Why You Should Get a Homeowners Insurance Quote in Edmonton

To avoid overpayments and save a significant amount of money

Insuring your home, cabin or rental includes flood protection

To get any home insurance information from a live agent

To get a quote from 10 insurance companies

Sample Edmonton Home Insurance Quotes

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

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

Example 3: Insurance on a one-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.

Edmonton Home Insurance Premiums – Average Rates

Home insurance policies change for different types of properties. Renter’s insurance (also called renter’s insurance) only covers the contents of a rental home and, depending on the policy, liability. The owner’s coverage, for its part, focuses on the insurance of the building itself to ensure protection in instances that are related to natural hazards, fires or earthquakes, or due to illegal human activities such as vandalism.

Home insurance covers the rebuild value of a home, but not the market value, which is actually higher. That is why, when the property has suffered some damage, the insurance provider will bear the reconstruction costs so that the insured can restore a corresponding property.

This chart presents the average premiums for renter’s and homeowner’s insurance in Alberta and Canada. As the chart shows, homeowners insurance is, on average, higher than renters policy.

Condominium and renters insurance policies in Edmonton

Edmonton condo owners are protected by their own condominium insurance policy, which they must purchase, and the condominium corporation’s policy, which the corporation must purchase. The first covers the contents of a condo, modifications, theft, third party liabilities, locker contents, additional expenses, and insurance assessments. The second type, condominium corporation insurance, provides coverage for the exterior parts of a building such as the roof, infrastructure (the building envelope), and areas such as lobbies, lobbies, elevators, etc.

Condominium renters insurance, which is insurance on a rented condominium, provides protection for the contents in case it is damaged as a result of theft, fire, etc. This type of policy also covers civil liability and additional living expenses. For example, if your condo was damaged due to fire or flood, making it unfit to live in, your Edmonton condominium renters insurance may cover your temporary stay in a hotel room or rental unit.

8 Ways to Reduce Edmonton Home Insurance Costs

1. Drop the tuxedo. Because smoking can be dangerous to your lungs and general health, and because it also creates an increased risk of fire inside a home, insurance companies don’t condone smoking, so they increase your home insurance premiums. home.

2. Choose a safe area to live. Be careful not to buy a home in flood or earthquake prone areas as the risk of damage to your home is twice as high as your premiums.

3. Check Recent Claims because, if you haven’t made one for a while, you can get a discount. However, not all insurance companies in Edmonton offer that option, so you should ask to be sure.

4. It’s time to improve your home since houses that are well maintained get much lower premiums compared to those that are very old and in poor condition. Make sure that when you spend money to improve any part of your home, like the bedroom or basement, that you save on your home insurance by reporting the improvements. In fact, call your insurer before you start and ask how much you can save.

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

6. union memberships may include insurance discounts. Some large corporations or unions also provide insurance policies to their members.

7. Take care of your plumbing since many insurers prefer copper and plastic pipes to galvanized or lead. Perhaps one of your home renovations includes plumbing because, in Edmonton and Alberta, this will mean lower premiums for your home insurance.

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