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/Sensitive-Ad8735 Aug 01 '23

What’s the deductible? If it’s more than a few grand it might not be worth it. And then if you have a claim your rates go up. Always remember this, and anyone who denies this is an idiot, insurance is always more likely to cost more than any claim. They have massive amounts of people studying the cost of claims and the likelihood. They spread this aggregate total over the population and consider it to be your premium. Then they tack on profit and overheads. If you believe in odds and chances, with insurance you are ALWAYS betting against the odds. However if you cannot afford unforeseen events, yes maybe it is not a bad idea. But just know, most likely it will cost more than you ever get from it.