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Compare Alberta Home Insurance Quotes

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How to get the best Alberta home insurance quotes

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How we get you Alberta home insurance quotes

RATESDOTCA works with home insurance companies and brokers in Alberta to provide you with a wide selection of quotes. We quickly collect key information about your home and use it to generate the best offers from each of our partners. Our service is fast, easy and free to use.

By comparing Alberta home insurance quotes from several companies in a single place, you can instantly assess the market and find the coverage that best suits your needs.

Home insurance in Alberta

Home insurance is not mandatory in Alberta. However, few banks or lenders will offer you with a mortgage if you cannot prove that your house is protected by an up-to-date home insurance policy.

Besides being required to procure and maintain a mortgage, home insurance is important because your home is most likely the most valuable asset you have. By insuring your home, you gain coverage against risks like water damage, theft and personal liability. If you choose to forego home insurance, you will be solely responsible for the cost of damages, personal displacement and liability claims, which can easily exceed hundreds of thousands of dollars.

So even if you’ve paid off your mortgage and aren’t required to insure your home, why take the risk?

In Alberta, frequent floods and wildfires cause extensive damage to properties every year. One of the highest insured property losses recorded in Canada was $5 billion in 2016, with $3.7 billion of that total being the result of the Fort McMurray wildfires. These wildfires resulted in 60,000 property insurance claims. This tragic event illustrates why having home insurance in Alberta is so important for all homeowners.

(Source: Insurance Bureau Canada)

Types of home insurance in Alberta

Here are the standard components of home insurance policies in Alberta.

Property coverages

1) Property: Property coverage protects your home from perils, such as floods and fires. The cost of coverage is primarily based on the replacement value of your home, not the market value. Though the exterior of your property is usually included as part of this coverage – e.g. fences, driveways, etc. - detached structures built on your property may require additional coverage. Ask your insurer for more information.

2) Contents and personal property: Contents and personal property coverage protects the personal belongings inside your home, such as your bicycle, laptop, appliances and furniture. Provide your insurance company with a list of your valuable belongings at the outset of your policy.

3) Additional living expenses: Additional living expenses cover housing costs if you and your family are temporarily displaced because of a property insurance claim. For example, if you need to stay at a hotel while your home is repaired, you won’t have to pay out of pocket.

Liability coverages

1) Personal liability: Most home insurance policies in Alberta, whether basic, broad or comprehensive, offer personal liability protection. Personal liability coverage provides protection in the event someone is injured on your property and files a lawsuit against you.

2) Voluntary medical payments: If someone is injured on your property and needs medical attention, such as a doctor’s visit or surgery, your insurer will pay the covered amount for up to one year from the date of the accident.

3) Voluntary property damage: This covers damages that you or your family unintentionally cause to someone else’s property.

Add-ons to home insurance coverage in Alberta

These are additional home insurance coverage options you can add to your policy, depending on the risks facing your house:

1) Overland water : This covers property damage from overflowing water stemming from rivers, streams, lakes and thawing snow. Please note that not all insurers may offer this add-on.

2) Sewer backup: This protects you when a main sewer backs up and damages your home. You can limit risk by installing a backflow preventer in your home. If your house is located at the bottom of a hill, it is highly recommended to have a backflow preventer installed.

3) Earthquake: Earthquake damage is not always covered by a standard policy. You can add it as an additional coverage option if your area is vulnerable to earthquakes.

4) Mass evacuation: This is an important add-on for Alberta residents. It covers mass evacuation when disasters, such as wildfires or floods, strike. This coverage will pay for some of the expenses you incur, like hotel stays and food, when you are temporarily displaced from your home due to a city evacuation.

5) Identity theft: This covers losses incurred by identity theft that may not be covered by your bank, such as the cost of replacing passports and other important documents. Your bank will only help you recover the lost funds incurred due to credit/debit and bank fraud.

6) Lock replacement: This covers the cost of replacing your house locks when they are damaged or stolen. Remember to report the damages to authorities and notify your insurer.

What a standard home insurance policy may not cover in Alberta

A standard home insurance policy will not cover any of your property taxes or mortgage payments. Some insurers may also include exclusions for natural disasters and/or outer structures built on your property. Please read your home insurance policy thoroughly and ask your insurer for more information.

Alberta home insurance price trends 2011-2021
Year Avg Alberta home insurance premium (CAD)
2011 $741
2012 $845
2013 $830
2014 $931
2015 $991
2016 $1192
2017 $1212
2018 $1288
2019 $1265
2020 $1355
2021 $1779

**Home insurance prices are based on RATESDOTCA home insuramap data for policy transfers from 2011 through early 2021. Personal property damage claims growth rate is based on Insurance Bureau of Canada (IBC) data from 2009 through 2019, the most recent ten-year period available.

What determines the cost of home insurance in Alberta?

When determining your home insurance premiums, Alberta insurance providers will look at the following factors:

Property type

The structure and size of your house impacts your insurance premium. For example, a house that is semi-detached comes with more liability than a fully detached home because damage may spread to another property.

Credit score

Alberta is one of the provinces where insurance providers are allowed to use your credit score to determine your rate, though it must be done with your consent. A poor credit score will not negatively impact your insurance premium, but a good or excellent credit score may earn you a discount.

Replacement cost

Your replacement cost is calculated by estimating how much it would cost to rebuild your home. Always ensure that you inform your insurance company about any renovations you’ve completed, so the replacement cost of your home can be changed to reflect the additions.

Location

If your residence is exposed to risk factors, such as crime or natural disasters, your insurance premium will increase. For example, homes near airports face the risk of damage from falling debris or heavy vibrations. Similarly, a home near a lake or a river is exposed to the risk of flooding and other types of water damage.

Internal construction

The internal construction of your home, such as the electrical fittings and plumbing, directly affect your home insurance premium, as old installations are more prone to causing issues like fire or water leakage. Old wiring and fuse boxes increase the risk of fire and can also damage your home appliances. Similarly, old lead or clay pipes can burst, causing heavy water damage in your home. Water damage in a home can run you thousands of dollars in repairs. From damaged ceilings to damaged doors, water can really wreak havoc. It is crucial to check how old your electrical fittings and water pipes are. Updating them will allow you to decrease the cost of your insurance premium.

Roof

The insurer will check your roof by analyzing its material and age. A standard asphalt roof will show heavy wear and tear within 10-15 years, depending on external conditions. If your roof is old or weak, it may need repairs to prevent water leakage during the wet and cold months. If you have a metal roof, which is proven to be more resilient against wear and tear, your house insurance premium may go down.

Past claims history

The insurer will check how many claims you’ve made in the last 5-10 years. Frequent or failed claims can increase your monthly premium. Always remember to check if a problem can be easily fixed before filing an insurance claim.

Pets

Pet owners are exposed to extra liability because visitors who are attacked may file a lawsuit. Additionally, exotic pets like boa constrictors carry a high value, which may further raise your premium.

Special use

If you use part of your home for professional reasons, it may affect your home insurance premium. Using your home as a part-time daycare or Airbnb rental, for example, means a greater chance for damage and liability claims.

Pool and other accessory dwellings

Having a swimming pool on your property affects your insurance premium because of the replacement cost and the risk of a visitor drowning. Other accessory dwellings, like a tree house or outhouse in your backyard, will similarly increase risk, and in turn, the premiums you pay for a home insurance policy.

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Frequently asked questions about home insurance in Alberta

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

Who has the best home insurance rates in Alberta?

No home insurance policy is a one-size-fits-all solution. Finding the best home insurance policy for your home in Alberta involves comparing quotes from top provincial insurance providers. On RATESDOTCA, you can instantly compare the best home insurance quotes in Alberta and pick the policy of your choice.

How do I save on home insurance in Alberta?

You can save money on Alberta home insurance by comparing quotes from the top home insurance providers in the province. You will also receive a discount if you bundle your home insurance policy with your auto insurance policy. Learn more ways to save money on your home insurance premium.

Is fire insurance mandatory in Alberta?

Home insurance is not mandatory anywhere in Canada, though it’s especially good to have the protection if you live in an area like Alberta that’s vulnerable to wildfire risk. Most home insurance policies include protection against fire, including but not limited to wildfire. We recommend that you clarify what any policy you purchase includes or excludes.

In Alberta, where forest fires are increasingly common, the Insurance Act sets out a two-year deadline for claims to be settled. This means that you should receive compensation from your insurance provider within two years of damage from a covered peril.

What are the most common risks homeowners face in Alberta?

While we recommend that homeowners in most parts of Canada add flood protection to their home insurance policy, it’s an especially good idea for homeowners in Alberta where extreme weather is common.

In fact, flood protection is an increasingly wise investment in many parts of Canada, including Alberta where snaps of extreme cold can cause significant thaws and overflowing waterways as well as wreak havoc on water pipes. Most home insurance policies include protection against water damage such as that which might occur if a pipe freezes and bursts, but protection against flood usually must be purchased as additional coverage.

The Insurance Bureau of Canada reflects that severe weather events in Alberta account for a large portion of record high insured damage. For example, in 2020, when insured damage for severe weather events across Canada reached $2.4 billion, three of the six events that contributed to that total were flood-related events in Alberta.

The 2016 wildfire in Fort McMurray, Alta remains the most notable severe weather event, resulting in more than $5.2 billion in total losses.

Will I be charged if I switch home insurance providers?

You may want to switch home insurance providers to take advantage of a lower premium or more extensive coverage. If you switch home insurance providers before your existing policy expires, you may be charged a cancellation fee. If the switch is worth the cancellation fee, changing companies is advisable.

If I use my home as an Airbnb, does my home insurance cover it?

If you are renting out your home, or a part of it, policy add-ons may be required. Or, depending on the renter’s length of stay, you may need a separate policy altogether.

Start by consulting your insurance provider to clearly understand your options. Many home insurance policies, including their liability and contents protection, are void if the policyholder has been absent for an extended period of time – between 30 and 90 days.

If you end up getting short-term rental insurance, you’ll be protected against damage or theft by tenants as well as be eligible for income replacement if your unit becomes uninhabitable due to damage. You can also get coverage for the cost of replacing locks and keys.

*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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