COVID-19 Update: All offices visits will now require a scheduled appointment. Please contact us to schedule an appointment.

Are you daydreaming about your next home renovation? Did you know that upgrading your home can reduce your insurance? Here are five types of home upgrades that will increase you peace of mind and also save you money on your insurance costs. Keep in mind that everyone’s circumstances and needs are unique, so it is best to connect with a broker to find the right insurance fit for your situation.

1) Install a backwater valve and/or a sump pump

Backwater valves and sump pumps are your last line of defense against flooding. The backwater valve guards against flooding caused by sewer backups and sump pumps against flooding caused by overland floods. Homeowners who take measures to protect their house against such events can speak to an insurance broker in Edmonton and get coverage rates that reward their prudence.

2) Upgrade your home security system

Installing a security system, or upgrading the one you have, is a good way to reduce your insurance bill. However, it makes a difference which type of security system you have. Typically, only the security systems of certain approved companies entitle you to a discount. Consult with your insurance company or your insurance broker to get more information about which companies or systems will reduce your monthly costs.

3) Renovate your major home systems

Making improvements to your home’s plumbing, electrical or heating system to make it less vulnerable to fires or flooding often qualifies homeowners for an insurance discount. Here are a few specific suggestions:

  • Upgrade your plumbing system by replacing galvanized or lead pipes with copper or plastic ones.
  • Improve your electrical system by switching out a knob-and-tube, aluminum or 60-amp electrical system for a minimum 100-amp electrical system that uses modern wiring materials like copper.
  • Modernize your heating system by replacing an oil furnace, or a wood or pellet stove, with an electric or gas furnace, which present less risk of fire.

4) Replace your roof

In areas where hail damage is a risk, replacing your roof can qualify you for an insurance discount, provided certain materials are used. Check with your insurance provider or with a broker to get the proper information.

5) Preventative upgrades

Depending on your insurance provider, the following could also make you eligible for an insurance discount:

  • Adding sensor systems that detect gas leaks or extreme temperature changes
  • Fencing a pool to decrease liability.

Consult with your insurance provider or insurance broker to see what specific insurance discounts you might be eligible for in Alberta.

Enjoy the Benefits of Having an Insurance Broker in Edmonton

Since there are over 200 insurance companies in Canada–with each offering unique coverage–homeowners can greatly benefit from working with an experienced broker, who can help them find the coverage that’s most affordable and best suited to them. If you’re looking for a knowledgeable insurance broker in the Edmonton area, contact MBS Insurance Brokers Ltd. We’ve been helping the people of Edmonton get the best insurance for over 45 years.

Make an appointment with one of our brokers today!

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

Enjoyed this article? Here are three more!

 

 

This article was originally published on October 7, 2016, and updated for 2021.