All You Need to Know About Affordable Home Insurance in Edmonton

Why You Should Get a Home Insurance Quote in Edmonton

· To avoid overpayment and save a significant amount of money

· Insuring your house, cottage, or rental includes protection from flooding

· To get any information about home insurance from a live agent

· To get a quote from 10 insurance companies

Sample Home Insurance Quotes in Edmonton

Example 1: Insurance on a two-story house in Allendale, about 2,000 square feet, including flooding coverage, costs around 

$93 a month, or $1,116 annually.

Example 2: Insurance on a condo with two bedrooms in the downtown area of Edmonton, near Canadian Western Bank Place, 

costs about $22 a month, or $264 annually.

Example 3: Insurance on a one-story house near the intersection of 107 Ave and 142 St NW, in the Grovenor neighbourhood of 

Edmonton, costs $65 a month, including flooding protection, or $780 annually.

Home Insurance Premiums in Edmonton - Average Rates

Home insurance policies change for different types of properties. Tenant insurance (also called renter's insurance) only 

covers the contents of a rented house and, depending on the policy, liability. The homeowner's coverage, on the other 

hand, is focused on the insurance of the building itself to ensure protection in instances that are related to natural 

hazards, fire or earthquake, or due to unlawful human activities like vandalism.

Home insurance covers the rebuild value of a dwelling, but not the market value, which is, in fact, higher. That is why, 

when the property has undergone some damages, the insurance provider will carry the rebuilding costs so the policyholder 

is able to restore a corresponding property.

This chart features the average premiums for rented and homeowner's insurance in Alberta and Canada. As the chart shows, 

owned property insurance is, on average, higher than the renter's policy.

Condo and Tenant Insurance Policies in Edmonton

Condo owners in Edmonton are protected by their own condo insurance policy, which they must buy, and the condominium 

corporation's policy, which the corporation must buy. The first one covers the contents of a condo, modifications, theft, 

liabilities of a third party, locker contents, additional expenses and insurance assessments. The second type, the 

condominium corporation's insurance, provides coverage for exterior parts of a building, like the roof, infrastructure 

(the building envelope) and areas like halls, lobbies, elevators and so on.

Condo tenant insurance, which is insurance of a rented condo, provides protection of the contents in case it is damaged as 

a result of theft, fire, etc. This type of policy also covers third party liability and additional living expenses. For 

example, if your condo was damaged due to fire or flooding, making it unsuitable for living, your condo tenant insurance 

in Edmonton can cover your temporary stay at a hotel room or rental unit.

8 Ways to Decrease Costs for Home Insurance in Edmonton

1. Quit smoking. Since smoking can pose a danger to your lungs and health overall, and since it also creates a higher risk 

of fire inside a house, insurance companies don't welcome this habit, so they increase premiums for home insurance.

2. Choose a safe area to live in. Be careful not to buy a house in flood-prone or earthquake areas as the risk of damage 

to your house is double, and so are your premiums.

3. Check for recent claims because, if you have not made one for a long time, you can get a discount. However, not all 

insurance companies in Edmonton provide such an option, so you should ask around to be sure.

4. It is time to upgrade your home since houses that are well maintained get much lower premiums in comparison to ones 

that are very old and in poor condition. Be sure that when you spend money on upgrading any part of your house, like the 

bedroom or basement, you save on your home insurance by reporting the upgrades. In fact, call your insurer before you 

start and ask how much you can save!

5. Get alumni discounts. If you are a graduate of some post-secondary institutions, like McGill University or the 

University of Toronto, you can get alumni insurance discounts. Check with your university to see if it provides this 

advantage.

6. Union memberships may include insurance discounts. Some large corporations or unions also provide their members with 

insurance policies.

7. Take care of your plumbing since many insurance providers prefer copper and plastic pipes to the galvanized or lead 

ones. Perhaps one of the renovations for your home will involve upgrading the plumbing because, in Edmonton and Alberta, 

this will mean lower premiums for your home insurance.

8. Read consumer reviews. Consumer reviews help you choose among the variety of insurance providers in Edmonton to find 

the one that will be suitable for you in terms of finances and your situation.