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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$84.22Jul 24, 2024, 04:44 PMAuto63FemaleM1J2C8
$43.53Jul 24, 2024, 06:04 PMHome47MaleL7P1Y9
$29.37Jul 24, 2024, 09:54 AMTenant41MaleN8W5N7

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on May 31, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated May 31, 2024

Visit author page

5 minute read

Article Contents

Quick Facts About Home Insurance in Edmonton

  • Edmonton home insurance is LESS expensive than the Alberta average.
  • The average annual cost of home insurance in Edmonton is around $863.

What Risks Affect Homeowners in Edmonton

Edmonton is often exposed to extreme weather. Here are some common risk factors homeowners in Edmonton should watch out for:

Crime

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. 

Fire

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.

Flooding

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.

Hail and storms

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.

On-property accidents

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.

How Much Does Home Insurance in Edmonton Usually Cost?

Home insurance in Edmonton costs around $863 annually. Home insurance premiums are affected by factors like your home’s age, roofing type, proximity to fire hydrants, and more.

Using your home as a place of business may also influence your home insurance rates. Using your home for business means more people coming in and out of your property, increasing your liability and risk of losing belongings.

Housing Data in Edmonton

Edmonton has been widely known as the oil capital of Canada since the 1940s thanks to its prevalent petrochemical industry presence. Naturally, you’ll find lots of work in the energy sector. However, Edmonton also has a very diverse economy, including strong healthcare and manufacturing sectors. All of these industries are backed up by a powerful technology industry, which means Edmonton residents have lots of career opportunities.

Edmonton is an immigrant hub, boasting 4% of the country’s immigrant population. The cultural diversity means Edmonton residents will see a lot of new cultural experiences from around the globe. One of its biggest cultural events is the Edmonton International Fringe Festival, the second-largest arts festival of its kind in the world.

The average household income in Edmonton is $10,000 over the national average. What makes it better is that the city’s average living cost is 9% below the national average. That means you make more money and live more affordably if you call Edmonton home.

Researching a city’s housing landscape is a good way to see whether living there is right for you. Here’s a detailed look at some key residential statistics in Edmonton from the 2021 Census of Population:

Type of Occupied Dwelling

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. 

Owner vs Renter Stats/Condo vs Non-Condo Owner

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. 

Private Dwellings by Period of Construction: New or Older Homes?

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.

Major Repairs or Just Maintenance Needed?

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.

Homeownership Rate by Age in Edmonton

The homeownership rate is quite high in Edmonton among people aged 55 and older, while only two in four young adults (25-39) own a house.

Age GroupHomeownership Rate
15 to 2412.9%
25 to 3951.3%
40 to 5468.4%
55 to 7474.5%
75 and over76.3%

Average Home Price in Edmonton by Dwelling Type

Below are the average values of homes in Edmonton, categorized by dwelling type:

Type of DwellingAverage Value
Detached$495,500
Semi-Detached$400,000
Freehold Townhouse$250,000

Edmonton Population Growth

Edmonton’s population grew 8.33% between the years of 2016 and 2021.

What Is Not Included in a Typical Home Insurance Policy?

Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.

Here are the most common home insurance exclusions:

Criminal activities

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

Damage from tenants

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.

Earthquakes

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

Failure to maintain your home

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.

Flood damage

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

Home business activities

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

Insect damage

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

Mortgage or property taxes

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

Mould

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.

Vacant dwelling risks

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

This is by no means an exclusive list of risks typically excluded from a home insurance policy in Edmonton. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.

Why Do I Need Home Insurance in Edmonton?

There are many risks to your Edmonton home. From flooding due to heavy rain to fires, unforeseen incidents can damage your home or its attached structures severely, which can take a lot of money to repair. Somebody can even get into an accident on your property, which might result in hefty legal and medical fees.

Unexpected expenses due to these incidents can stretch your finances thin. The good news is that home insurance can help. A home insurance policy can foot your home repair bills if a covered peril damages it. Additionally, it pays for the many costs associated with personal injury lawsuits.

With the many options for home insurance, which one is right for you? There’s no one “best” home insurance policy for everybody, so you need to learn more about home insurance in Edmonton to make the right decisions.

You technically don’t need home insurance in Edmonton, because it’s not a legal requirement for homeowners. However, you should still get a policy to protect your home as well as its contents. Here are three main reasons why having a home insurance policy is a good idea:

Loss or damage protection

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.

Mortgage requirements

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

Liability coverage

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

How You Can Get Cheap Home Insurance in Edmonton

Visit our main provincial page to view the list of practical tips on how to get cheaper home insurance.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Statistics Canada, 2021, Census of Population, Alberta, Edmonton, Housing Statistics. Data Published March 29, 2023.

3. Statistics Canada, 2021, Census of Population, Alberta, Edmonton, Homeownership Rate by Age. Data Published December 16, 2022.

4. CREA, Alberta, Edmonton, Median Price of Homes by Dwelling Type, 2024.

5. Statistics Canada, 2001-2021, Census of Population Statistics, Alberta, Edmonton, Population Statistics. Data Published December 16, 2022.

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