Alberta's Best Home Insurance Quotes

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We've got you covered with better home insurance in Alberta

With premiums on the rise, it has never been more important for Alberta residents to shop around for home insurance quotes. At ThinkInsure, we help homeowners get the best policies at the most affordable home insurance rates in Alberta.

Having a good home insurance policy in Alberta ensures you can protect your dwelling, family, and financial well-being. ThinkInsure works with the leading home insurance companies. So we'll find the best coverage for your need and compare rates to help you save. You can quickly compare quotes online or speak with a home insurance broker. We make it simple for Albertans to get personalized home insurance coverage and save.

How does home insurance work in Alberta?

Here are the basics of how home insurance works in Alberta:

Home insurance provides homeowners in Alberta with financial protection. You never know when a peril like a thunderstorm, flood, or fire could destroy your property. It covers your home and contents against damage caused by an insured peril.

There are several policy levels to choose from - comprehensive, broad form, and basic. You choose the plan that makes the most sense based on your needs and risk tolerance. Higher limits and more coverage will increase how much you pay. For example, basic plans are more affordable than comprehensive.

If your dwelling is damaged or you have a liability claim against you, you can file a home insurance claim. You pay your deductible, and your insurance company will cover the rest up to your plan limit.

Is home insurance mandatory in Alberta?

No. Home insurance is not mandatory in Alberta, but it is strongly recommended. There are too many threats not to have protection. Without a plan, you are putting your finances at risk. Plus, banks and other mortgage lenders will not give you a loan without proof of insurance. In this sense, it is required, unless you are mortgage-free.

How much home insurance do I need in Alberta?

Generally, you should have enough home insurance to cover the cost of rebuilding your home in Alberta. This amount will vary based on your home size and features. Your replacement cost will be listed in your plan. Most mortgage lenders require you to be insured for at least the amount of your mortgage.

You should also insure your property against loss or injury. Liability and contents insurance is recommended. The combination of these coverages will ensure you have maximum protection against a variety of threats.

Who regulates home insurance in Alberta?

Alberta Superintendent of Insurance (SOI) regulates home insurance in the province. They are tasked with supervising underwriting, products, and the conduct of insurance companies in the province.

What are the main types of home insurance in Alberta?

There are four main types of home insurance plans you can get in Alberta. They are basic, broad, comprehensive, and no frills. When comparing quotes, you can select one of the following:

Basic home insurance: This is also called named perils. It covers the perils that are outlined in your policy. You may have the option to choose what to include. This is generally the most affordable, but it also offers limited protection.
Broad form home insurance: This covers your structure and contents. There are some exclusions. Your personal belongings are covered for what is specifically listed in your plan.
Comprehensive home insurance: You have protection from most threats. Overland flooding, sewer backup, 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).

Optional and enhanced home insurance in Alberta

There are a variety of plan endorsements to enhance your level of home insurance in Alberta. You can increase your limits of existing protection or add more when shopping for quotes. Optional solutions include:

Overland water coverage: Consider this if you live near a lake, river, or area that is prone to flooding.
Sewer backup insurance: You never know if your sewer could back up. Add this for an extra layer of protection.
Earthquake insurance: Did you know there are close to 300 earthquakes per year in Alberta? Adding this endorsement will ensure you're covered.
Umbrella insurance: Add liability protection that is above and beyond what is in your existing plan.
Coverage for personal valuables: Add specific coverage for your high-ticket items - art, collectibles, sports equipment, and more.
Identity theft insurance: Fraud is on the rise. Get peace of mind in knowing you have access to assistance if you experience identity theft.
Lock replacement: Get your locks replaced after a theft or break-in claim.
Freezer food protection: Food is expensive. Get compensation for spoiled food after a power outage.
And more

How to get Alberta home insurance quotes

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What does home insurance cover in Alberta?

Your homeowner insurance provides Albertans with safeguards in four main ways:

Damage to your home: It will cover your dwelling structure and detached structures on your property (garages, shed, deck). You’ll have protection against perils based on your plan type.
Loss of personal items: Coverage for all personal belongings on your property. You have coverage if your stuff is lost, damaged, or stolen.
Legal liability: Get protection against lawsuits from personal actions and injury on your land. For example, someone slips, falls, and then sues you.
Additional living expenses: Your policy covers you for living expenses if your home is severely damaged and unfit to live in. You’ll be provided compensation for food, transportation, and accommodations.

What is not covered by Alberta home insurers?

There are exclusions in your insurance policy. It doesn’t cover everything. Some items are excluded based on your policy selection, terms, and conditions. In general, the following are not included:

Wear and tear or neglect: It's the homeowners' responsibility to maintain their property.
Deliberate damage: Cause damage purposely and filing a claim is fraud. This is a criminal act.
Mould: This is considered a maintenance issue. Some mould damage might be covered if it's a result of an insured peril.
Pest and infestation issues: Damage from bugs, raccoons, squirrels, skunks, and other pests are not included.
Injuries caused by dangerous dog breeds, or exotic pets: Some pets are not covered by your insurer. Speak with your broker to make sure your pet is included as a liability or if extra insurance is required.
Frozen pipes: Not all damage caused by frozen pipes is covered. Speak with your insurer to get clarification.
Business activity: This is not covered. You’ll need home based business insurance.
Some types of water damage: Water is not automatically covered. Some types of damage require additional coverage - such as overland flooding and sewer backup.

Review your policy to be clear about what is and is not included. If you are unclear, speak with your advisor.

How much does home insurance cost in Alberta?

Average home insurance cost In Alberta is $1450

The average home insurance premium in Alberta varies based on many factors. Your location, home size, features, coverage needs, and more all affect payments. You can expect to pay in the $800-2,000 range or more per year. This is comparable to Ontario home insurance quotes.

Get quotes for an accurate range of home insurance costs based on your unique living situation in Alberta.

Alberta home insurance premiums comparison by city

Home insurance premiums vary across the province of Alberta. For example, the cost for Calgary home insurance will be different than Edmonton home insurance even if you were comparing similar homes. Your city, neighbourhood, and the number of potential threats in the area matter. You will pay more for a plan in areas with greater threats. Here’s how some of the top cities match up:

Region	Average Premium
Canada	$1,200
Alberta	$1,450
Edmonton	$1,505
Calgary	$1,925

Alberta home insurance rates are increasing

Home insurance prices have been on a consistent rise over the past couple of years in Alberta. They did drop slightly in the last two quarters of 2020 but rose again in 2021 and continue to increase:

Quarter	Percentage change
Q1 2023	+5.1
Q4 2022	+10
Q3 2022	+11.6
Q2 2022	+8.1
Q1 2022	+10
Q4 2021	+10.1
Q3 2021	+10.3
Q2 2021	+6.5
Q1 2021	+1.6
Q4 2020	-1.4
Q3 2020	-1.2
Q2 2020	+3.3
Q1 2020	+6.2
Q4 2019	+3.2
Q3 2019	+9.8
Q2 2019	+4.5
Q1 2019	+3.2
Q4 2018	+12.1
Q3 2018	+4.3
Q2 2018	+5.7
Q1 2018	+7.9

Source: Applied Rating Index - The Canadian insurance industry’s premium rate index.

Alberta home insurance trends affecting rate changes

Home insurance prices are on the rise for Alberta residents. Quarterly rates have only dropped twice dating back to 2018. Year over year, rates have increased by 5.1% from Q1 2022 to Q1 2023. This is on par with the national average.

Climate change: Alberta is no stranger to severe weather. The province has seen it all - storms, forest fires, and flooding. This has resulted in more claims for insurers to handle.
Higher cost of claims: The cost of claims is on the rise. Inflation, supply chain delays, and higher property values are pushing up replacement costs. This, in turn, is increasing the cost of claims.
More frequent catastrophic events: Catastrophic events are increasingly common in Alberta. Based on data from the IBC 2022 FACTS of the Property and Casualty Insurance Industry in Canada report there have been 15 catastrophic events in the province since 2019. Perhaps the most notable are the Fort McMurray wildfires in 2016 and the Alberta floods in 2013.

How do I get cheap home insurance in Alberta?

For Alberta residents, getting cheap home insurance is not as complicated as you think. Here are a number of simple ways to get cheaper rates:

Compare quotes: We can help you review quotes from multiple insurance companies.
Review annually: Ensure you have the right amount of insurance.
Invest in home security: Investing in security will qualify you for a discount.
Stay claims-free: Having a claims-free insurance record will help lower costs.
Increase your deductible: Increasing your deductible will lower your insurance.
Ask about discounts: Asking your provider about available discounts could qualify you for lower premiums.
Bundle: Combine your home and car insurance in Alberta to save on both.

What factors impact Alberta home insurance rates

The amount you pay for home insurance in Alberta is based on a variety of considerations. Individual insurance companies have a specific set of factors they use to decide your premiums. They include:

Location: Your location in relation to a fire hall, hydrant, or body of water.
Property type: The type and size of your dwelling (detached, semi, etc.)
Replacement cost: Your home replacement cost amount.
Roof age and condition: Shingle or metal, new or old.
Systems: Age and condition of the HVAC, electrical, and plumbing systems.
Renovations: Recent upgrades and improvements made to the property.
Claims history: The number of claims on your insurance record.
Pets, pools, and other liabilities: More liabilities will increase your costs.
Use: Business, home-sharing, rental unit.

These factors can help to decrease, or they could increase your payments.

Alberta home insurance FAQs

Why is Alberta home insurance so expensive?

Alberta is one of many provinces where home insurance rates are increasing. There are a number of reasons why premiums are so expensive. Perhaps the most impactful is the weather. The province has had some of the biggest, most severe, and most costly weather events in recent memory. There have been wildfires, flooding, hail, and other storms that caused significant damage. The cost of these claims has driven up insurance rates in the province.

Does home insurance cover fire in Alberta?

All home insurance plans offer some level of fire coverage in Alberta. However, coverage limits, exclusions, and conditions will vary by insurer. For example, wildfires are commonly covered, but the extent of the protection is determined by your plan type and insurer. If you are not sure what is covered, speak with your provider to get clarification.

What perils does home insurance protect in Alberta?

An insurance policy ensures you are financially protected in case of a disaster or other event. Here are some of the home insurance perils that may be covered under your policy in Alberta:

Fire and explosion
Water damage
Falling objects
Windstorms, lightning, hail
Theft
Vandalism

Speak with our experts to learn more about the perils included in your coverage.

What are common threats to Alberta homes?

Homeowners are at risk from three major home insurance threats in Alberta – flooding, wildfires, and extremely cold temperatures during the winter.

The province has experienced a series of significant natural disasters and weather events over the past decade. Before the Fort McMurray wildfires, the province experienced significant flooding in 2013. There was also another significant fire in Slave Lake in 2011.

Temperatures can dip to close to -50C, making it one of the coldest areas in the country. This increases the risk of frozen pipes, ice dams, and other winter weather-related damage.

What is the Alberta home Insurance Act?

The Insurance Act outlines the rules and regulations in the province. All insurance professionals and providers must operate in accordance with this act.

Do I need home insurance for Airbnb rentals in Alberta?

Yes. You need proper home insurance coverage in place if you offer your property for home-sharing or short-term rentals in Alberta. Even though Airbnb does offer host protection, it is limited. Speak with your insurer about the type of home sharing insurance you require. Speak with your insurance company about what you need in place to offer your home on Airbnb. Some companies will not allow you to rent on home-sharing platforms.

Can insurers use my credit score to determine Alberta home insurance premiums?

Yes. Companies can use your credit score when determining your home insurance costs in Alberta. However, you must give them consent to do so. Offering up your credit score is optional. If you have a good score, it may be worthwhile to allow insurance companies to use it. You could qualify for a noticeable discount.

Can I cancel my Alberta home insurance?

Alberta homeowners can cancel their home insurance policy. You can do so anytime. However, you may have to pay a cancellation fee. Rather than cancelling mid-policy, it's best to wait until renewal time to avoid penalties. Keep in mind that cancelling your policy could also be a violation of your mortgage loan terms. If you’re thinking about cancelling, speak with our brokers about your options. We’ll help you find an amicable solution.

What is the Alberta home insurance tax rate?

Home insurance premiums are subject to tax in Alberta. Premiums are taxed at a rate of 4%. This will be added to your premiums.

How do home statistics affect home insurance in Alberta?

The makeup of the Alberta housing market has a big impact on home insurance requirements. Much like in other provinces, housing costs are on the rise. Alberta has a higher homeownership rate than the national average. Here is an overview of the housing market:

Dwelling type is another big factor that influences insurance. Your premiums increase as the size and value of your property and the number of personal belongings goes up. Here is an overview of the types of households in the province.

Type Of dwelling	Amount
Homeownership rate	72.40%
Number of private dwellings	1,527,680
Single-detached house	61.9%
Apartment buildings 5+ stories	>4.1%
Apartment buildings with less than 5 stories	>15%
Duplex	+2.8%
Other dwellings	16.5%

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Kevin St Clair

2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

Anthony Gomez

2024-11-27

Today, I want to take a moment to recognize Monica Chan, an exceptional insurance broker who has consistently gone above and beyond in her service to me. Monica's dedication to punctuality and consideration has been truly remarkable. She has always been prompt in responding to my inquiries and has never hesitated to offer her expertise and guidance. With Monica as my broker, I have never once felt worried about anything going wrong. Her proactive approach and attention to detail have provided me with peace of mind, knowing that my insurance needs are well-taken care of. Throughout our interactions, Monica has been incredibly helpful, patiently explaining complex insurance concepts and ensuring that I fully understand my coverage options. I wholeheartedly recommend Monica Chan to anyone seeking an insurance broker who genuinely cares about their clients' best interests. Her commitment to excellence and her willingness to go the extra mile make her an invaluable asset in the insurance industry.

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2024-11-20

Absolutely amazing service the broker Todd worked on my quote fast I recommend this company to anyone very professional I’m so glad I called them .. Thank you for your great work

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2024-11-15

Betsy Bannon has been nothing short of amazing at helping us through the complex process of acquiring business insurance. She quickly understood our needs and expertly guided us to the right solution. From start to finish, she made us feel like her most important client which gave us the confidence that we were in great hands. We highly recommend Betsy!

Jermaine M

2024-11-05

I had a great experience with Patrick Vuong. He went above and beyond to help me update last minute changes to my policy in order to qualify for a government grant. Staying back late and coming in early the next day to help finishes the changes. Very kind and professional!

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2024-11-05

Betsy Bannon is a professional extremely friendly and knowledgeable and made my experience wonderful! Highly recommend her for any insurance needs. Mark Gaffney

fabian ward

2024-11-04

Great service! Prompt and very helpful! Thanks to Todd allan for really helping me out!

Stephen Mcfadden

2024-11-01

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Comparing Alberta home insurance quotes is easy

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