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Home Insurance in Edmonton – How to Find the Cheapest Rates
Category :- Insurance

Author :- Steve Davids 
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Posted on October 12, 2017, 6:34 am
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There are so many insurance companies on the Canadian market that choosing the right one among them brings some severe headaches, but you do not want to look at the happy faces of people who paid much less for their home insurance than you and have to face the fact that you could have made the same choice and saved a lot of money. The best thing to do is ask for help from an experienced insurance agent who will provide you with all the information about home insurance in Edmonton and make sure you get a quote from at least 10 Canadian insurance companies. With a helping hand, you will find good and affordable insurance for your house, condo, or tenancy with additional coverage against flooding.

Average Prices for Home Insurance in Edmonton

You should know that home insurance costs are different for rented and owned houses. Owned home insurance is more expensive because it also covers the building envelope. This type of protection ensures that the building is covered in the event of a natural disaster, like fire or an earthquake, as well as theft-related damage. Renters home insurance, or tenant insurance, on the other hand, is much cheaper and only covers the contents of a building and, in some cases, liability.

The other thing to know is if the amount of your coverage is at least equal to the rebuild cost of your home--that is, the sum needed to cover all the expenses required to build the same house as yours. Even if your property is destroyed, your coverage should be enough to fully restore it. Remember, however, that the rebuild value will be always lower than the market value of your property.

You will better grasp the true cost of owned home and/or tenant insurance with statistics on the average home insurance rates in Alberta, Ontario, Quebec, and Canada, which are provided below by InsurEye Inc.:

Alberta home insurance monthly rates - owned: $84, rented: $49.

Ontario home insurance monthly rates - owned: $78, rented: $42.

Quebec home insurance monthly rates - owned: $70, rented: $33.

Home insurance monthly rates across the country - owned: $77, rented: $41.

What to Expect from Home Insurance Quotes in Edmonton?

The quotes for home insurance in Edmonton will rise or drop depending on the size of the building, the area it is in, and whether or not flooding coverage is included. For example, for a condo with two bedrooms in downtown Edmonton next to Canadian Western Bank Place, the monthly cost of coverage will be $22, or if you prefer the yearly pay, $264. If your house happens to be near the 142 St NW and 107 Ave intersection, then your monthly rate will be around $65, with the inclusion of flooding protection. Another instance would be a 2.000 square foot, two-storey building in Allendale, whose annual cost will be as much as $1,116, or $93 if you prefer monthly payments. These examples will help you better imagine how much home insurance in Edmonton will cost you. You even can count it yourself, using these sample quotes.

What You Should Know About Tenant and Condo Insurance in Edmonton

If you rent a condo in Edmonton, your insurance will cover only its contents in any of the unfortunate cases that are specified in the policy. Tenant insurance also provides coverage of third party liability and additional living expenses. The purpose of the latter one is to cover the expenses for temporary living in a rental unit or a hotel room, in case your condo is unlivable due to major damage from a natural disaster, theft, or vandalism.

If you own a condo, it should be covered by two types of insurance. The first one is tailored specifically for condo owners and covers its contents, third-party liability, and additional living expenses, plus additional things like upgrades, locker contents, embezzlement, and insurance assessments. This policy is the responsibility of the condo owner. The second type of condo insurance is called corporation’s commercial condo insurance, and it covers the whole building and its envelope (roof, elevators, lobbies, halls, etc.). This coverage is the responsibility of the condo corporation.

How to Save on Home Insurance in Edmonton?

If you want additional tips on saving, along with a free quote, contact InsurEye. You will connect with an insurance professional who will provide you with detailed information about home insurance in Edmonton. In the meantime, here are seven home insurance tips:

  1. Being claim-free is a good start for saving on home insurance because, if you have not made any claims for quite some time, you can get a discount. Be aware, however, that this option is not available with all insurance providers in Edmonton. It’s best to shop around.
  2. If you are a member of a professional organization, like Certified Management Accountants of Canada, or an association or union, you may be offered a discount on home insurance.
  3. Do not buy a house in a dangerous area because your premiums will be higher; there is a high risk of damage occurring to your house.
  4. Are you a graduate of McGill University? Then do not miss your chance to get a good home insurance discount! Some other universities in Canada offer this kind of discount, so do not hesitate to ask about it.
  5. People who tried the services of Canadian home insurance companies firsthand often share their experience through insurance consumer reviews. You can use this opportunity to learn more about the company you are interested in, and to avoid services that might turn out to be unsatisfactory.
  6. If you ever wanted to quit smoking but never managed to, there is good reason to do so now; insurance companies lower premiums for non-smokers.
  7. Insurance providers also welcome any modifications you have done to your home. For example, if you replaced your plumbing with pipes made out of plastic or copper, you may get cheaper home protection. Very old and poorly maintained homes are costly in terms of insurance, so upgrade if required.

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Email to contact  : contact@insureye.com
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