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Written By Joel Kranc

Content Manager

Updated February 22, 2024

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.

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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.

Edmonton home insurance premiums vs. Alberta home insurance premiums

Estimated annual premium Estimated monthly premium

Alberta’s average home insurance premium

$2,339

$195

Edmonton’s average home insurance premium

$1,883

$157

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.

Home insurance in Alberta comparison

(how Edmonton compares to the 3 most expensive and 3 cheapest cities in Alberta)

City Estimated annual premium % difference compared to Edmonton

Olds

2,796

+32.7%

Peace River

$2,782

+32.3%

Aden

$2,744

+31.4%

Edmonton

$1,883

-

Wainwright

$1,770

-6.0%

Devon

$1,769

-6.1%

Innisfail

$1,637

-13.1%

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.

Which companies offer home insurance quotes in Edmonton?

Company name Company type Phone number Address

ARC Insurance Brokers – South

Insurance brokerage

780-244-5050

3596 Allan Dr SW, Edmonton, AB T6W 3G9

Armour Insurance

Insurance agency

780-475-0959

5750 75 Street NW, Edmonton, AB T6E 5X6

Capital Insurance Brokers – Northwest Edmonton

Insurance agency

780-476-1600

13141 156 St NW, Edmonton, AB T5V 1V2

Cornerstone Insurance Brokers Ltd.

Insurance broker

780-489-8080

201-10520 178 St NW, Edmonton, AB T5S 2J1

Insurance Hotline

Quotes comparison

1-855-821-7312

225 King St W, Suite 1000, Toronto, ON, M5V 3M2

Jackie Marchand Desjardins Insurance Agency

Insurance agency

780-489-2046

Northgate Centre, 2082-9499 137 Ave NW, Edmonton, AB T5E 5R8

LowestRates.ca

Quotes comparison

1-855-487-6911

401-1910 Yonge St, Toronto, ON M4S 3B2

RATESDOTCA

Quotes comparison

1-844-726-0907

225 King St W, Suite 1000, Toronto, ON, M5V 3M2

Scoop Insurance

Insurance broker

1-866-456-6620

22-300 Lincoln St, Welland, ON L3B 4N4

Sharp Insurance

Insurance agency

780-809-2602

10060 Jasper Avenue Scotia 1, Edmonton, AB T5J 3R8

What risks do homeowners face in Edmonton?

Homeowners in Edmonton must contend with several big risks (both natural and man-made) that could affect the structure of their homes. Here are some of them:

  • Freezing temperatures. Cold snaps as high as –30°C could freeze pipes and cause severe damage.
  • Snow and water damage. Heavy snow can collapse roofs and create leaks when it starts to thaw.
  • Sewage pipe back-up. Main sewers or toilets can back up and cause water damage.
  • Window condensation. Changing temperatures can create moisture and window condensation. This can lead to mold, water damage and leaks. 
  • Attic rain. Poor ventilation from kitchens and bathrooms can lead to moisture in the attic, which could create leaks, mold and other damage.

Frequently asked questions about home insurance in Edmonton

Here’s everything you may be wondering about home insurance coverage in Edmonton.

Why is home insurance cheap in Edmonton?

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.

Which company offers the cheapest Edmonton home insurance?

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.

What risks do homeowners face in Edmonton?

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.

What is not covered by most Edmonton home insurance policies?

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.

How much insurance coverage do I need for my home in Edmonton?

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.

How do I save on Edmonton home insurance?

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.

What is a loss settlement option in home insurance?

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.

Is fire covered under my Edmonton home insurance policy?

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.

Find the cheapest home insurance in Edmonton

We know how precious your home is to you. Having home insurance will provide you and your family with peace of mind and financial protection when it comes to safeguarding your home against perils. Save money on Edmonton home insurance by comparing quotes from top Canadian insurers on RATESDOTCA. We aggregate quotes from more providers than anyone else, always finding you the best price.

Shoppers in Alberta who obtained a quote on RATESDOTCA from January to December 2021 saved an average amount of $566. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.

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