There are many things that can affect your home insurance rates and ultimately impact the price you pay. Here are a few examples:

1. Your Insurance & Claims History — Rates for home insurance are heavily influenced by your insurance and claims history. Here are some examples of things that positively impact your insurance: the longer you've had insurance the better you look to insurance companies, not switching mid-term and paying on time. On the flip side, the number of claims you've made can negatively impact your premiums; fewer claims can equal cheaper rates.

2. Your Credit Rating — You may be able to get a discount by letting the insurance company check your credit rating - not all companies offer this - but it provides proof that you are likely to pay your insurance on time, making you look like a better client.

3. Your Address — Where you live has a huge impact on a number of factors that determine your home insurance premiums. They include:

• The proximity to a fire hydrant and fire station — Being farther away from fire services gives you a stronger likelihood of your home being damaged by fire.
• The frequency and severity of natural disasters — The frequency and severity of flooding, wildfires and hail storms impacts your rate because you are more likely to make a claim. Unfortunately, Alberta sees several natural disasters - several of the most expensive in history - and makes it more expensive to insure a home in Alberta.
• The crime rate of your neighbourhood — Higher crime areas tend to be more expensive to insure as they assume you will be more likely to make a claim, or be a victim of theft.
• The claim rate of your neighbourhood — The neighbourhood claim rate can depend on several different factors ranging from income, to the age and building types of homes, as well as how often they experience severe weather conditions.
• The proximity to hazards such as rivers — If you live near a river, you are at a higher risk of events such as flooding and some companies may increase your rates.

4.Your Home’s Age, Type and Building Material — Obviously the older your home is, the more likely it is to have problems simply due to wear and tear over time. Also, the type of building and what it is made of is also a factor that can impact your home insurance rate in Alberta. For example, a wood-built home with regular siding will most likely be more expensive than a house built of concrete or stucco (wood will likely be more damaged in a fire or hail storm).

5. The Age and Type of Roof — Maintaining your roof is highly important and choosing the right materials is critical as this is what protects your home from the elements. The older your roof, the higher your home insurance premiums may be.

6. Your Home Systems — We've talked about the 'bones' or structure of your home, but what's inside also matters. Your home's plumbing, electrical, heating and other systems can all impact your rates. Older, more outdated systems can cause damage and be more expensive to insure. For example, knob and tube wiring - specifically used before 1940 - has a higher fire risk, as well as wood-burning stoves. These should all be taken into consideration when finding insurance.

7. Replacement Cost of Your Home — The costs of how much it will be to rebuild your home (labour and material costs) and replace all of your belongings (appliances, furniture and personal effects), are all factored into your home insurance price..

8. Your Insurance Options — The options you choose to protect your home also influence your insurance rates, so doing your homework will pay off.

These include:

• Deductible amount — this is the amount you will pay if you have a covered claim.
• Policy limits — this is the maximum amount paid out in the event of a claim.
• Coverage options — the options you choose depending on what is necessary for your home and can fit your budget.

There are four types of home insurance in Whitehorse:

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)

Standard: This covers your house and its contents against named perils and is less coverage than a comprehensive policy.

Broad: This is coverage that is right between a standard policy and comprehensive, covering your home against all risks (minus exclusions) and coverage for your contents against any named risks.

No frills: This provides minimal coverage, and is the most affordable home insurance. It is usually for homes that don't meet underwriting standards (doesn't meet normal insurance standards).

Talk to the best insurance broker about what coverage you need and also about any additional coverage options you may require. Optional add-on coverage costs extra but protects your home against specific risks posed by Winnipeg's climates.

It can change by province but the rule of thumb is if you have a mortgage or loan on your home you should have home insurance in Canada. 

If you own your home outright — then you can choose to not purchase home insurance. That said, if you were to choose that route, that’s a horrible idea! Say your home was to, unfortunately, burn down because you left the stove on. Without an active home insurance policy, you’d be solely responsible for replacing your home, if you chose to do so, as well as held liable for any damages caused to other people and/or structures.

The cost of home insurance in Whitehorse 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 person to person.

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.

Typically, home insurance in Whitehorse will include:

• Any damage or loss to your home
• Any personal property that was stolen from your vehicle
• Any damage or injury to others who visit your home (or property)
• Any accidental damage you may cause to somebody else’s property or to a person
• Any additional living expenses, like hotels or renting a home, if you’re temporarily unable to stay at our property

Since Whitehorse, can experience some extreme weather risks, these events are typically not covered and some home insurance companies in Whitehorse will offer endorsements for these types of perils. Endorsements are optional coverages that can be added to your policy at an extra cost. They can be added for such unexpected events as:

• Flooding
• Extreme cold
• Earthquakes
• Landslides
• Sewer back-ups

Sewer backup, overland flooding, and earthquake coverage can all be purchased as an endorsement as well if you live in an area that has these as potential risk factors. You should talk to your dedicated insurance advisor about any additional endorsements you might need to protect your home.

The top-rated home insurance companies in Canada can also deny a claim for "expected" or predictable incidents such as neglect or lack of home maintenance. Examples of this would be forgetting to turn off your water before going on vacation and your pipes freezing as a result. The insurance company can decline to help with the costs of any repairs. Another example is if your roof collapsed because regular repairs and maintenance were not done, this could also result in your claim being denied.