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Edmonton Home Insurance: Beyond the Basics.

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Edmonton Home Insurance: Everything You Need to Know 

Living in the capital city of Alberta means being one of one million residents who enjoy the city’s various activities and rich history. Edmonton was first inhabited by First Nations people, including Siouan, Athabaskan, and Algonquian origin. Long after its inauguration as a city in 1904, Edmonton became a historic site and a rich cultural, governmental and educational centre. 

If you’ve chosen to call Edmonton home, we’re happy for you.  

Whether you own a single-family home, a duplex, a townhouse or anything in-between, having Edmonton home insurance is important to make informed decisions for one of your most precious investments. 

Our insurance brokers help you with insurance industry lingo and the details of your homeowner’s policy. We give you access to our latest digital tools to make learning and managing your insurance needs even easier.  

Click below to get a free home insurance quote or read on for more information about Edmonton home insurance. 

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Why Choose Sharp Insurance? 

Sharp Insurance is one of Canada’s fastest-growing insurance brokerages, dedicated to serving its clients across the country. We do what we do best, thanks to our in-depth knowledge of the insurance industry, plus our usage of the latest digital tools. Here are some of the many reasons why Edmonton homeowners choose to trust us: 

We’re independent.

We partner with insurance companies but we work for you. 

We’re competitive.

We work with many different insurers to get you the best price for your Edmonton home insurance. 

We’re experts.

Our brokers are experienced and are knowledgeable about insurance. We’re here to answer your questions, help with claims, and make sure you’ve got the right coverage. 

We’re digital.

We make insurance less complex. We have an online portal and app that allows you to manage your insurance policy details when and where it’s convenient for you. 

What’s Covered Under My Edmonton Home Insurance Policy? 

There are many insured perils (events) covered under a home insurance policy in Edmonton. A peril is the cause of personal injury or property damage.  

 12 common insured perils you’ll find in a standard insurance policy: 

  • Lightning 
  • Wind 
  • Hail 
  • Fire 
  • Smoke 
  • Vandalism, theft, riot or other malicious acts 
  • Explosion 
  • Electrical current 
  • Falling object 
  • Weight of snow (roof collapse) 
  • Impact of car or plane 
  • Water damage (depends on your policy) 

The events listed below are uninsured perils, meaning your insurer won’t pay for them unless you purchase them separately as add-ons. Some of the best insurance companies in Edmonton include these coverages in a standard comprehensive home insurance package. Read through your insurance policy carefully and clarify any terms with your insurer as they may differ depending on your insurer. 

 

Common Edmonton Homeowner’s Insurance Endorsements 

Your Edmonton home insurance may not include all of what you need it to. This is where having endorsements can come in handy. Endorsements supplement your existing coverage so that you can accurately cover your home.  

Here are 3 of the most common endorsements. 

Sewer Backup 

Covers water damage caused by the backup or escape of water or sewage from a sewer, septic system or sump pump. 

Overland Water Damage 

This is an optional coverage that applies when water enters the property from an overflow of lakes and rivers or torrential rainfall or spring thaw. This coverage excludes flood water from tsunamis, tidal waves and intentional breaches of water (e.g., dams). 

Earthquake and Landslides 

Earthquake coverage helps to replace your belongings in the event of an earthquake with a specific deductible percentage range. 

Home Insurance in Edmonton: Do You Need It? 

It’s not mandatory to buy home insurance in Edmonton, but it’s a necessity. Do you have the money to rebuild, repair and replace your property and its contents if there was a fire or if someone stole your furniture or electronics? Most people would not. 

Why take the risk of losing everything? If you apply for a mortgage, the lender will require you to buy an insurance policy, so be prepared to discuss the coverage you want for your home insurance policy. Our brokers will guide you to make the right choices. 

Top 4 Reasons to Buy Home Insurance in Edmonton 

  1. Your mortgage lender requests you to have coverage. 
  2. Insufficient funds to replace or rebuild your home and contents. 
  3. You don’t have to pay for a lawyer if you get sued by someone hurt in your home or if a visitor’s contents were damaged. 
  4. Peace of mind when a loss occurs. 

Cost Breakdown for Edmonton Home Insurance 

You may find the average home insurance policy in Edmonton to cost around $1,504/year, which evens out to $125/month. However, different factors affect home insurance costs, meaning not every homeowner will pay the same amount. 

If you want the lowest home insurance costs in Edmonton, knowing what factors play into your total costs will be important. Here are some factors: 

  • Insurance and claims history 
  • The cost to rebuild your home (which is not the same as its market value).
  • The average price of a home in Edmonton is $400,000, but the cost to replace it may be more than that amount.
  • The age and type of your home’s roof, plumbing, heating and electrical systems 
  • Your home’s construction (materials and type) 
  • Any risks, such as a trampoline or pool 
  • Security or loss mitigation devices (like burglar alarms and sump pumps) 
  • The square footage of your home 
  • How close the nearest fire station and fire hydrant is 
  • How close you are to risks like rivers 
  • If you rent out a room or suite in your home 
  • The crime rate of your area 
  • The claim rate of your neighborhood 
  • Natural disasters 
  • Discounts eligibility 
  • Policy options: loss settlement, policy limits, deductible and coverages 
  • Your credit rating 

 

Find the Right Home Insurance Coverage in Edmonton that Fits 

Uncover reliable, cost-effective, home insurance coverage in Edmonton 

Sharp Insurance is dedicated to finding customized, reliable home insurance for Edmonton residents. Our tech-first approach allows us to utilize all the latest digital tools and prioritize the needs of our customers. Get a free home insurance quote in Edmonton by contacting us online, by email, phone or visiting a brokerage. 

Click the Get a Quote button below and start filling out our quote form today.  

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Currently Not Accepting Walk-Ins

Please be advised that due to unforeseen circumstances, Sharp is unable to assist walk-in clients at the moment.

We are happy to assist you with all your insurance needs over the phone at 1.877.218.2008