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Home Insurance Edmonton

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Home Insurance Edmonton

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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 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.

We also provide other types of insurance, like:

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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:

Online

By email

By phone

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What Are the Average Edmonton Home Insurance Cost?

You may find the average Edmonton home insurance policy to cost around   $1,945.12  year, which evens out to   $162.09  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 the most Affordable 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 most Affordable Home Insurance Rates in Edmonton?

While there’s no foolproof strategy to secure Affordable 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:

Dwelling Coverage

This type of coverage protects the physical structure of your home, including the walls and roof, in case of damage due to fire, wind, hail or other covered perils. It also covers any other structures attached to your main house, such as a garage or shed.

Personal Property Coverage

Personal property coverage protects your personal belongings inside your home from loss or damage. This can include furniture, electronics, clothing, and other personal items. In some cases, it may also cover belongings that are outside of your home, such as in a storage unit or car.

Personal Liability Coverage

Personal Liability coverage protects you legally and financially if someone gets injured within your property or if you accidentally cause damage to another person’s property. Liability coverage can cover legal fees and medical expenses for the injured party, known as voluntary medical payments, for up to one year.

Loss of Use Coverage

This coverage can provide financial assistance for alternative housing and living expenses if your home is deemed uninhabitable due to a covered event, such as a fire or natural disaster. This can include costs for hotel stays, meals, and other necessary expenses.

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.

 

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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

  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.

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.

Insurance and Claims History

Insurance companies will look at your past insurance history to determine your risk as a policyholder. If you have a history of making frequent or large claims, this may result in higher premiums as you are seen as a higher risk to insure. And if you remain claims-free, you will get a lower home insurance premium.

Cost to Rebuild Your Home

The average price of a home in the Edmonton area reached an all-time high of $420,959 for March 2024, a 7.9% yearly increase and a 3.3% monthly increase.

Contrary to popular belief, the cost to rebuild your home is not the same as its market value. Insurance companies will assess the materials and labour required to rebuild your home in the event of a total loss, which can often be more than its market value. This is why it’s important to ensure that your policy covers the full cost of rebuilding your home.

Age and Type of Home Systems

The age and type of your home’s roof, plumbing, heating, and electrical systems can also impact your rates. Older homes with outdated systems may be more prone to issues that result in higher premiums.

Home Construction

The construction of your home, including the materials used, can also affect your insurance premiums. For example, a brick home may be less susceptible to fire damage compared to a wood-framed home, resulting in lower premiums.

Risks on Your Property

Insurance companies will also consider any risks on your property, such as a trampoline or pool. These can increase the likelihood of injury and result in a higher annual premium.

Security and Loss Mitigation Devices

Having security or loss mitigation devices in place, like burglar alarms and sump pumps, can also impact your insurance prices. These devices reduce the risk of damage to your home and its contents, making you a lower risk to insure.

Square Footage of Your Home

The size of your home can also affect your insurance policy rate, as larger homes may require more coverage and be at a higher risk for damages.

Proximity to Emergency Services

How close your home is to emergency services like fire stations and hydrants can also impact your insurance premium rate. Homes closer to these services are seen as less risky and may result in lower premiums.

Natural Disasters

The likelihood of natural disasters in your area is also a factor. For example, living near a river or flood zone may increase the risk of water damage and result in higher premiums.

Policy Options

Your chosen policy options, such as loss settlement, policy limits, deductibles, and coverages, can also impact your insurance rate. Opting for higher coverage or lower deductibles may result in higher premiums.

Credit Rating

Finally, your credit rating can also play a role in determining your insurance rates. Some insurance companies use credit scores as an indication of financial responsibility and may view individuals with lower credit scores as higher risk. Maintaining a good credit score can help you save on your home insurance costs.

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Siamak Mohajery
3 days ago
Jashanpreet at Sharp Insurance was very good to work with. I needed a very quick turnaround. She answered my phone calls promptly which is a plus, since some agents are very hard to contact by phone.
Amie Parenteau
6 days ago
Malgorzata
6 days ago
After our home was affected by a neighbouring fire and our previous insurer chose not to renew our policy, we were looking for new home insurance. Justin Madriaga at Sharp Insurance made a difficult situation much easier by guiding us through the process with professionalism, patience, and genuine care. He was knowledgeable, responsive, and always available to answer our questions. We truly appreciate his support and highly recommend him to anyone looking for exceptional service. Thank you, Justin!
Ogaga Agbaragu
3 weeks ago
Super support from Jashanpreet. Very professional and was very helpful in us getting our home insurance in place in a very timely manner. Communication and response time was top-notch. Thank you very much Jashanpreet.
Vivian Anyi
3 weeks ago
Jashanpreet was very helpful and knowledgeable in providing a home insurance quote. Thank you for the quick turnaround time!.
Rafael Blanco
4 weeks ago
I received excellent service from Jashanpreet. She handled my request efficiently and quickly. She offered me a very comprehensive home insurance policy at a truly competitive price. It was a pleasant experience working with her.
KASHIF UR RAHMAN
4 weeks ago
This was my first time purchasing home insurance through Sharp Insurance, and the experience was excellent. Jashanpreet explained everything clearly and in detail, from start to finish. The process was smooth, professional, and very well handled. Thank you, Jashanpreet, for your support and for doing a great job.
Kelly Beckett
4 weeks ago
Easy and great communication from Jashanpreet. She helped greatly and got a decent price for my car. Thanks Sharp Insurance
Cem Bartan
4 weeks ago
We were with Costco's Insurance brokerage and the company with which we had our policies stopped being part of Costco's services midway through last year. So, they handed us off to another insurance company when they left, and our rates went up when that change happened. We bought a vehicle to tow our trailer and wanted to add it to our auto policy, but when we asked for a quote it came in at an extra $140/month which we could not afford. Even though we are not up for renewal until January, I decided to start shopping around. I had quotes from 5 different brokerages and Sharp came in at the most competitive and with all the same coverage or better than what we had before. Dealing with Jashanpreet was very easy and smooth. I had so many questions and she was very patient and knowledgeable and answered everything I asked. If I had any confusion she was excellent at explaining things and clearing it all up. When signing the documents I had found a couple of items in the documents that needed to be corrected. She very promptly made those corrections and re-sent them so that I would be comfortable amd confident with what I was signing off on. From start to finish, she made the process extremely easy for me and before finalizing all the documents she had found another discount that she could apply to my policies and was able to actually get all of our coverage (including a 3rd vehicle) at less per month than what we were paying with our old company and with 2 vehicles! She made my experience a very happy one and I would recommend Sharp Insurance to anyone. I actually gave her info to a friend of mine today, who is looking to change companies. Five stars and two thumbs way up!
Calvin Awalt
1 month ago
Jihye Kang
1 month ago
As first-time home buyers in Canada, we had many questions about home insurance. Justin was very knowledgeable, patient, and always quick to respond. He explained everything clearly and helped us secure the right coverage for our new home. Thank you for making the process smooth and stress-free. We truly appreciate your help and highly recommend Justin and his team.
La My
1 month ago
Always great customer service. Great rates. And do their best for us no matter the circumstances
Shauna Dell
1 month ago
Best experience with Liliana Alexeeva! We were struggling spending 45 mins on the phone getting quotes for home insurance and Liliana rescued us promptly! Don't struggle and waste time on your own reach out to Liliana.
Hannah Pavka
1 month ago
Jashanpreet was fast, efficient, and very helpful with this process. Thank you again!
Damo
1 month ago
Jashanpreet helped us secure a solid rate for home and auto insurance. She was prompt and helpful.
Zack Stanicky | Strategic Path Mortgages
2 months ago
Working with Sharp Insurance has been an absolute breeze! My broker is Jashan, she is extremely knowledgeable and has always quick to respond to my many questions throughout the process. Would highly recommend working with Sharp for top notch service!
lumala vicky
2 months ago
We had an amazing experience working with Jashanpreet at Forward Insurance. She was incredibly relentless, patient, and supportive throughout the entire process. Even while we were in the middle of making a very tough and important decision, she never gave up on us and continued to guide us every step of the way. What stood out most was her professionalism, respectful communication, and dedication to finding the best possible solution for us. We are especially grateful that she was able to secure us a short-term rental insurance policy for our home at a very competitive price. She made what could have been a stressful process feel much smoother and reassured us throughout. Jashanpreet truly goes above and beyond for her clients. Her work ethic, responsiveness, honesty, and commitment are unmatched. We felt genuinely cared for and supported the entire time. Highly recommend her services to anyone looking for someone knowledgeable, trustworthy, and determined to get results. Thank you again for everything!
Lisa Girard
2 months ago
I had the best experience with this company that I just so happened to stumble across. Charles was a life saver for me. After being completely screwed over after 25 years of auto insurance with RBC/ Iviva, Charles was able to get me my pink slips in 1 day!! Thanks again Charles! I will definitely be calling you regarding my future insurance needs.
Amritpal Grewal
2 months ago
Dwayne Whyte
2 months ago
I first began dealing with sharp in 2024. Since then I have switched all my insurance needs over to them. Their service tea,,Brandon Mably being the person I dealt with, has been exceptionally helpful with answering all my questions and have made sure i understood what was going on. Have already been recommending them to my peers and coworkers..
bee breef
3 months ago
Jashanpreet....was the agent I dealt with. Very patient, informative, knowledgeable and got me a rate $70 less than I was paying. DEFINITELY 5 STAR SERVICE!!💐
leigh haub
3 months ago
I would like to shout out, Jashanpreet Kaur from Sharp insurance for finding me a much better home insurance policy. I was told to renew my home insurance for this year it would be 7000 for the year, which is almost double what it was last year, and badly enough the year before was also double the price for the same coverage. Jashanpreet was very aware that was very high, and found a much better deal for my husband and I, which was less then half of the original yearly payment. Thank you so much for everything Jashanpreet, we are very appreciative of your assistance and professionalism.
Bandana Limbu
3 months ago
I had a great experience working with Justin. His customer service was excellent from start to finish. He was responsive, patient and took the time to clearly explain all my options, making the whole process smooth and stress-free. Justin truly went above and beyond to ensure I felt confident in my decisions. I really appreciate his professionalism and support and I would highly recommend him to anyone looking for reliable and friendly insurance service.
Liudmyla Senchylo
3 months ago
Great Company, friendly service 🙌
Melissa
3 months ago
I have been a customer for over 10 years and Dave W. has been absolutely OUTSTANDING! He is always so pleasant to deal with during the times I have needed to contact him, quick to problem solve and the best adjuster I have ever had an interaction with. Thank you Dave for always being there and for being so wonderful! He truly looks out for you and goes above and beyond!

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.

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

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Protect 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.

 

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FAQs: Home Insurance Edmonton

The average cost for home insurance in Edmonton is   $1,945.12 year or   $162.09 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 most Affordable 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.