Home Insurance Edmonton: Intro
Welcome to your Home Insurance Guide for Edmonton. This page will give you an idea of Home Insurance Premiums in Alberta, will inform about savings opportunities and also provide number of other useful tips for choosing Home Insurance protection in Edmonton.
What Are Typical Home Insurance Premiums In Alberta?
The chart above illustrates the average Renters and Homeowners Insurance premiums in Alberta and other provinces including Home Insurance in Edmonton Renters insurance rates are typically lower than home owners premiums due to the nature of insurance: Renters insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself since it is covered under the insurance property of the homeowner.
Overall consumers spend more on Home Insurance in Alberta is relatively high with only British Columbia having higher than Alberta premiums. There are though differences between different locations in Alberta. Calgary would have higher home insurance rates due to a history of flooding that represents higher risk for insurance providers. Edmonton was not impacted by floods as bad as Calgary and thus it benefits from lower insurance premiums.
Important note about flooding risk – typically overland flooding (e.g. due to strong rains or raised water level in rivers) is not covered by home insurance. Thus emergency government program(s) would be the only way to somewhat compensate financial impact of the flooding.
How Can You Save on Home Insurance in Edmonton?
- Monitoring: Is there other security like a doorman or security guard on the premises? This may mean an additional discount.
- Pool: Annual vs. monthly payments: Annual payments save insurers administrative costs such as time, postage and billing. Therefore, you are rewarded with lower premiums.
- Change your content coverage: Do you rent an apartment or condo? You can often lower your content coverage. No need to insure your belongings to up to $250,000 if you only have a laptop and some IKEA furniture!
- Mortgage insurance: Do you have life insurance? If so, you may have enough coverage to forgo mortgage insurance. Mortgage insurance is another name for a life/critical illness and disability insurance that pays off your outstanding debt on your home in case of a tragic event. For example, a term life policy large enough to pay off your home is usually cheaper.
- Mortgage-free home: When you pay off your home, some insurers will reward you with lower premiums.
- Credit score: Your good credit can score you a lower premium. This is because most companies use your credit score when calculating home insurance premiums.
- Direct insurers: Have you always dealt with insurance brokers or agents? Getting a policy from a direct insurer may save you money. A captured agent only sells products from one company.
- Welcome discount: Switching providers? There may be a welcome discount. Don’t be afraid to ask about it.
- Interested in more saving tips for Home Insurance in Edmonton? Get an insurance quote below and connect with an experienced insurance professional to get more tips
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