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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.
Standard homeowner insurance in Edmonton comes in four different forms: comprehensive, basic, broad, basic and no frills.
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.
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.
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.
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.
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.
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:
See how our customers in Edmonton save big on home insurance.
Type of home | Location | Previous claims | Lowest rate | Average rate | Saved |
---|---|---|---|---|---|
Quote from July 23, 2024 Type of home Detached 1,097 sq ft | Location Edmonton | Previous claims None | Lowest Rate $97/mth $1,159/yr | Average rate $164/mth $1,969/yr | Saved $68/mth $816/yr (41.00%) |
Quote from July 23, 2024 Type of home Townhouse 1,471 sq ft | Location Edmonton | Previous claims None | Lowest Rate $62/mth $745/yr | Average rate $118/mth $1,418/yr | Saved $56/mth $672/yr (47.00%) |
Quote from July 23, 2024 Type of home Detached 1,069 sq ft | Location Edmonton | Previous claims None | Lowest Rate $76/mth $910/yr | Average rate $108/mth $1,297/yr | Saved $32/mth $384/yr (30.00%) |
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.
Besides comparison sites like LowestRates.ca, there are many choices for homeowners looking for cheap home insurance in Edmonton. Some of them include:
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
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.