Average Home Insurance Cost Edmonton 

What’s not to love about living in the beautiful city of Edmonton? The city of Edmonton has fantastic weather throughout the summer months and is known for being one of Canada’s sunniest locales! Not to mention, the city of Edmonton is home to a long list of world-renowned attractions, including the West Edmonton Mall.

These characteristics are just some of the countless reasons why families are making the change and moving to Edmonton. If you’re planning on moving to Edmonton, one of the most critical tasks that you need to take care of is finding high-quality home insurance coverage. One of the first questions that you should ask yourself before moving to Edmonton is, “what’s the average price of home insurance in Edmonton?”.

Continue reading to learn more about the average home insurance cost Edmonton homeowners pay.

What is home insurance in Edmonton?

In short, home insurance is a form of property coverage that financially safeguards policyholders when their home (and/or the contents of their home) are damaged by a covered risk or peril.

Risks and perils are insurance terms for unforeseen risks that damage a property. Most home insurance policies in Edmonton (and the surrounding areas) cover the following risks and perils:

• Theft
• Vandalism and general property damage
• Damage from house fires
• Damage caused by high winds
• Storm damage (snow, ice, etc.)

However, not all home insurance policies automatically cover all risks and perils. If you have a basic home insurance policy, you are not covered for the following events and damages:

• Damage caused by animals (bugs, rodents, etc.)
• Damage resulting from property neglect
• Overland flood damage (available through add-ons)
• Earthquake damage (available through add-ons)
• Damaged caused by sewer back ups (often available through add-ons if no previous sewer back up issues have occurred)
• Property damage caused by regular wear-and-tear

Some of these risks and perils, like overland floods and earthquakes, can be added to your policy by purchasing an insurance endorsement (also commonly referred to as a home insurance add-on).

Click here to read our article about auto and home insurance endorsements in Canada.

Is home insurance required for homeowners in Edmonton?

No, but at the same time yes, home insurance is generally required for homeowners in Alberta and other Canadian provinces like Ontario.

There are no Canadian laws that state that homeowners are legally obligated to purchase home insurance coverage. But, this doesn’t mean that you don’t need to buy home insurance.

If you need to take out a mortgage to buy a new home (which most homebuyers do), then your mortgage lender will generally require you to purchase a home insurance policy that meets their standards.

Mortgage lenders require homeowners to purchase home insurance because they want to protect their portion of the investment. As a reminder, your mortgage lender technically owns a portion of your home until your mortgage is completely paid off.

So, if you want to purchase a home in Edmonton and don’t have enough money to buy it outright, you’ll need to purchase a home insurance policy to financially protect your property.

Legal reasons aside, home insurance is highly beneficial for homeowners. Having home insurance increases the likelihood that you’ll receive financial support if a sudden, unforeseen event damages your home (and/or its contents). So, when you get home insurance, you don’t just get financial protection; you also get peace of mind.

What is the average cost of home insurance Edmonton homeowners pay per year?

The average house insurance cost Edmonton homeowners pay is roughly $1,509 per year. This equates to approximately $123.50 per month.

The average cost of home insurance in Edmonton is significantly lower than the provincial average in Alberta (which sits at approximately $1,837 per year or $153 per month).

Edmonton home insurance rates (on average) are also lower than other major cities in the province, like Calgary, which currently sits at roughly $1,923 per year or $160.25 per month.

How can you reduce your home insurance rates in Edmonton?

You can reduce your home insurance rates in Edmonton with ease by utilizing these valuable tricks and tips:

• Increasing your deductible
• Bundling your home and auto insurance
• Comparing quotes with a reputable brokerage like Surex

Increasing your deductible

As you likely know, your home insurance deductible is the set price that you need to pay when you submit a home insurance claim in Edmonton.

As a rule of thumb, policyholders that have a lower deductible pay more for coverage on a monthly/annual basis than policyholders with a higher insurance deductible. This is due to the fact that policyholders with a lower deductible have a smaller financial hurdle to get over before making a claim. Simply put, if they don’t need to pay as much when they make a claim, they are more likely to submit one.

With that in mind, you can see how opting for a lower deductible is a good choice if you want to reduce your home insurance rates in Edmonton.

Bundle your home and auto insurance policies

Bundling your insurance policies is an easy and effective way for homeowners to save a significant amount on their insurance rates.

Like any other company, insurance providers want to earn as much of your business as possible. One of the ways they incentivize people to purchase multiple policies is by offering bundling discounts. Most home insurance providers offer generous discounts to policyholders that bundle their policies (sometimes as much as 25%).

Comparing quotes with a reputable brokerage like Surex

If you’re shopping for home insurance in Edmonton, one of the first things you should do is contact your Surex insurance advisor (also known as a broker).

Unlike insurance agents (who work solely with one provider), insurance brokers work with a variety of companies, allowing them to tailor your quotes to fit your needs and your budget.

Not to mention, we don’t just offer variety — we provide speedy service. Our team of top-notch insurance advisors can supply you with a collection of high-quality quotes from some of Edmonton’s top-rated insurance providers in ten minutes or less. That’s less time than it takes to walk around the block!

So, what are you waiting for? Call or click today to start comparing high-quality home insurance quotes today!