Nearest broker: Searching for a broker nearby…
Nearest broker: 2607 Ellwood Dr SW, Edmonton, AB, T6X 0P7 Phone: 780-732-8616 10060 Jasper Ave, Edmonton, AB, T5J 3R8 Phone: 780-435-3632 , Calgary, AB Phone: 403-532-4882 322 Avenue C S, Saskatoon, SK, S7M 1N4 Phone: 639-398-4170 10325 Bonaventure Dr SE, Calgary, AB, T2J 7E4 Phone: 403-695-1050 5317 50 Ave, Taber, AB, T1G 1V3 Phone: 403-223-2377 110a McLeod Ave, Spruce Grove, AB, T7X 2H8 Phone: 780-571-1144 496 Marquis Rd, Prince Albert, SK, S6V 8B3 Phone: 306-970-8080 335 Hwy Avenue N, Picture Butte, AB, T0K 1V0 Phone: 403-732-6023 103-5020 Lac St Anne Trail S, Onoway, AB, T0E 1V0 Phone: 780-967-2282 2201 Box Springs Blvd NW, Medicine Hat, AB, T1C 0C8 Phone: 403-487-5132 550 Wt Hill Blvd S, Lethbridge, AB, T1J 4Z8 Phone: 403-394-1123 734 13 St N, Lethbridge, AB, T1H 2T1 Phone: 403-328-9114 5 St SE, High River, AB Phone: 403-652-4104 9901 103 St, Fort Saskatchewan, AB, T8L 2C8 Phone: 780-998-0881 , Edson, AB, T7E 1T6 Phone: 780-440-0075 16612 109 Ave NW, Edmonton, AB, T5P 1C2 Phone: 780-486-4488 201-4271 23 Ave NW, Edmonton, AB, T6L 5Z8 Phone: 780-466-2136 3908 97 St NW, Edmonton, AB, T6E 6N2 Phone: 780-465-6900 8170 50 St NW, Edmonton, AB, T6B 1E6 Phone: 780-469-9378 52 Ave, Drayton Valley, AB Phone: 780-621-1707 264 Midpark Way SE, Calgary, AB, T2X 1J6 Phone: 403-251-2926 1331 Macleod Trail SE, Calgary, AB, T2G 0K3 Phone: 403-278-1050 1331 Macleod Trail SE, Calgary, AB, T2G 1E1 Phone: 403-255-2252 234-7 Westwinds Crescent NE, Calgary, AB, T3J 5H2 Phone: 403-775-2100 , Calgary, AB, T3K 0S8 Phone: 403-719-9995 4632 70 St NW, Calgary, AB, T3B 2K6 Phone: 403-247-6435 5114 2 St, Boyle, AB, T0A 0M0 Phone: 780-689-3946 50 Ave, Bonnyville, AB Phone: 780-826-3147 12931 20 Ave, , AB, T0K 0E0 Phone: 403-562-2191 2903 Kingsview Blvd SE, Airdrie, AB, T4A 0C4 Phone: 403-945-8885

The Ultimate Cheat Sheet On Home Insurance in Edmonton

Home Insurance

By Smart Bug | February 3, 2016

Anyone that lived in Edmonton in 1987 will remember Black Friday—the day a powerful tornado tore through the city, causing well over $300 million in property damage and destroying more than 300 homes. While natural disasters are rare in Edmonton, weather and other risks such as fire, water damage and theft are still a concern. Whether you live in Inglewood, Royal Gardens, Sherwood Park or St. Albert you’re probably concerned about protecting the most expensive asset you probably own: your home.

Edmontonians see a wide range of temperatures and weather. This is tough on your home! Common claims we see in Edmonton include:

  • Burst pipes
  • Sewer backup
  • Overland water (flood)
  • Roof damage (due to wind or snow accumulation)
  • Damage caused by falling trees or branches

It’s important to carry out proper maintenance on your home to minimize the damage. This includes repairing problems when they’re small instead of waiting for them to get bigger. You can also invest in damage mitigation devices like security systems, water alarms, sump pumps, sewer backup valves and fire suppression systems. Regrading your property and landscaping can also help your home deal with water accumulation.

You should also have the proper home insurance to ensure you are covered if your home is damaged.

What does home insurance cover in Edmonton?

A basic home insurance policy has three areas of protection:

  • Property Coverage – Helps replace your belongings and repair or rebuild your home if they’re damaged by an insured peril such as fire.
  • Additional Living Expenses – Helps cover additional expenses incurred due to being forced from your home by a mandatory evacuation order or claim from an insured peril.
  • Personal Liability – Helps cover expenses if someone is injured or has their property damaged due to your unintentional actions. For example, if someone falls of your trampoline, gets hurt, and sues you.

Exactly what’s covered will depend on your individual policy. Your policy will also have exclusions such as wear and tear, damage by pests, and intentional damage by yourself or someone who lives with you. For a full list, you should speak to your broker or read your policy documents.

What additional coverage is available for Edmonton homeowners?

There are a few optional coverages or extensions available for Edmonton homeowners, including:

  • Sewer backup coverage – Helps cover damage caused by sewer or drain backup into your home. Often has a separate limit and deductible. Not all insurers offer this coverage nor are all homes eligible.
  • Overland water coverage – Helps cover damage caused by water accumulation through rainfall or snowmelt. Other insurers also include overflow from a freshwater body of water like a river or lake. Not all insurers offer this coverage and it isn’t available to all homeowners.
  • Groundwater coverage – Helps cover damage caused by water rising up beneath your home. Not all insurers offer this coverage.
  • Service Line coverage – Covers costs relating to repairing or replacing service lines you’re responsible for within your property. Different insurers define service lines differently but can include water, sewer, electric, internet, and phone lines. This isn’t offered by every insurer.
  • Earthquake coverage – Covers damage caused by an earthquake or another earth movement. This coverage usually has a separate deductible.
  • Floaters – If you have items of higher value such as jewellery, collections, art, sports equipment or electronics, a floater will ensure they’re protected for their proper value.

You also have a lot of options when it comes to the amount of insurance you have. This is known as your limits. For example, you should ensure you have enough coverage to cover the costs to rebuild your home and replace all of your belongings. Some policies have separate limits for separate categories of content such as outbuildings and personal belongings.

How much does home insurance cost in Edmonton?

On average, home insurance in Edmonton costs $125 per month or about $1500 per year. Your premiums may be higher or lower depending on your individual situation.

Home insurance premiums in Edmonton depend on the following factors:

  • Your insurance options
  • Your insurance history
  • Your credit rating
  • Your demographics
  • The crime rate and claim rate of your neighbourhood
  • Your home’s proximity to risks like a river
  • How close the nearest fire station and fire hydrant are to your home
  • The type of home you have
  • The construction material of your home
  • The age and type of roof
  • The age and type of electrical, heating and plumbing system in your home
  • If you have any risks like a pool or trampoline or wood-burning stove
  • The square footage of your home
  • The cost of rebuilding your home

There may be additional factors as every insurer calculates rates differently.

Alberta’s home insurance rates have been increasing due to the high number of natural disasters that have affected our province.

Do I really need home insurance?

Home insurance is not required by law, but it will be required by your mortgage lender. If your home is paid off, insurance reduces the financial burden of an unexpected event. If you couldn’t afford to rebuild your home out of pocket, you should have home insurance.

Have more questions about home insurance in Edmonton?

We have multiple branches located in Edmonton and the surrounding area. Contact one of our experienced home insurance brokers to get a quote or discuss your options. They’re happy to answer your questions and provide independent insurance advice.

Get A Quote From A-WIN

Get the best insurance deals and stay on budget.

Get A Quote

Life Events - It's Time to Reassess Your Insurance

Whether it’s heading off to university or deciding to start your own business,...

Download

Rogers Insurance and CapriCMW Merge to Become Acera Insurance.

A-WIN Insurance, as part of the Rogers Insurance Group, is now Acera Insurance.

As one unified company, we are now one of Canada's largest independent and employee-controlled brokerages.

LEARN MORE