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Edmonton home insurance

Alberta’s Rocky Mountains and lavish lakes are a gift that Canadians (and the world) can enjoy. But beyond its lush greenery is the daily hum, and hustle and bustle of city life.

For those choosing Edmonton as their home, insurance is a must. Why?

While not mandatory, home insurance in Edmonton can help a homeowner cover:

• Damage or loss to your home
• Damage, theft or loss of your personal possessions
• Personal property stolen from your vehicle
• Damage or injury to others who visit your home
• Accidental damage you cause to somebody else’s property
• Protection for what might be your largest investment

Also, many mortgage lenders may require you to have Edmonton home insurance as part of your financing agreement.

The Alberta Superintendent of Insurance is responsible for all insurance sector regulatory compliance activities performed by the offices of Financial Sector Regulation and Policy, a division of Alberta Treasury Board and Finance.

These activities include receiving, reviewing and approving required filings, and performing examinations of institutions, interpreting legislation, and making recommendations to the President of Treasury Board and Minister of Finance with respect to insurance sector policy.

Different types of home insurance coverage in Edmonton

Standard homeowner insurance in Edmonton comes in four different forms: comprehensive, basic, broad, basic and no frills.

• Comprehensive - This type of insurance covers the building and contents from all insurable perils.
• Basic or Named Perils - This policy insures your home and property for perils specifically named in your policy.
• Broad - A broad policy insures your home for all risks as a result of direct damage or physical loss, but the contents are only covered against perils that you name in the policy. It’s considered a middle-ground between a comprehensive and basic policy.
• No Frills - As the name suggests, it’s basic coverage for properties that don’t meet normal insurance standards.

Home insurance coverages

1) Property and building: This coverage protects both the structure(s) on your property, as well as the property itself, from a variety of perils. Protected incidents include fire, theft and water damage, among others. Because some policies may require additional coverage for secondary structures, like a garage or guest house, consult your insurance provider if anything is unclear.

2) Contents and personal property: Contents and personal property coverage protects your possessions, such as furniture, clothing and sports equipment, against theft and vandalism. Some items, like fine art and expensive jewelry, may not be protected under a standard policy. Excluded items can be protected with additional coverage.

3) Additional living expenses: If you’re temporarily displaced by an insurable event, this protection covers your temporary housing costs. For example, if damage to your home forces you to spend a week at a hotel, additional living expenses protection will cover the cost of the room and food, up to a certain amount.

Liability coverages

1) Personal liability: This coverage provides protection against liability in the event someone is accidentally injured on your property.

2) Voluntary medical payments: If you unintentionally injure someone, or someone accidentally injures themselves on your property, this coverage will pay for the medical expenses for up to one year from the date of the accident.

3) Voluntary property damage: This coverage is for unintentional direct loss or damage you cause to someone’s property. It also covers unintentional loss or damage to someone else’s property by a minor (12 years or under) in your care.

While Edmonton is less exposed to the kind of environmental perils than other cities in Alberta, there are some endorsements homeowners and renters should consider including sewage backup, flooding and increased liability for your valuable items. Purchasing extra coverage will likely increase home insurance premiums for Edmonton residents, but it’s important to ensure that your assets are adequately protected. If they’re not, the costs of repairs and damages might outweigh the cost of additional coverage.

What kind of home insurance do you need in Edmonton?

Standard homeowners insurance in Edmonton comes in four different forms: comprehensive, basic, broad, basic and no frills.

Comprehensive - This type of insurance covers the building and contents from all insurable perils.

Basic or Named Perils - This policy insures your home and property for perils specifically named in your policy.

Broad - A broad policy insures your home for all risks as a result of direct damage or physical loss, but the contents are only covered against perils that you name in the policy. It’s considered a middle-ground between a comprehensive and basic policy.

No Frills - As the name suggests, it’s basic coverage for properties that don’t meet normal insurance standards.

While Edmonton is less exposed to the kind of environmental perils than other cities in Alberta, there are some endorsements homeowners and renters should consider including sewage backup, flooding and increased liability for your valuable items.

Purchasing extra coverage will likely increase home insurance premiums for Edmonton residents, but it’s important to ensure that your assets are adequately protected. If they’re not, the costs of repairs and damages might outweigh the cost of additional coverage.

How we find you the best home insurance in Edmonton.

Home, condo, or renters insurance is a type of insurance that covers loss and damages to your home and any assets in it. Home insurance also provides liability coverage against accidents that occur in or on your property. While home insurance coverage isn’t mandatory in Canada, you’ll be hard pressed to find a lender who will give you a mortgage without it. That’s why finding the right home insurance in Edmonton, Alberta is so important.

With LowestRates.ca, you can compare home insurance quotes from Edmonton’s top home insurance brokers and agents in just a few minutes. All you have to do is select your preferred quote, and an Edmonton home insurance provider will be in touch to help you secure it. Not ready to fill out a form? No problem. We answer some of the biggest questions you may have below.

Risk factors for homeowners in Edmonton

While property insurance in Edmonton doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of. For example, the province of Alberta is prone to wildfire damage, even though Edmonton is relatively protected from this issue, especially when compared to Calgary. However, Edmonton homeowners are vulnerable to other risks including:

• Internal water damage from burst pipes due to the very cold winters.
• Sewage pipe backup.
• Overland flooding.

Most home insurance providers in Edmonton won’t cover two kinds of risks: uninsurable perils and optional coverage:

• Uninsurable perils are predictable events that aren’t covered by insurance. That’s because the odds are high for a payout. An example of perils that may not be covered is flooding.
• Optional risks are those that aren’t covered but you can buy insurance for them. These would include sewage backup or earthquakes.
• Other things home insurance won’t cover include natural wear and tear, government actions, and the failure to make repairs.
• In Edmonton, most home insurance policies won’t automatically cover things like sewage backup, earthquakes or flooding without additional insurance, which are called endorsements.

*Shoppers in Alberta who obtained a property quote on LowestRates.ca from January to December 2021 saved an average of 38%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes tenant and condo insurance.