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Find better home insurance in Edmonton

Shopping for home insurance in Edmonton? You’ve got a great house. Now you need to protect it without breaking the bank. Unforeseen damage from a nasty storm or loss from theft could hurt Edmonton residents financially without a proper home insurance policy in place.

At ThinkInsure, you'll get the best home insurance coverage and the most affordable premiums in Edmonton. As a homeowner, you’ll have peace of mind in knowing you have a great policy protecting your house, condo, or rental. Get a quote and compare rates from the leading home insurance companies to save

How Edmonton home insurance works

Alberta home insurance regulations apply across the province. The same rules apply regardless of where you live. It is not legally required for Edmonton residents to have a home insurance policy. But you will still need one if you have a mortgage. Insurance is a requirement to qualify for a home loan.

Regulations are outlined by the Province of Alberta Insurance Act. The Alberta Superintendent of Insurance (SOI) oversees insurance in the province.

How you get homeowners insurance is straightforward. You can get a policy through an insurance broker in Edmonton via a private insurance company or direct insurer. You pay premiums monthly or annually in exchange for coverage. You can file a claim if you experience a loss. Your insurance company will review the claim and arrive at a settlement amount. You will be paid out this sum, minus your deductible. Your claim will then go on your insurance history.

About home insurance in Edmonton

Edmonton is the capital of Alberta. The metropolitan area has close to 1.5 million residents and the city itself has about 975,000 people. It’s the fifth biggest in the country and one of the fastest-growing.

Affordable housing prices compared to Calgary and other big cities make it appealing. So is the more affordable insurance coverage. However, there are inherent threats to owning in Edmonton. Most residents have extra coverage to protect their dwellings from water damage, weather, and other natural threats.

Your building type is a key factor insurers consider when determining your premiums. For example, there can be a substantial difference in insurance needs for a detached home compared to condo insurance or renters insurance.

Here is a brief snapshot of the number and types of homes you can find in the Edmonton area:

Type of dwelling	Amount
Number of private dwellings	502,145
Single-detached houses	57.3%
Apartment buildings 5+ stories	5.4%
Apartment buildings with less than 5 stories)	19%
Duplex	2.1%
Other dwellings	16.2%

Source: Statistics Canada

What are the types of home insurance in Edmonton?

here are four standard home insurance plans that serve as the basis for coverage in Edmonton. They are:

Basic home insurance: Also called named perils home insurance. You'll be covered for the risks listed in your plan. This is the most affordable plan.
Broad form home insurance: Get protection for named perils for your personal belongings and comprehensive coverage for your structure.
Comprehensive home insurance: Also called all perils. Get protection for all risks unless they are not listed. This is the most expensive option.
No frills: A plan designed for properties with issues that make them a challenge to insure.

Safeguard your property with extra protection by adding endorsements. Here are some of the most popular:

Overland water coverage: Get additional protection against flood damage.
Sewer backup insurance: Have peace of mind in knowing you’re covered if your sewer backs up.
Earthquake insurance: Earthquakes are possible in Edmonton.
Identity theft insurance: ID theft is on the rise. Get extra protection.
Jewellery insurance: Insure your valuables and increase your plan limits for jewellery.

What does Edmonton home insurance cover?

Your policy provides coverage in four main areas. They are:

Building and detached structures: Your home and other structures on your land – shed, garage, deck.
Personal items: Your personal belongings such as electronics, clothing, and furniture. Get more information about contents insurance.
Living expenses: Additional living expenses are provided if the damage is caused by a covered peril.
Legal liability: Protection against lawsuits and liability because of slip-and-falls and injuries to others on your property. Consider umbrella insurance to maximize your coverage.

How to get Edmonton home insurance quotes

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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.

Phyllis Baker

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

Charles Cameron

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!

Mark Gaffney

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

Great experience working with Sohel Rahman, appreciate his honest and can-do attitude. Highly recommend!

What factors have an impact on Edmonton home insurance?

Premiums are determined using a variety of considerations. How these factors are weighed depends on the insurer. Here are the most common things that will affect your rate:

Location: Your neighbourhood, postal code, proximity to fire station/hydrant, weather threats, and crime rate in your area.
Dwelling details: Size, construction type, and value.
Replacement value: The cost of replacing your home.
Claims history: How many claims do you have on your property?
Value of contents: How much stuff do you have?
Systems: Age of your roof, plumbing, heating, and electrical systems
Security devices: Do you have a security system? Is it centrally monitored?
Liabilities: pools, trampolines, pets, etc.
Policy details: Plan type, limits, deductible, add-ons, applicable discounts.
Credit score: This is optional. Good credit could qualify you for a better rate.

What is the average home insurance cost in Edmonton?

The average cost of home insurance is approximately $1,500 per year in Edmonton ($125 per month). This is slightly higher than in other areas of the province. However, it is more affordable when compared to other similar cities in Alberta and across the country.

For example, Calgary home insurance is about $400 more per month than what Edmonton residents pay.

How do I get cheap home insurance rates in Edmonton, AB?

Working with an insurance broker is a better option to get the lowest rates. There are many ways for Edmonton homeowners to get cheap home insurance.

Compare quotes annually: Each year is an opportunity for you to cut your insurance costs. So, shop around.
Review insurance needs: Your needs can change from one year to the next. Review your policy and make sure it's in alignment with your requirements.
Ask about discounts: It never hurts to ask. Insurers occasionally add new discount offerings. You could also move into a category that qualifies you for savings.
Bundle: Combine home and car insurance in Edmonton and save money on both.
Improvements: Make insurance-friendly upgrades such as a new roof, plumbing, and electrical.
Improving security: The more security, the better.
Quit smoking: Reduce the threat of fire.
Increase your deductible: This will help you reduce your payments.
Remain claims-free: This will ensure you pay the least for coverage.
Take steps to prevent loss: Speak with your insurer about other ways you can reduce your payments.

Talk with our Edmonton advisors about other ways to save on your home insurance premiums.

Edmonton home insurance FAQs

Is home insurance legally required in Edmonton?

While you don’t need to purchase a home insurance policy in Edmonton, it is recommended. Why put yourself at financial risk when you do not have to? If you have a mortgage, you will need to have insurance. Mortgage lenders and banks require proof of insurance as a condition for you to qualify for the loan.

Why do you need home insurance in Edmonton?

Your home is one of the biggest financial assets you will ever have in your lifetime. Home insurance helps Edmonton residents protect this valuable asset. Most people do not have enough funds kicking around to rebuild after a disaster.

The average cost of insurance claims is on the rise, meaning without a plan, you would be on the hook for increasingly expensive repairs. Many also could not financially survive the legal fees if someone gets hurt on their property. Insurance gives you financial security when you need it most.

How much home insurance coverage do I need in Edmonton?

Coverage depends on your individual needs. Everyone is different. You have different homes, personal items, and your location will dictate the likelihood of a claim because of weather or crime. Then there is the question of risk tolerance and finances. Some people are willing to take on the risk of having to pay more money out of pocket because they have the financial resources. While others would prefer the security of knowing they’re covered, so they get more extensive coverage. Therefore, your coverage needs should reflect your personal circumstances. Speak with our brokers to assess your needs and discuss your policy options.

What are the best Edmonton home insurance companies?

The best insurance company is the one that meets your home protection needs at the lowest price. There isn’t one specific insurer that trumps all others. Some offer specialized products and services while others offer general plans. The main thing is to make sure they have an FSRAO license and are a member of the Insurance Bureau of Canada (IBC). But worry, if you get insurance with us, you’ll be getting a policy with a leading insurance provider in Edmonton. Some of the home insurance companies we work with include:

Aviva - 10130 103 St NW #1900, Edmonton, AB T5J 3N9
Intact - 10830 Jasper Ave #700, Edmonton, AB T5J 2B3
Economical - 10158 103 St NW Unit 300, Edmonton, AB T5J 0X6
Wawanesa - 5008 86 St NW, Edmonton, AB T6E 5S2
SGI Canada - 6104 104 St NW Suite 201, Edmonton, AB T6H 2K7

What perils are covered in Edmonton home insurance policies?

There are many potential threats that home insurance covers. The most common are:

Fire, smoke, and lightning
Storms (snow, wind, hail)
Theft and break-ins
Vandalism and property damage
Some forms of water damage

We will help Edmontonians get home insurance coverage that makes sense at a great price. Compare quotes today online or speak with a home insurance advisor.

What specific threats do Edmonton homeowners need protection from?

Living in Edmtonn, like any other city, comes with certain risks. Most are natural and weather-related. Since 1983, there have been 8 catastrophic loss events in Edmonton, according to the IBC 2022 Fact Book. The most common threats are:

Hail
Windstorms and lightning
Flooding
Wildfires
Freezing temperatures and snow

With this in mind, make sure your policy covers you for the above risks. If you are not sure, speak with our advisors.

What is not included in Edmonton home insurance?

Your house insurance does not cover all threats or losses in the Edmonton area. Here is what is typically not included in the plan:

Maintenance neglect
Normal wear and tear
Sewer backup (you can add coverage)
Overland flooding (you can add coverage)
Pest and rodent issues

What are some tips to get the best Edmonton home insurance?

We know that saving money and having proper coverage is important to you. Edmonton residents can use these tips to help get the best home insurance:

Do a home inventory: Know what you have in your home. Know how much it will cost to replace it.
Make sure expensive items are covered: Take out extra endorsements for expensive jewellery and collectibles which are not typically included.
Review annually: Your coverage needs can change. Review them each year and get a quote to see if the rates are better. You may need new insurance products.
Renovations and security: Renovations and security upgrades give you peace of mind. They also increase value and can lower your rates.

How to file a home insurance claim in Edmonton

Filing a home insurance claim can be a stressful situation. There are a number of steps to take. Insurers generally have the same process. Here’s what you need to do:

Assess the situation and determine if a claim is the right next step.
Call your broker or insurance as soon as possible.
Your claims adjuster will open your claim and start the process. They will ask you a series of questions and send out assistance to secure your home if necessary.
Document the damage - be thorough. Don't clean up anything until you’ve taken photos or videos.
Your claims adjuster will visit your home and assess the situation.
You will need to complete a loss form to establish a settlement value (based on the terms of your policy).
Your insurer will assist you in hiring a contractor or other service provider to repair the damage.
You will agree on a settlement value. Sign all forms and finalize repairs.
Sign off on the claim to close the file.

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2024-12-03

Edmonton Home Insurance

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