We can help you save up to 25% on home insurance in Edmonton
Edmonton may be known for its limitless shopping opportunities; however, the city has much more to offer. The city of Edmonton is home to several reputable restaurants, event centres and unique entertainment hubs. Not to mention, there’s no provincial sales tax in Edmonton, making it a rather affordable place to live.
That being said, there is one thing that can be expensive in Edmonton — home insurance. The average price of home insurance in Edmonton is higher than the majority of the province, which means that you’re most likely spending a pretty penny for coverage. If you’re tired of overpaying for home insurance in Edmonton, you should get in contact with a Surex insurance advisor.
Whether you’re looking for your first or umpteenth home insurance policy in Edmonton, you should start by getting quotes from the Surex team! At Surex, we work with the most respected insurance carriers in the industry; this gives you access to the cheapest, most competitive home insurance quotes on the market.
This provides coverage for loss and damage to your property and/or any assets.
This would provide protection against a lawsuit resulting from damaged property or personal injuries
A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.
These are optional coverages you can buy that protect you for water damage such as sewer back up and fresh water flooding.
This allows for the protection of your “claims free discount” in the event of your first claim.
Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.
When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.
When you purchase broad home coverage, it limits your contents coverage to only specific coverages, (ie. theft, fire, water damage, etc.)
Home Insurance in Edmonton - What You Need to Know
Insurance companies in Edmonton and Alberta use a range of factors to determine home insurance rates. Here are some of the most common variables taken into consideration:
- Home replacement cost: Home insurance is predicated on the cost to replace your home as it currently exists (factoring in home size, home type, home age, and materials used), not the amount your home would fetch on the real estate market. For example, if your home would cost $275,000 to rebuild — but it’s worth around $400,000 on the market — your home insurance policy would pay you $275,000 (i.e. the replacement cost) in the event of a total loss, not the (higher) market value.
- Type of coverage selected: With home insurance, the more comprehensive or specialized the type of coverage you add to your policy, the higher your premiums will be.
- Cost of belongings: Home insurance in Edmonton covers your home and its contents, therefore if you have high-value items, such as jewelry or expensive electronics, your rates will go up (or in some cases, you will be required to purchase additional ‘high-value’ coverages).
- Home improvements: Renovations, extensions, and improvements will generally increase the value of your home, thus raising your home replacement cost and ultimately your premiums.
- Neighbourhood crime rate: Living in a safe area will usually lower your premiums, as your home will be viewed as less likely to encounter insurable damages. The opposite is true for high-crime areas in Edmonton.
- Type of home in Edmonton: The type of property you’re insuring makes a difference to your premium. Condos, detached houses, townhomes, semi-detached houses, rental properties, or seasonal residences will all fetch different rates.
- Claims history: If you’re a customer that has a track record of making multiple claims, your home insurance company will likely view you as high-risk, which will therefore increase your premiums. Try to avoid making claims, especially minor ones.
- Home construction: Insurance companies look at factors such as roof condition, plumbing, age of home, materials used, electrical wiring, and heat source.
- Deductible: As with auto insurance, if you have a higher deductible, your rates will be lower. But be prepared to pay more out-of-pocket if you file a claim.
- Safety and security: Factors such as proximity to fire hydrants, proximity to police stations, carbon monoxide detectors, fire alarms, and home security systems can result in a discount to your home insurance premium.
- Home usage: If you’re running a small business out of your home, it could have an impact on your coverage needs and your annual premium.
Edmonton homeowners can rest easy knowing that basic home insurance policies cover a range of threats and damages to their home, condo, rental property, seasonal residence, or townhouse. Here are some of the perils that are typically covered by home insurance in Edmonton:
- Weather damages (i.e. strong winds, hail, tornadoes, earthquakes, hurricanes)
- Fire and smoke damages
- Theft and vandalism
- Damage from explosions
- Damage from frozen or burst pipes
- Damage from land-based or airborne vehicles
- Damage to other structures on your property (such as sheds or garages)
- You will be covered against injuries incurred by someone else while on your property
- You will be covered against damages you accidentally cause to someone else’s property
- Coverage for the costs of temporarily residing somewhere else while your property is either being repaired or replaced (i.e. hotel stay or short-term rental)
For Edmonton homeowners who hold a mortgage, having home insurance is a necessity. This is because banks and mortgage lenders want to know borrowers (i.e. homeowners) have a back-up plan in case one of three unfortunate events happens: (1) something happens to the homeowner’s home (either repairable damages or a total loss), (2) someone is inadvertently injured while on the homeowner’s property, or (3) the homeowner accidentally causes damage to another person’s property. A basic home insurance policy will cover an Edmonton homeowner in any of those three scenarios, and will — by extension — ensure the homeowner will remain financially fit to continue servicing their mortgage.
On the other hand, if you own your Edmonton residence outright (i.e. you’ve paid off your mortgage), you are not required by any level of government in Canada to hold a home insurance policy. However, when you compare the cost of an annual insurance policy — usually somewhere in the $800 to $1,200 range — to the value of your home and its contents, it becomes clear that protecting your assets is a wise move. Surex strongly recommends home insurance for all Edmonton homeowners — just be sure to shop around and find a policy that’s affordable!
- Hawrelak Park
- Rundle Park
- Terwillegar Park
- West Edmonton Mall
- Southgate Centre
- South Edmonton Common
- TELUS World of Science
- World Waterpark
Do you have questions about home insurance in Edmonton?
In rare cases, you can be denied home coverage by insurance companies in Edmonton. Usually, this would be due to risks that the insurance company deems to be too dangerous or potentially too costly. These risks could include severe and sustained weather conditions, compromised structural quality of the home, or extremely high neighbourhood crime rates. This is another reason why comparing coverage options on Surex.com is so helpful — if you’re denied coverage by one company, you can keep looking until you find a provider who will meet your needs.
Because all insurance companies offer different rates and different coverage types, it’s difficult to say what the ‘best’ insurance company in Edmonton is. Your individualized property needs will dictate the right provider for you. Some of the most popular home insurance companies in Edmonton include Economical, Wawanesa, Travelers, Royal Sun Alliance (RSA), Intact, Pembridge, SGI, and Aviva.
Home insurance typically comes in three forms: (1) Comprehensive or All Perils, (2) Basic or Named Perils, and (3) Broad. Comprehensive is the most complete form of coverage available, protecting your home against all threats (excluding those which require additional coverage — such as high-value items and water damage — and those specifically left off your policy). Basic coverage protects your home and its contents against those threats that have been specifically added to your policy. Broad coverage is a combination of the previous two, protecting your property in a ‘comprehensive’ sense, and protecting your belongings in a ‘basic’ sense. Speak with a qualified Dedicated Insurance Assistant about what home insurance coverage type is right for your property.
Home insurance rates in Edmonton are impacted by a range of variables, including: age and location of home, type of home, home construction details, replacement cost of home, personal claims history, coverages selected, deductible amount, value of possessions, nature of home improvements, neighbourhood crime rate, and home safety and security features.
It doesn’t happen every time someone purchases a policy, but sometimes an insurance company will send an inspector to examine your property. Here are a few things they might request to look at: the condition of your roof, your home’s electrical wiring, your home’s plumbing (pipes older than 50 years are especially of concern), oil tanks for heating (these can cause costly problems, especially if they leak), and open fireplaces or wood-burning stoves (a specialized technician may need to inspect fire hazards for safety and proper installation).