Get Cheap Home Insurance in Edmonton

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How home insurance works in Edmonton

If you’re lucky enough to be a homeowner in Edmonton, you likely value not only your house but the contents inside. In Edmonton, and all of Alberta for that matter, home insurance is not legally required or mandatory. However, if you are looking for a mortgage or have a mortgage, home insurance in Edmonton would be a requirement of taking out that loan.

Also, if you are not protected you are risking further costs should you need repairs from damage or natural causes.

Overall, home insurance in Edmonton helps protect you in case of theft, liability, loss or damage to the inside and outside of your property (property coverage) and can help with additional living expenses should you be unable to live in your home temporarily.

The main types of Edmonton home insurance coverage include:

  • Basic or Named Perils: It covers the perils that are outlined in your policy. You may have an option to choose what to include.
  • Broad: This covers your structure and contents. There are some exclusions. Your personal belongings are covered for what is specifically listed in your plan.
  • Comprehensive: You have protection from most threats. Overland flooding, sewer back up and earthquakes are not included. You can get extra coverage for these risks.
  • No Frills: This is for real estate that has insurability challenges (property or structural issues).

People searching for Edmonton home insurance can also add a variety of plan endorsements to enhance their level of insurance. You can increase your limits of existing protection or add more when shopping for cheap Edmonton home insurance quotes. They might include:

  • Overland water coverage
  • Sewer backup insurance
  • Earthquake insurance
  • Coverage for personal valuables
  • Home sharing
  • Identity theft insurance
  • Lock replacement
  • Freezer food protection

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Average home insurance rate in Edmonton

According to RATESDOTCA’s Home Insuramap tool, the average premium for Edmonton home insurance in 2021 was $1,883. This rate is about 20% less expensive than the provincial average for the same year: $2,339. In fact, Edmonton is among the top 10 least expensive cities for home insurance in 2021.

While many factors go into determining home insurance premiums, overland water damage is one of the most significant. In other words, parts of Alberta where home insurance are particularly high are vulnerable to flooding – both overflowing from a nearby water way or from melting snow. For example, homeowners in Olds, Alta., paid an average premium in 2021 of $2,796, according to RATESDOTCA Home Insuramap tool. The region has a long history of floods that require evacuations.

While homeowners in cities Edmonton do experience damage from overland water, it’s less significant of a threat than in places like Olds. As a result, home insurance premiums are lower.

Rank City in Alberta Avg. 2021 home insurance premium % Difference from Edmonton
1 INNISFAIL 1,637 -13%
2 DEVON 1,769 -6%
3 WAINWRIGHT 1,770 -6%
4 ALDER FLATS 1,867 -.85%
5 PARKLAND COUNTY 1,871 -.69%
6 FORT SASKATCHEWAN 1,883 0%
7 EDMONTON 1,883 0%
8 PONOKA 1,939 +2.97%
9 FORT CHIPEWYAN 1,946 +3.35%
10 STRATHMORE 1,956 +3.88%

Factors that determine your Edmonton home insurance premium

Edmonton home insurance provides financial help in the event of a catastrophe or an unexpected event. Unfortunately, many people are looking to save money, perhaps in the wrong places, and opt for policies that may not meet their needs. While finding the cheapest Edmonton home insurance is the main goal, choosing the wrong policy can leave homeowners frustrated when disaster strikes and they may not have the best coverage. Here’s what impacts Edmonton home insurance rates:

  1. Your insurance and claims history: Past claims might indicate higher risks to insurers and potential issues with the home.
  2. Your credit rating: Homeowners with good credit ratings are likely lower risks.
  3. Your address: Location plays an important role in premiums depending on if you live in a high crime neighbourhood, flood area, congested are etc.
  4. Your home’s age, type of build, and building material: Older homes may have older infrastructure that would be costly to repair and a high risk to insurers. Things like knob and tube electrical wiring or asbestos could be present in the home.
  5. Your roof’s age and material: A lot of damage can enter a house through your roof. A well-maintained roof with solid construction can reduce risks and claims to your property.
  6. The replacement cost of your home and belongings: High-ticket items and expensive contents (cars, art, jewelry) can add more to your insurance premiums.
  7. Your insurance options: Insurance comes in many forms and can be moderate to expensive depending on how you structure your deductible and coverage.

Top Edmonton home insurance companies

Insurance Companies Company Type Phone Address
Aviva Insurance Financial institution 1-780-428-1822 10130 103 St NW #1900, Edmonton, AB T5J 3N9
CAA Financial institution 1-780-474-8601 11220 109 St. NW, Edmonton, AB T5G 2T6
Chieftan Financial institution 1-800-268-8447 165 University Ave., Toronto, ON M5H 3B9
Coachman Financial institution 1-416-255-3347 10 Four Seasons Place, Suite 200, Toronto, ON, M9B 6H7
Echelon Financial institution 1-905-214-7970 2680 Matheson Blvd E. Ste 300, Mississauga, ON, L4W 0A5
Economical Financial institution 1-800-661-3274 10158 103 St. NW #300, Edmonton, AB T5J 0X6
Lowestrates.ca Quotes comparison 1-855-487-6911 1910 Yonge St. Suite 401, Toronto, ON M4S 3B2
Perth Financial institution 1-519-570-8208 111 Westmount Rd. S., P.O. Box 2000, Waterloo, ON, N2J 4S4
RATESDOTCA Quotes comparison 1-844-726-0907 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
RSA Financial institution 1-416-440-8777 300, 326 - 11 Ave. SW., Calgary, Alta., T2R 0C5
Scoop Insurance Insurance brokers 1-416-955-6286 300 Lincoln St. Unit 22, Welland, ON L3B 4N4
Square One Financial institution 1-647-749-6933 439 University Ave. #500, Toronto, ON M5G 1Y8
Western Assurance Financial institution 1-416-440-8777 700 University Ave., Suite 1500A, Toronto, ON, M5G 0A1

Why use InsuranceHotline.com to compare home insurance quotes online?

Why use InsuranceHotline.com to compare home insurance quotes online?

  • Save Money: On average, shoppers save $300 on home insurance comparing quotes with us.
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*Shoppers in Canada who obtained a quote on InsuranceHotline.com from January to December 2021 saved an average of 21%. 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 InsuranceHotline.com.

Frequently asked questions about Edmonton home insurance

How can I find the cheapest home insurance quote in Edmonton?

Finding the cheapest home insurance quotes in Edmonton is easy. Simply log onto InsuranceHotline.com, provide some information about your home and insurance needs and voila! An immediate comparison is provided of cheap Edmonton home insurance quotes at your fingertips. You can also connect with InsuranceHotline.com to talk to the company that best suits your needs.

How much is home insurance in Edmonton?

Home insurance in Edmonton is among the cheapest in the province. RATESDOTCA proprietary data Insuramap notes that average premiums for 2022 amounted to $1,883.  Compare that to Calgary which had the highest at $3,085.

What kind of risks do Edmonton homeowners face?

Homeowners in Edmonton could face the following perils:

  • Internal water damage from burst pipes: During the winter months, low temperatures increase the risk of water damage from burst pipes. Given how cold the winter gets in Edmonton, this is a common issue.
  • Sewage backup: An aging sewer system or melting snow can cause a sewer backup. Damage as a result of sewer backup may be covered by your policy or will be available as an add-on. Many insurers offer different amounts of sewer backup coverage. Ask your insurer for more information.
  • Overland water: Rainstorms and melting snow can cause overland flooding and heavily damage your home. Overland water insurance may be an optional add-on, making it important for you to ask your insurer about the details of your coverage options. For example, in the Spring of 2022 more than 1,000 people were forced from their homes in the Dene Tha’ Frist National community of Chateh after some of the worst flooding on record.

Do I need to update my Edmonton home insurance provider if I am running a short-term rental on Airbnb or Vrbo?

Providing a short-term rental on Airbnb or Vrbo changes the nature of your home’s usage and the terms you have with your insurance provider. Your residence is now operating as an income property.

Speak to your agent or provider about changing the usage of your home and what options are best to protect you and the contents of your home.

How can I file a home insurance claim in Edmonton?

Assess the damage and contact your insurer in Edmonton and tell them you want to make a home insurance claim. They will likely need details including your policy number, address and full name, and the nature of your claim.

Take photos of the damaged or destroyed items as evidence or records that may be required later.