your options are on similar policies. No two policies are the same, so comparing will let you choose what's right for you.

The most affordable home insurance provider depends on how your situation fits into the formula companies create to evaluate policyholders. Comparing quotes with Surex will allow you to get affordable home insurance.