Home Insurance Edmonton
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 center.
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 home insurance in Edmonton 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. We’re partnered with some of the top home insurance providers in Edmonton.
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How to Get an Edmonton Home Insurance Quote
There are several different ways to get a Home insurance quotes in Edmonton:
What Are the Average Edmonton Home Insurance Quotes?
You may find the average Edmonton home insurance policy to cost around $1,504/year, which evens out to $125/month. When it comes to home insurance, Edmonton is below the national average.
However, different factors affect home insurance costs, meaning not every homeowner will pay the same amount. Factors like the size of your home, location, and even your credit score can all affect the cost of your insurance premium. It’s essential to shop around and compare Edmonton home insurance quotes from different insurers to find the best rate and get cheap home insurance that fits your specific needs. Don’t settle for one quote from one insurance company without exploring other options first.
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How to Get the Cheapest Home Insurance Rates in Edmonton?
While there’s no foolproof strategy to secure cheap home insurance rates in Edmonton, adopting certain measures can help in potentially getting affordable premiums. These steps include:
- Opting to bundle your home and auto insurance policies with the same Edmonton home insurance provider can lead to significant savings, as many companies offer discounts for multiple policies.
- Enhancing the security of your property with the installation of devices such as alarm systems, smoke detectors, and other loss prevention tools not only makes your home safer but can also make you eligible for reduced premiums.
- A strong credit score is often seen as a sign of reliability, prompting many insurers to offer lower rates to individuals who maintain good credit.
- Actively seeking out and comparing quotes from a variety of insurance companies can uncover the best rates available, ensuring you’re not overpaying for your coverage.
- Periodically reviewing and adjusting your policy’s coverage levels and deductibles can lead to a more affordable home insurance premium. As your life circumstances change, so too might your insurance needs.
- Many insurance companies offer a range of discounts for specific conditions, such as non-smoker discounts or reduced rates for homeowners with a history of no claims. It’s worth inquiring about these potential savings.
Beyond these actionable steps, it’s crucial to make a habit of regularly reviewing and updating your insurance policy. The value of your home and personal possessions can change over time, as can your coverage needs. Ensuring that your policy reflects the current value of your home and includes any new valuables or renovations is key to maintaining adequate insurance coverage.
Why Choose Sharp Insurance?
Sharp Insurance is one of Canada’s fastest-growing insurance brokerages, dedicated to serving its clients nationwide. 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 the best home insurance companies — but we work for you.
We’re competitive.
We work with many different insurance companies to get you the best price for your Edmonton home insurance.
We’re experts.
Our Edmonton home insurance brokers are experienced and knowledgeable about insurance. We’re here to answer your questions, help with your home insurance claim, and make sure you’ve got the right coverage.
We’re digital.
We make insurance less complex. We have an online portal and app ( My Sharp ) 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 insurance package. Read through your insurance policy carefully and clarify any terms with your home insurance provider as they may differ according to different insurance providers. If you need extra coverage, consider adding endorsements.
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What Does Home Insurance in Edmonton Cover?
The basic purpose of home insurance is to safeguard your most valuable asset in case anything unexpected happens. But that doesn’t mean you should choose a policy that covers everything. Edmonton home insurance policies vary depending on the type of coverage they offer. Here are some common types of home insurance coverage:
Common Edmonton Homeowners 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 increase your existing coverage limit so that you can accurately cover your home.
Here are 6 of the most common endorsements.
Home-based Business Coverage
If you run a business from your home, it’s crucial to have coverage for any potential loss or liability related to your business operations. Most standard home insurance policies do not cover damages or losses caused by a home-based business, so speak with your insurance broker about adding this coverage as an endorsement.
Flood Insurance (Separate Policy)
Many Edmonton residents may be surprised to know that their standard home insurance in Alberta does not cover flood damage. This is why it’s essential to consider purchasing a separate flood insurance policy for your home if you live in an area prone to floods. It’s better to be safe than sorry when it comes to protecting your home and belongings.
Jewelry Endorsement
A standard home insurance policy comes with a limited amount of jewelry coverage. If your jewelry collection exceeds this limit, consider getting additional coverage for more expensive pieces to ensure their full value is protected.
Sewer Backup coverage
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 during torrential rainfall or spring thaw. This coverage excludes overland flooding from tsunamis, tidal waves and intentional breaches of water (e.g., dams).
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Earthquake and Landslides
Earthquake coverage helps to replace your belongings in the event of an earthquake with a specific deductible percentage range. Landslide coverage protects you against an overall movement of land mass in a downward or outward direction.
What Are the Types of Insurance Coverages?
Comprehensive Coverage
This is sometimes referred to as “all-risk” or “all-perils” coverage. It provides the broadest protection for your home and belongings, covering all insured perils unless they are specifically excluded from your policy. This type of coverage usually comes at a higher premium but offers more comprehensive protection.
Named Peril Coverage
Named peril coverage only covers events that are specifically listed in your policy. This means that anything not included in the list of each named insured peril will not be covered. Named peril coverage is usually less expensive than comprehensive coverage but offers more limited protection.
Basic Coverage
Basic coverage is the most affordable type of home insurance and typically only covers the property against a few specific perils. This can include events like fire, lightning, and explosion. Basic coverage is often paired with named peril coverage.
Home Insurance in Edmonton: Do You Need It?
It’s not mandatory to purchase home insurance in Edmonton, but it’s a necessity. Do you have enough funds to rebuild, repair, or replace your belongings and property if there’s a fire, or if someone were to take your furniture or electronics? For most of us, that’s a pretty tough call.
Why take the risk of losing everything? If you apply for a mortgage, most mortgage lenders 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 and save money.
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Top 4 Reasons to Buy Home Insurance in Edmonton
- Your mortgage lender requests you to have coverage.
- Insufficient funds to replace or rebuild your home and contents.
- 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.
- Peace of mind when a loss occurs.
Factors that Determine Home Insurance Rates
To set Edmonton home insurance premiums, home insurance providers consider many factors. These factors assess the risk of insuring your home and determine your policy’s cost. Knowing these can help you choose the best coverage for your home.
I am a sharp customer for 9 years since I landed in Canada, they are good and responsive, however being close on both Saturday and Sunday is not a very convenient practice for its customers, moreover a bigger pain point is that their on-call wait time for a new customer and an existing customer vary by a large number which seems totally unfair and feel like exploitation of existing customers, I hope they will look into this, they do charge top dollars for their service so a better turn around seems like need of the hour.
Overall Sharp is a good broker, but I would ask that wait times on the phone be shorter.
Overall, I was very satisfied with my experience.
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, by phone or by visiting a brokerage.
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Get a QuoteProtect Your Home with the Right Edmonton Home Insurance Coverage
While getting the cheapest home insurance rate from a good insurance company in Edmonton may seem like a daunting task, there are steps you can take to potentially reduce your home insurance premiums. Bundling policies, increasing security measures, maintaining good credit, and regularly reviewing your coverage are all ways to save on home insurance costs. It’s also important to work with a trusted insurance broker who can help you navigate the process and find the best coverage for your specific needs. Don’t wait until it’s too late – protect your home today with a comprehensive, tailored insurance policy from Sharp Insurance. Contact us now for a free quote and get the peace of mind and financial protection you deserve.
FAQs: Home Insurance
The average cost for home insurance in Edmonton is $1,504/year or $125/month; however, this can vary depending on various factors such as the type of coverage, the age and location of your house, and your claims history. Different home insurance companies have different metrics when calculating costs. It’s best to get a personalized quote from an insurance broker to determine the exact cost for your specific needs.
Alberta is a province that experiences extreme weather conditions such as hail, windstorms, and wildfires, which can cause significant damage to homes. This leads to higher insurance costs for homeowners. Additionally, the cost of building materials and labour have also increased in recent years, contributing to the overall expense of home insurance in Alberta. So, it’s important to review your policy regularly and make sure that you have adequate coverage to protect your home from potential risks. You could also consult with a licensed broker and inquire about how to get the cheapest rate and save money.
The best way to get a personalized quote for home insurance in Edmonton is by contacting an insurance broker. Brokers can shop around for quotes from different insurance companies and find the best coverage options for your needs at a competitive price. They can also provide expert advice and guidance to help you make informed decisions about your insurance policy.
Home insurance covers damages to your property and belongings caused by unexpected events such as fire, theft, or natural disasters. Mortgage insurance, on the other hand, protects the lender in case you are unable to make your mortgage payments due to illness, disability, or death. It does not provide any coverage for your home or personal belongings. Mortgage insurance is typically required for home buyers who make a down payment of less than 20% of the purchase price.
No, home insurance is not mandatory in Edmonton or any other city in Canada. However, if you have a mortgage on your property, your lender will most likely require you to have home insurance as part of your mortgage agreement. Even if you own your home outright, it is highly recommended to have home insurance to protect your investment and belongings from unexpected events.
It depends on your specific insurance policy and the extent of the damage. Most standard policies cover accidental and sudden property damage to someone else’s property, but it’s best to check with your insurance provider for clarity. You may also have the option to add additional coverage for voluntary property damage if desired.