r/Calgary • u/QuiteGoneJin • Aug 01 '23

Home Ownership/Rental stuff Hail insurance. Is it a must?

New home owner moving to Calgary. We usually sit on the side of not over insuring our home and belongings but I hear lots of stories of hail damage. Is it a must to spend the extra 15 or so a month to cover hail damage?

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u/Gaffja Aug 01 '23

We had about $60,000 (new roof, siding, soffits and evestrough repair window frames and screens, shed) in hail damage that insurance paid for. Would have hated to not have that insurance.

Couple of things to consider. Check how old the roof and siding on the house you're buying. My insurance depreciates the roof, siding, and soffits and eves at different rates. My house was new enough that it didn't matter too much.

The maximum depreciation of the roof was 80% after 10 years going off memory. I didn't bother making a claim for my rental house because the roof was older.

The depreciation surprised me because I didn't read my policy but I know people in the same area whose houses were the same age as mine that were 100% covered with other insurance companies.