Alberta Homeowner Discovers $50,000 Coverage Gap Before Hail Season

Greg and Janet Morrison had owned their Calgary home for 12 years, renewing their home insurance each year without much thought. When they switched to a broker for a routine review, the findings were alarming.

Their policy's dwelling coverage was set at $380,000, but the current replacement cost for their home was estimated at $430,000 due to rising construction costs and building code upgrades. Additionally, they had no overland flood coverage and their sewer backup limit was only $10,000.

Our broker restructured their policy with accurate replacement cost values, added comprehensive water damage endorsements, and increased their personal property coverage to reflect their actual belongings. The premium increased by only $280 per year.

Just four months later, a severe hailstorm caused $28,000 in damage to their roof and siding. Under their old policy, they would have been underinsured and responsible for a significant portion of the repairs. With the corrected coverage, the entire claim was paid with only their standard deductible.

This story underscores why annual broker reviews are not just good practice, they are essential protection for Canadian homeowners facing an increasingly unpredictable climate.