How we find you the best home insurance in Edmonton.
Home, condo, or renters insurance is a type of insurance that covers loss and damages to your home and any assets in it. Home insurance also provides liability coverage against accidents that occur in or on your property. While home insurance coverage isn’t mandatory in Canada, you’ll be hard pressed to find a lender who will give you a mortgage without it. That’s why finding the right home insurance in Edmonton, Alberta is so important.
With LowestRates.ca, you can compare home insurance quotes from Edmonton’s top home insurance brokers and agents in just a few minutes. All you have to do is select your preferred quote, and an Edmonton home insurance provider will be in touch to help you secure it. Not ready to fill out a form? No problem. We answer some of the biggest questions you may have below.
Your Edmonton home insurance questions, answered.
How much is home insurance in Edmonton?
It’s difficult to say exactly what your home insurance price in Edmonton will be. Because insurance is such a customized product, your costs will depend on the home insurance company in Edmonton you choose to work with. Furthermore, the average cost of home insurance in Edmonton probably wouldn’t be an indicator of what you’ll pay. Home insurance rates will vary based on the age of property, construction, wiring, and other elements.
One of the fastest ways to get an Edmonton home insurance estimate is to fill out a form on a rate comparison site like LowestRates.ca. We’ll show you 15+ quotes from the top insurance companies serving Edmonton.
What perils are specific to Edmonton?
While property insurance in Edmonton doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of. For example, the province of Alberta is prone to wildfire damage, even though Edmonton is relatively protected from this issue, especially when compared to Calgary. However, Edmonton homeowners are vulnerable to other risks including:
- Internal water damage from burst pipes due to the very cold winters.
- Sewage pipe backup.
- Overland flooding.
What does home insurance cover in Edmonton?
Generally speaking, house insurance in Edmonton will cover:
- Repairs to structural damage caused by certain types of perils.
- A home’s contents, including the personal belongings of the home’s residents, and the belongings of guests. Personal belongings include electronics, clothing, silverware, jewelry, sporting equipment, trees and plants. However, most insurance policies do put a limit on these types of benefits.
- Liability, which protects the policyholder and family members from lawsuits as a result of bodily injuries. The insurance policy will pay court costs up to the limit of the policy. What many people don’t know about home insurance is that a typical policy will also cover liability or negligence anywhere in North America, subject to exclusions for business and professional activities.
Generally speaking, your home insurance coverage in Edmonton will include the following risks:
- Smoke damage (excluding fireplaces).
- Wind and hail.
- Electrical current.
- Water damage.
- Broken windows.
- Falling objects (unless propelled by a landslide, avalanche, or earthquake).
What risks won’t home insurance cover in Edmonton?
Most home insurance providers in Edmonton won’t cover two kinds of risks: uninsurable perils and optional coverage:
- Uninsurable perils are predictable events that aren’t covered by insurance. That’s because the odds are high for a payout. An example of perils that may not be covered is flooding.
- Optional risks are those that aren’t covered but you can buy insurance for them. These would include sewage backup or earthquakes.
- Other things home insurance won’t cover include natural wear and tear, government actions, and the failure to make repairs.
- In Edmonton, most home insurance policies won’t automatically cover things like sewage backup, earthquakes or flooding without additional insurance, which are called endorsements.
What kind of home insurance do you need in Edmonton?
Standard homeowners insurance in Edmonton comes in four different forms: comprehensive, basic, broad, basic and no frills.
Comprehensive - This type of insurance covers the building and contents from all insurable perils.
Basic or Named Perils - This policy insures your home and property for perils specifically named in your policy.
Broad - A broad policy insures your home for all risks as a result of direct damage or physical loss, but the contents are only covered against perils that you name in the policy. It’s considered a middle-ground between a comprehensive and basic policy.
No Frills - As the name suggests, it’s basic coverage for properties that don’t meet normal insurance standards.
While Edmonton is less exposed to the kind of environmental perils than other cities in Alberta, there are some endorsements homeowners and renters should consider including sewage backup, flooding and increased liability for your valuable items.
Purchasing extra coverage will likely increase home insurance premiums for Edmonton residents, but it’s important to ensure that your assets are adequately protected. If they’re not, the costs of repairs and damages might outweigh the cost of additional coverage.
What can you do to save on home insurance in Edmonton?
Living in a major city can be expensive, but finding cheap home insurance in Edmonton can help you cut costs. If you’re looking to lower the cost of your premium on your Edmonton home, you can:
- Bundle insurance policies like home and auto.
- Look into alumni or professional memberships for discounts.
- Offer to pay a higher deductible.
- Upgrade your home: replace knob and tube wiring, update valuable parts of your home like the kitchen or basement and replace lead pipes with copper or plastic.
- Invest in a good security system.
- Try to avoid living in areas that are known to be prone to floods, fires, or earthquakes.
Finding affordable home insurance in Edmonton doesn’t have to be a struggle. Whatever your method of getting the best rate, comparison shop before you buy so you can compare current home insurance rates from Edmonton providers.
Most places will ask you a series of questions about your home before giving an estimate. You’ll be asked your address, postal code, the size and age of your home, the type of roof, whether you have a deck or a basement, and the type of electrical wiring throughout your home. All this will ensure you get the correct rate and the appropriate amount of coverage.
What are the best home insurance companies in Edmonton?
There is no single answer to this question. There’s no one insurance provider that provides the best home insurance rates to all Edmonton customers because everyone’s home insurance needs are different. The right company is the one that offers you the best rate for the type of coverage you need.
Not all insurance companies will be right for you. Here are several things to keep in mind when you’re choosing an insurer in Edmonton:
- Do they belong to a reputable association such as the Insurance Brokers Association of Canada?
- Are they licensed?
- Is the company in good standing? You can check review sites.
- Can they provide references from current and previous clients?
- How long have they been in business?
- Ease of contact with your agent and company after you’ve purchased your home or renters insurance policy.
Finding an Edmonton home insurance quote online can be the fastest way to get in touch with the right provider that suits your needs.
What if I own a condo or rent? Can I still buy property insurance online?
You’re in luck! LowestRates.ca offers policies to renters and condo owners. If you’re on the market for either of these policies, you can actually fill out the property insurance form above and select the Condo Insurance or Renters Insurance option on the first page. If you’re looking for more information about either of these products, feel free to visit either our dedicated Condo Insurance or Renters Insurance pages.
About the Author
Jessica is the former Associate Editor for LowestRates.ca. Before joining the team, Jessica worked as a National Online Journalist with Globalnews.ca and previously spearheaded the launch of the Business Section at one of Canada's largest technology websites, MobileSyrup.