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Edmonton Home Insurance

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Home insurance = peace of mind 

Edmonton is located in Alberta, the only province without a provincial sales tax and is home to almost 1-million people. There is a wide range of employment opportunities as well as being a major player in the oil and gas sector. Edmonton is very reliant on cars, so many shopping and entertainment hubs are located in key areas. Edmonton has a thriving cultural scene with many galleries, theatres, music venues and concert halls, as well as the famous West Edmonton Mall! Known as the 'The Festival City', Edmonton plays host to several large festivals each year, specifically, the International Fringe Festival. The city has the longest stretch of connected parkland in North America known as the 'Ribbon of Green'.

Home insurance is not legally required in Canada, especially for those who have paid off their home. But, it is mandatory for those who need to get a mortgage. Since buying a home is one of the biggest investments people make, it's important to consider getting homeowners insurance to protect the place they live, raise a family and keep their belongings. These are all things that a homeowners insurance policy can cover and we can help with that.

Comparing rates from Canada’s leading Home insurance providers
Wawanesa Insurance
Pembridge Insurance
economical
Intact Insurance
TuGo
travelers
Jevco Insurance
Types of Coverage We Provide
Home Insurance
This provides coverage for loss and damage to your property and/or any assets.
Liability Coverage
This would provide protection against a lawsuit resulting from damaged property or personal injuries
Deductible
A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.
Sewer Backup, Overland/Ground Water
These are optional coverages you can buy that protect you for water damage such as sewer back up and fresh water flooding.
Claims Forgiveness
This allows for the protection of your “claims free discount” in the event of your first claim.
Scheduled Items
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.
Comprehensive Coverage
When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.
Broad Coverage
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

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 types coverage you add to your policy, the higher your premiums will be.

  • Cost of belongings. Home insurance 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.

  • Type of home. 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:

  • 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 with 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!

Top Parks in Edmonton
  1. Hawrelak Park
  2. Rundle Park
  3. Terwillegar Park
Top Shopping Sites in Edmonton
  1. West Edmonton Mall
  2. Southgate Centre
  3. South Edmonton Common
Top Landmarks and Sights in Edmonton
  1. TELUS World of Science
  2. World Waterpark
  3. Galaxyland

Meena is very helpful and supportive and she is always there to answer any questions or fulfill any request. She always works for my benefit.

Noureidin Mohammed — Edmonton, AB

I am happy with the way Meena M. worked on my insurance quote, by giving various options, spending her time making calls for reminders and follow-ups, it's a one-of-a-kind service!

Geronimo Mangabat — Edmonton, AB

Jason proactively helped us with the car insurance, and provided with all options. He was exceptionally helpful. It was great interacting with him.

Puneet T — Edmonton, AB

Always so helpful and nice! Denae is such a great person to work with when I have changes to my policy!

Naomi H. — Edmonton, AB

Very helpful staff, especially Lisa. They always work on what's best for their clients. I am happy dealing with Lisa.

Murari G. — Edmonton, AB
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Have questions? We've got answers:

In rare cases, you can denied home coverage by insurance companies. 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 is. Your individualized property needs will dictate the right provider for you. Some of the most popular home insurance companies in Edmonton include Economical, Wananesa, 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).

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