Cheap Edmonton Home Insurance Quotes

Home insurance in Edmonton costs 12.3% less than Alberta’s provincial average. This is because the exposure to environmental perils, such as wildfires, is comparatively low. Many cities in Alberta are routinely threatened by wildfires, which can result in large insurance payouts. Places where wildfires are especially threatening, like Fort McMurray, drive the provincial average cost of home insurance up.

Though Edmonton is somewhat removed from the threat of wildfires, homes still face some environmental perils, such as floods and snowstorms. Even though home insurance isn’t mandatory in Edmonton, it is necessary to safeguard your home from damage and liability costs caused by climate and human activity.

No single home insurance company offers the cheapest rate for every property. Insurers assess risk differently, so one may offer the cheapest rate for one home but not another. If you’re looking for a cheap home insurance plan, comparison shopping will help you find the best home insurance quotes from top Edmonton insurers.

While Edmonton homes face a low risk from wildfire damage, they are prone to 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.

Home insurance providers in Edmonton don’t cover every peril under a standard policy. In fact, some of the most common perils, such as flooding, may require extra coverage.

Optional risks not covered can be added to your policy. Earthquake coverage, additional liability coverage and sewage backup coverage are common add-ons that you can choose to include as part of your home insurance coverage. It is always recommended to add frequently occurring or common perils as add-ons to safeguard your home.

Each individual homeowner is different. You may have a lot of expensive items in your home, or you may live in an area that has a higher crime rate. Everyone’s needs vary. It’s best to seek out the cheapest rates on RATESDOTCA where you can compare quotes from several providers. Once you have your rate range, talk to one of our specialists, or a broker, who can advise on the best policy for you.

You can lower the cost of your home insurance premium in the following ways:

• Bundle auto and home: Some insurers may have a policy that bundles different types of insurance, like home and auto, allowing you to save money on both.
• Ask for discounts: See if you can get an alumni or professional membership discount from your insurer, such as a CAA or college/university alumni discount.
• Choose a higher deductible: You can choose a higher deductible to lower your home insurance premium. Most insurers in Edmonton will allow you to choose $500, $1500 or $2000 as your policy deductible.
• Upgrade your home: Home upgrades, like roof maintenance and replacing old plumbing, can lower your premium.
• Increase security: Installing a good security system minimizes the risk of theft, directly lowering your home insurance premium.

If an expensive item that you own is damaged or stolen, the insurance company may not necessarily pay you the exact amount of money you paid for it at the store.

A loss settlement refers to how insurers decide the amount you will receive after you suffer a loss to an insured item. Differences in coverage will mean differences in the amount paid for the same item depending on the option you choose. There are two loss settlement options:

• Replacements cost. The replacement cost takes into account the cost of replacing a damaged asset at today’s cost – i.e the insurance company pays you the same amount you would pay to buy that same item today.
• Actual cash value. The actual cash value (also known as the ‘market value’) loss settlement option is determined by the current value (worth) of your property, not how much it would cost to replace it with a brand new one.

The amount of coverage you need will be determined by factors such as the value of your home and contents, the location and age of the home, and the risk you pose to the insurer. Home insurance policies typically offer three or more types of coverage, including dwelling, contents and personal liability. Common risks like fire and theft are typically covered by standard policies, but you may have unique needs or valuables that require extra coverage. Check with your insurance agent or broker to make sure you have enough coverage.