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Edmonton home insurance

Alberta’s Rocky Mountains and lavish lakes are a gift that Canadians (and the world) can enjoy. But beyond its lush greenery is the daily hum, and hustle and bustle of city life.

For those choosing Edmonton as their home, insurance is a must. Why?

While not mandatory, home insurance in Edmonton can help a homeowner cover:

Also, many mortgage lenders may require you to have Edmonton home insurance as part of your financing agreement.

The Alberta Superintendent of Insurance is responsible for all insurance sector regulatory compliance activities performed by the offices of Financial Sector Regulation and Policy, a division of Alberta Treasury Board and Finance.

These activities include receiving, reviewing and approving required filings, and performing examinations of institutions, interpreting legislation, and making recommendations to the President of Treasury Board and Minister of Finance with respect to insurance sector policy.

Different types of home insurance coverage in Edmonton

Standard homeowner insurance in Edmonton comes in four different forms: comprehensive, basic, broad, basic and no frills.

Home insurance coverages

1) Property and building: This coverage protects both the structure(s) on your property, as well as the property itself, from a variety of perils. Protected incidents include fire, theft and water damage, among others. Because some policies may require additional coverage for secondary structures, like a garage or guest house, consult your insurance provider if anything is unclear.

2) Contents and personal property: Contents and personal property coverage protects your possessions, such as furniture, clothing and sports equipment, against theft and vandalism. Some items, like fine art and expensive jewelry, may not be protected under a standard policy. Excluded items can be protected with additional coverage.

3) Additional living expenses: If you’re temporarily displaced by an insurable event, this protection covers your temporary housing costs. For example, if damage to your home forces you to spend a week at a hotel, additional living expenses protection will cover the cost of the room and food, up to a certain amount.

Liability coverages

1) Personal liability: This coverage provides protection against liability in the event someone is accidentally injured on your property.

2) Voluntary medical payments: If you unintentionally injure someone, or someone accidentally injures themselves on your property, this coverage will pay for the medical expenses for up to one year from the date of the accident.

3) Voluntary property damage: This coverage is for unintentional direct loss or damage you cause to someone’s property. It also covers unintentional loss or damage to someone else’s property by a minor (12 years or under) in your care.

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 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.

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.

Factors that determine your Edmonton home insurance quote

Insurance companies’ main criteria to calculate your premium are environmental risk factors and location. Dwelling type also plays a role; in other words, a single-detached home’s premium will differ from condos or townhomes.

  • The square footage of your home – Larger homes generally cost more to repair if there is damage and possess more furnishings and belongings to replace.
  • Contents and quality of construction – A well-built home will likely have fewer problems and be cheaper to insure. An older home with shoddy wiring and outdated code specs may run into more problems and be more expensive to insure.
  • The location of your home – Neighbourhoods can increase the risk factor to insurance providers. A house in a neighbourhood where theft or vandalism are prominent may cost more to insure.
  • Distance to a fire hydrant – Should a fire break out in your home, the difference between catastrophic and minimal damage can come down to its proximity to a fire hydrant. The closer you are, the more likely you can put out fires quickly and be considered a lower risk.
  • Your insurance claims history – Edmonton insurance providers will look at past claims histories to determine your future behaviour. The more claims you have, the higher the risk you are considered to be.
  • The age of your roof – Water damage can make repairing and replacing your belongings more expensive. A new roof will last longer and keep the elements out, hopefully decreasing premiums.
  • Your home’s plumbing – Like in other cases, newer construction that’s up to code will cause fewer problems. Older plumbing can leak more easily and break down faster. The older your home’s internal systems, the more likely you will have claims.
  • Your home’s electrical system – Faulty or old wiring can create electrical fires and damage your home. That’s why a newer electrical system is less likely to break down and keep your premiums down.

Risk factors for homeowners in 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:

Most home insurance providers in Edmonton won’t cover two kinds of risks: uninsurable perils and optional coverage:

Outline of a house. Illustration.

See how our customers in Edmonton save big on home insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from May 22, 2024
Type of home
Detached 3,186 sq ft
Location
Edmonton
Previous claims
None
Lowest Rate
$340/mth
$4,080/yr
Average rate
$406/mth
$4,872/yr
Saved
$67/mth
$804/yr (16.00%)
Quote from May 22, 2024
Type of home
Detached 922 sq ft
Location
Edmonton
Previous claims
1
Lowest Rate
$118/mth
$1,416/yr
Average rate
$151/mth
$1,812/yr
Saved
$33/mth
$396/yr (22.00%)
Quote from May 22, 2024
Type of home
Semi-detached 1,529 sq ft
Location
Edmonton
Previous claims
None
Lowest Rate
$128/mth
$1,536/yr
Average rate
$162/mth
$1,944/yr
Saved
$34/mth
$408/yr (21.00%)
Home insurance quotes are compared from CAA, Dominion Insurance, Economical Insurance, Gore Mutual, Max Insurance, Pembridge, SGI, Square One Insurance, and Wawanesa Insurance.
 

Tips on how to lower the cost of your Edmonton home insurance policy

Getting insurance for your home is easier than you think. There are plenty of steps you can take to further reduce your Edmonton home insurance by looking at some of the following options:

Comparison shopping – Sites like LowestRates.ca can give you quotes from more than 50 of the top insurance providers in the country. All we need is a few simple bits of information regarding your needs and you’ll be connected to a broker that can offer you the cheapest home insurance rates. It’s fast, simple and free to use.

Bundling – Bundling insurance policies (e.g., auto and home) so that each is held by a single provider will result in a discount of 5-15%. Providers will reward you for your loyalty and pass savings on to you.

Credit check – In some provinces, your credit score can be used by insurance companies to get a discount on insurance. Once you provide consent, your insurance provider will check your score. A good credit score means you are at a lower risk and can get a cheaper Edmonton home insurance rate. Thankfully, insurers can't use a bad credit score to surcharge you.

File claims sparingly – Insurance providers in Edmonton look at past claims behaviour as a predictor of future claims. The fewer you make, the lower your insurance rates will be as you are considered a lower risk of making future claims.

Improve security – Installing smoke or carbon monoxide detectors, along with security alarms, lowers the risk of damage and future claims. Your Edmonton home insurance provider may reward you for these measures.

Increasing your deductible – Agreeing to be responsible for more of the upfront costs that result from damage or theft, lowers your risk factor in the eyes of insurance providers. You will lower your Edmonton home insurance premiums; however, you will need to have enough cash on hand to pay for the increased premium.

Annual payment – Monthly premiums can add administrative expenses to your Edmonton home insurance provider. Paying upfront reduces those costs, which can be passed on to you.

Memberships – Being part of a union, certain organizations, or an alumnus of certain universities can result in a lower home insurance premium.

Memberships – Being part of a union, certain organizations, or an alumnus of certain universities can result in a lower home insurance premium.

Age – Being a senior citizen may mean you’re eligible for lower rates.

Quality of construction – Newer homes with modern construction can sometimes qualify for discounts. Construction that meets or exceeds current codes will likely have fewer problems than older or poorly built homes.

File claims sparingly – Your insurance claims history is a risk factor that insurance providers consider when determining your premium. The fewer number of claims you’ve filed, the more likely you are to receive a lower premium.

Avoid living in areas known to be prone to floods or fires – Location matters when it comes to Edmonton home insurance. A history of individual claims can affect your rates but so can the collective claims history of your neighbourhood, especially if the majority of those are related to overland flooding and fire.

Frequently asked questions about home insurance in Edmonton

How much is home insurance in Edmonton?

It depends. The age, location and the build quality of your home make a difference, as do the history of claims tied to you and your property and your neighbourhood. By comparing quotes on sites like LowestRates.ca you can see what the cheapest rates for home insurance are. Having that information allows you to discuss strategies to bring down those rates even further with the professional representing the company with the cheapest rates. The company with the cheapest rate will do more to keep your business and likely will be willing to work with you on meeting your budgetary needs.

What are the best home insurance companies in Edmonton?

What if I own a condo or rent? Can I still buy property insurance online?

Owning a condo makes you a homeowner. Most of the insurance options that are available for homeowners apply to condos. There are nuances, however, as some condo insurance, which protects the structure and common areas, is handled by the building association.

If you rent your property, you can buy renter’s or tenant insurance. Essentially, with tenant insurance you are protecting your belongings as well as personal liability issues. Structural issues and items owned by the landlord would be insured by their personal insurance.

Joel Kranc

Joel Kranc

About the Author

Joel Kranc is an award-winning writer, author and journalist. Most of his experience lies within the institutional investment and financial services space. He also covers a variety of business topics for publications in North America and the UK.

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*Shoppers in Alberta who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 36% The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes condo and tenant insurance.