Affordable Home Insurance in Edmonton

Crime levels vary in each city, but the overall crime rate in Alberta rose 5% between 2022 and 2023. A higher crime rate means you may encounter more theft, vandalism, and other incidents that damage your home. 

Alberta sees an average of 208 wildfires annually from 2018 to 2022. However, that number doubled in 2023 with 416 wildfire incidents as of May. The fire risk in Alberta is high because the natural freeze and thaw cycles create dry grass that can ignite and start wildfires. Moreover, fires can start from human error due to lit cigarettes, candles, and electronic malfunctions. In addition to the fire itself, wildfire smoke can damage your home and belongings. The risk is even more real in 2023, since Edmonton has recorded the most smoke hours since Environment Canada started keeping track in 1953.

Due to heavy rain and snow melt, Alberta is prone to flooding. Many of these are flash floods, meaning you may not have enough time to prepare. Since flash floods come with little to no warning, your property damage may be more severe.

Damage from high winds, storms, and hail is very common in Alberta. Adverse weather can damage your roofs, windows, and outdoor furniture if you don’t take steps to mitigate their effects. Hail storms in Edmonton happened as recently as August 2023, when loonie-sized hail pummeled parts of the city.

Accidents can happen anytime and anywhere, regardless of how safe your home is. People may hold you liable for slips and falls that happened on your property, which is where home insurance comes in. Home insurance policies can cover numerous costs related to a slip and fall lawsuit.

Out of the 396,400 surveyed households, nearly half (49.6%) of Edmontonians live in single-detached homes, which are the most popular dwelling type in the city. Low-rise apartment residents come second, with 91,250 (23%) households. In third place are row houses, with a 9.8% share of Edmonton households. 

From the 25% sample data taken for the census, nearly two-thirds (63.6%) of Edmonton households own their homes. The remaining third (36.4%) are renters. Close to a quarter (23.9%) of the city’s households live in condominium properties, while the remaining 76.1% live in non-condos. 

Most of Edmonton’s homes are relatively old since the majority (27.8%) of households live in homes built between 1961 and 1980. The second-largest portion (12.7%) of households live in homes built before 1960. However, 21.6% of households live in homes built from 2011 to 2021, likely reflecting an increase in residential construction in the 2010s.

Almost all homes in Edmonton are well-maintained, judging from the 94.7% of households reporting their homes only needed minor repairs. In contrast, only 5.3% of households said their homes needed major repairs.

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Because this is considered a preventable risk, most insurers don’t cover insect damage.

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

Home insurance protects your property from perils like fire and theft. It does so by providing financial compensation if your property experiences loss or damage due to unforeseen events.

Your mortgage lender may require home insurance as part of their loan conditions. Lenders tell borrowers to get home insurance to protect their investments.

In addition to protecting your home, insurance provides liability coverage to settle legal fees if somebody gets injured on your property.