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. Sites like LowestRates.ca compare the Edmonton market and connect users with brokers who can offer the best rates in the province.
Buying home insurance doesn’t have to be complicated. We answer some of the biggest questions you may have below.
How much does home insurance cost in Edmonton?
Home insurance rates will vary based on the age, construction, wiring and other items based in and around your home. One of the fastest ways to get a ballpark figure is to fill out a form on a rate comparison site like LowestRates.ca. We’ll show you 10+ quotes from the top insurance companies serving Edmonton.
What risks are specific to Edmonton?
While the province of Alberta is prone to wildfire damage, Edmonton is relatively protected from this issue, especially 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 risks does home insurance cover in Edmonton?
Home insurance will usually cover Edmonton homeowners for the following:
- 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 risks won’t home insurance cover in Edmonton?
Most insurance policies will not cover Edmonton homeowners for 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 and flooding without homeowners and renters purchasing additional insurance.
What kind of home insurance do you need in Edmonton?
Standard home insurance policies come in four different forms: comprehensive, basic, broad, basic and no frills.
Comprehensive - This type of insurance covers the building and contents except for items that are specifically excluded.
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, unless the peril is excluded from 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.
What can you do to save on home insurance in Edmonton?
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
Whatever your method of getting the best rate, comparison shop before you buy so you get the best rates. 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 the correct rate that covers everything.
What are the best home insurance companies in Edmonton?
There is no single answer to this question as 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 and the brokers 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.
As part of your search, here are some of the major insurance companies serving Edmonton:
- TD Insurance
- Allstate Insurance
- CAA Insurance
- Intact Insurance
- The Co-operators
- Aviva Insurance
- Desjardins Insurance