Everything 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

Insuring your home, cottage or rental includes flood protection

· To get all home insurance information from a live agent

· To get a quote from 10 insurance companies

Sample home insurance quotes in Edmonton

Example 1: Insurance for a two-story home in Allendale, about 2,000 square feet, including flood coverage, costs about $93 per month, or $1,116 per year.

Example 2: Insurance for a two-bedroom apartment in downtown Edmonton near Canadian Western Bank Place costs about $22 a month, or $264 a year.

Example 3: Insurance for a single-story home near the intersection of 107 Ave and 142 St NW, in Edmonton’s Grovenor neighborhood, costs $65 a month, including flood protection, or $780 a year.

Home Insurance Premiums in Edmonton – Average Rates

Home insurance policies change for different types of homes. Renter’s insurance (also known as renter’s insurance) only covers the contents of a rented property and, depending on the policy, liability. Homeowners coverage, on the other hand, focuses on the insurance of the building itself to provide protection in cases related to natural disasters, fire or earthquake, or due to unlawful human activity such as vandalism.

The home insurance covers the rebuilding value of a home, but not the market value, which is higher. That is why, when the property has suffered some damage, the insurance company will cover the rebuilding costs so that the policyholder can restore a corresponding property.

This chart shows the average rent and homeowners insurance premiums in Alberta and Canada. As the chart shows, property insurance is higher than the renter’s policy on average.

Condo and renters insurance in Edmonton

Condo owners in Edmonton are protected by their own condo insurance policy, which they must purchase, and the condominium company’s policy, which the company must purchase. The first covers the contents of an apartment, alterations, theft, third-party liabilities, the contents of safes, additional costs and insurance assessments. The second type, condominium corporation insurance, provides coverage for external parts of a building, such as the roof, infrastructure (the building envelope), and areas such as hallways, lobbies, elevators, and so on.

Renter’s insurance, an insurance of a rented apartment, provides protection of the contents in case of damage due to theft, fire, etc. This type of policy also covers third-party liability and additional living expenses. For example, if your apartment has been damaged by fire or flood, making it unfit to live in, your Edmonton condo renter insurance policy may cover your temporary stay in a hotel room or rental unit.

8 ways to reduce home insurance costs in Edmonton

1. Quit smoking. Because smoking can be a danger to your lungs and health in general, and because it also carries a higher risk of fire in a home, insurance companies don’t welcome this habit, so they raise home insurance premiums.

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2. Choose a safe neighborhood to live in. Be careful not to buy a home in flood-prone or earthquake-prone areas, as the risk of damage to your home is doubled, and so are your premiums.

3. Check for recent claims because if you haven’t made one for a long time, you can get a discount. However, not all insurance companies in Edmonton offer such an option, so you should check just to be sure.

4. It’s time upgrade your house because well-maintained homes get much lower premiums compared to homes that are very old and in poor condition. When you spend money upgrading an area of ​​your home, such as the bedroom or basement, make sure you’re saving on your home insurance by reporting the upgrades. Call your insurer before you start and ask how much you can save!

5. Receive alumni discounts. If you graduated from some post-secondary institutions, such as McGill University or the University of Toronto, you can get discounts on alumni insurance. Check with your university to see if it offers this benefit.

6. Union memberships may include insurance discounts. Some large companies or unions also offer insurance policies to their members.

7. Take good care of your sanitary facilities as many insurance companies prefer copper and plastic piping over galvanized or lead piping. Perhaps one of your home’s renovations is to upgrade the plumbing, as in Edmonton and Alberta it means lower home insurance premiums.

8. Read consumer reviews. Consumer reviews help you choose from the variety of insurance providers in Edmonton to find the one that is right for you in terms of finances and your situation.