Coming Home to Sherwood Park
Sherwood Park is a community located on the eastern edge of Edmonton, the capital city of Alberta. Clocking in at over 72,000 residents, Sherwood Park would be the sixth-largest city in the province; however, it is not a city but a large hamlet that is more than just a bedroom community for Edmonton. Sherwood Park sits in Strathcona County and has much to offer besides a place for resting your head. The region is home to many of Canada’s largest industrial sites, including operations for major petrochemical employers such as Suncor, Imperial Oil and Gibson Energy, among others. Calling this area home makes a lot of sense, but you shouldn’t do so without considering home insurance in Sherwood Park.
Exploring Home Insurance in Sherwood Park
The cost of living in Sherwood Park is generally comparable to the rest of Alberta, but it is higher than the national average. Housing in Sherwood Park is about 11 percent higher than the Canadian national average, with median prices clocking around $434,000. As a responsible homeowner, you know that a major investment like a house needs protection against natural disasters and other perils, such as fire and theft. If your property experiences a catastrophic loss from a fire or water damage from a midsummer thunderstorm, do you have the hundreds of thousands of dollars needed to repair or replace your home’s value? What is your plan?
Examining Home Insurance in Sherwood Park
Unlike auto insurance, homeowners in Alberta aren’t required to have insurance by law. Many property owners with mortgages are required to carry a policy by their lender. If your residence experiences serious damage or loss to a covered peril, your policy for home insurance in Sherwood Park protects your and your lender’s investment.
Although each policy differs, you can generally expect the following to be covered by your insurer:
- Dwelling: Coverage of the roofs, foundations and walls of your home’s main structure and that of attached structures, such as a garage or carport
- Other Structures: Includes other buildings on your property, such as a detached garage, poolhouse, fencing, decking and other structures
- Personal Property: Pays for the loss or damage of personal belonging inside your home, other structures and vehicles parked on your property
- Personal Liability: Covers the medical bills of anyone you unintentionally injure or those who are injured while on the premises of your home
- Other expenses: Covers other expenses associated with a claim, such as temporary lodging at a hotel while your house is being rebuilt or repaired
Many coverage options exist. As a responsible homeowner, you’ll need to explore all your options and consider perils that aren’t covered by your policy. For example, the melting of ice or a summer deluge can cause water damage to your Sherwood Park home. Home insurance in Sherwood Park may cover damage from a leaky roof or window, but you’d need a separate policy specifically for flooding.
Counting the Costs
To purchase home insurance, you’ll pay either an annual or monthly premium for a certain level of coverage. The typical cost of property insurance in Alberta is about $1,700 annually, but what you’ll pay will depend on your property value, your history of claims, the type of construction used for your home, your location and your out-of-pocket contribution to a claim, also known as a deductible. There are ways to lower your insurance premium:
- Bundling a home policy with other types of policies, such as auto, life and flood insurance
- Installing security systems and fire detection and prevention systems
- Paying a higher deductible for a lower premium