Cheap Edmonton Home Insurance Quotes

Home insurance in Edmonton

Residents of Edmonton are not required to take out home insurance by law, unlike car insurance. However, most lenders will require you to have home insurance if you intend to take out a mortgage. That’s while you’ll probably need it anyway!

There are many options for home insurance in Edmonton. The following list provides an example of what’s available.

Types of home insurance in Edmonton

Homeowners in Edmonton can choose from these three basic insurance plans:

• Basic: Also known as a ‘named perils’ policy, the basic home insurance package is generally the least expensive, as it offers the fewest benefits. Under a basic package, homes are usually protected against perils such as fire and wind.
• Broad: Sometimes called a ‘standard’ policy, the broad home insurance policy protects against most perils and may also include some of the contents of the home. Some perils may be listed as exclusions.
• Comprehensive: Often referred to as an ‘all-perils’ policy, the comprehensive policy provides protection against all perils and contents of the home.

Home insurance coverage

• Property and building: As its name suggests, this policy provides coverage for structures on your property, including the land, from perils such as fire, theft, wind, water damage and more. Some policies require additional coverage for structures such as garages or sheds. It’s best to consult your Edmonton home insurance provider to make sure you are covered.
• Contents and personal property: Contents and personal property coverage protects your possessions, including furniture, clothing, electronics and houseware. More expensive items like fine art or jewellery would require additional coverage. Consult your Edmonton home insurance provider to find out what contents are covered in your policy.
• Additional living expenses: Should you be displaced from your home due to a claim resulting from damage or evacuation, additional living expenses will cover you for your temporary living costs, such as rent or food. Consult your home insurance provider for the costs and limits you are eligible for.

Liability coverage

• Personal liability: This protects you from liability or lawsuits resulting from someone getting injured on your property.
• Voluntary medical payments:  Medical payments for someone who is injured or who you injure on your property will be covered under this policy. Generally, coverage is included for up to one year from the time of the accident.
• Voluntary property damage:  This covers you should you unintentionally cause damage or loss to someone else’s property. It also covers minors under 12, who are under your care, and cause damage to another person’s property.

Add-ons to home insurance coverage in Edmonton

Besides basic, home and liability coverage, homeowners in Edmonton may want to make some additions. The following are some of the most common coverages offered by home insurance providers:

• Overland water: Not all home insurance providers offer this, but those that do provide coverage from overland water damage due to overflowing water from lakes, rivers or melting snow.
• Sewer back-up: This protects you from main sewer back-ups that cause damage to your home.
• Earthquake: This protects you from damage or losses caused by earthquakes. It is most useful in areas, like Western Canada, where earthquakes are more common.
• Mass evacuation: If a major event, like flooding or forest fires result in mass evacuations this will cover you for the living expenses you incur while living away from your home.
• Identity theft: In the 21st century identity theft is a real problem that can cause losses or damage. This coverage will pay for replacing documents such as your passport.
• Lock replacement: Theft or vandalism can cause damage to your locks. This coverage will help pay the replacement cost.

How much does Edmonton average home insurance cost?

According to the RATESDOTCA Insuramap data, home insurance in Edmonton is $1,883 per year. In 2022, it was the seventh cheapest city in the province in terms of home insurance. This rate reflects the fact that even though Edmonton is relatively removed from environmental perils such as flooding and wildfires, it’s not immune to threats such as fire, theft and vandalism

Edmonton home insurance is only 13% more expensive than that of Innisfail, which has the annual average rate of $1,637, making it the cheapest city in the province. It’s unlikely to be due to lower crime rates as they are a good deal higher than the national average. This means that other factors, such as natural disasters and replacement costs, play less of a role.

Edmonton home insurance is nearly 47% less expensive than that of Olds, the most expensive city, which has the annual average rate of $2,796. Olds is at a relatively high risk of flooding, which may be why the rate is so high.

According to the RATESDOTCA Insuramap data, Edmonton homes, on average, cost less to insure than the average Alberta home. These figures exclude condo insurance, which tends to be less expensive than home insurance.

Though there are numerous factors that contribute to determining the cost of a home insurance policy, one possible reason Edmonton has relatively cheap house insurance is because it isn’t directly threatened by wildfires. Past insurance payouts for wildfire damage rank among the most costly events for Canadian insurance providers, so Alberta cities with greater exposure drive up the provincial average.

How does home insurance in Edmonton compare to the other major cities in Alberta?

Even though Edmonton is the capital of the province of Alberta, home insurance rates here are relatively low. It ranks 64th out of 70 cities, with an average rate of $1,883 per year. It is 24% cheaper than the provincial average of $2,339 per year.

Other parts of the province, like Fort McMurray and Lethbridge, are routinely threatened by climate issues such as wildfires. Home insurance payouts in those areas can be significant and insurance providers raise rates due to increased risks. 

Lethbridge home insurance rates, for example, average at $2,652 per year – a 41% higher than Edmonton’s average. Also on the higher side is Calgary, with an average rate of $2,486 per year, which is 32% above Edmonton’s average.

The city of Devon is one of the cheaper areas to insure a home, boasting an average rate of $1,769 per year, which is 6% cheaper than Edmonton.

How to get the cheapest home insurance in Edmonton

To find the cheapest home insurance rates in Edmonton, visit RATESDOTCA, enter a few details about yourself, and within seconds, you’ll get quotes from providers with the cheapest home insurance rates.

RATESDOTCA will connect you with the broker or agency you choose, and you’ll be on your way in no time.

Beyond comparison shopping you’ll also want to:

• Know the neighbourhood you are likely to live in
• How much insurance you might want
• How much you might need in terms of insurance add-ons

It’s best to talk to a broker, who can help you narrow down your needs and budgetary constraints to assess which home insurance provider will suit your needs best.