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|Annual premium||Monthly premium|
|Alberta’s average home insurance premium||$1,427||$119|
|Edmonton’s average home insurance premium||$1,252||$108|
According to proprietary data from RATESDOTCA, 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.
Frequently asked questions about Edmonton home insurance
Here’s everything you may be wondering about home insurance coverage in Edmonton.
The average lowest house insurance quote a RATESDOTCA user in Edmonton receives is $1,252 per year, or $108 per month. This is lower than the provincial average of $1,427, or $119 monthly.
However, these averages are not necessarily indicative of what the cost of home insurance will be for any specific house in Edmonton. The home insurance premium you pay depends more on the property type, age, building materials and condition of your home, than on the city you live.
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:
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.
You can lower the cost of your home insurance premium in the following ways:
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.
*Based on the difference between the average lowest home insurance premium and overall average home insurance premium from our site in 2019. Excludes tenant and condo insurance.