Home Insurance in Alberta | Free Quote – Access Insurance
How to Get Affordable Home Insurance in Alberta?
Owning a home is one of the biggest investments you can make, so why wouldn’t you protect it? While home insurance is not mandatory in Alberta, it’s vital to have a home insurance policy. Most mortgage lenders will ask for proof of insurance to approve your mortgage and a secure home insurance policy protects your finances in case of an insured loss.
At Access Insurance, we offer affordable home insurance options to give you peace of mind and protect your most valuable asset. Our insurance products include:
Renters Insurance: Insure your rental home with Tenant insurance.
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Commercial Insurance: For companies and businesses
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Car Insurance: Get auto insurance for your vehicle
Types of Home Insurance
Being a homeowner comes with many responsibilities, one of which is choosing the right type of insurance coverage for your property. Here are the three main types of home insurance policies available in Alberta:
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Comprehensive CoverageComprehensive coverage is the most complete and costly type of home insurance coverage. It covers the cost of replacing your home and its contents in case of an insured loss, such as fire, theft, or natural disaster. This policy also includes liability coverage for any damages or injuries that occur on your property.
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Basic CoverageBasic coverage is a more affordable option compared to comprehensive coverage. It typically covers damage to your home and its contents caused by insured perils, such as fire, theft, or specific natural disasters. However, basic coverage may not include liability coverage.
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Broad CoverageBroad coverage is a hybrid between comprehensive and basic coverage. It includes the same protection as basic coverage but may also provide additional coverage for specific risks that are not covered under basic policies.
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Find a great Home Insurance Rate in:
EdmontonWhat’s Covered Under a Home Insurance Policy?
When you’re shopping around for a home insurance quote in Alberta, you’ll be offered several coverage options. Choosing the best options for your home will depend on your specific needs.
Home insurance coverage options:
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| Dwelling coverage This covers the physical structure of your home and any attached structures such as a garage or deck from any property damage. |
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| Medical payments This covers any medical expenses for someone who is injured on your property, regardless of fault. |
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| Personal liability coverage This provides coverage in case someone is injured on your property and files a lawsuit against you. |
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| Personal property insurance coverage Also known as contents insurance, protects your items and belongings, including furniture, appliances, clothing, etc., in case they are damaged or stolen. You have the option to select either replacement cost coverage for your personal belongings or actual cash value, which is the replacement cost minus depreciation. It’s recommended to have replacement cost coverage for all your personal belongings. |
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| Additional Living Expenses If you’re unable to live in your home due to an insured loss, this coverage will pay for temporary living arrangements such as a hotel or rental while your home is being repaired. |
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Why Do You Need Home Insurance in Alberta?
There are many ways homeowners can benefit from having a solid home insurance policy in Alberta. Unstable weather conditions pose one of the biggest risks to homes in Alberta and one of the main reasons why home insurance is crucial.
Alberta winters expose your home to:
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Extreme Cold WeatherWinters in Alberta can be brutal as temperatures dip well below zero in the winter, which can cause water pipes to burst and cause a flood risk.
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FloodingAlberta homes are at risk of a few different types of flooding including:
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Overland Flooding
When water from rivers, creeks or lakes overflow onto land, it is called an overland flood. This can spread to the streets, basements, garages and backyards. Overland flooding in Alberta is common during the spring thaw when the frozen catch basins and storm drains begin to melt.
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Sewage Back-up
An overloaded sewage system can cause sewage to flow back into the sewer system and your home.
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Forest firesThe combination of development and a changing climate has led to large-scale forest fires which are becoming more common in Alberta. The highest risk areas are communities in the Boreal Forest region of Alberta, Fort McMurray, Fort Vermillion, and other population centers.
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The most popular choice among homeowners in Alberta is a comprehensive insurance policy. Are you wondering what insurance policy is best for your home? It’s simple to find the right coverage for your home. Contact one of our home insurance brokers or get a quick, online quote today. |
Optional Endorsements
When it comes to home insurance in Alberta, you can add specific items to your policy for an extra cost, with offerings varying by provider. Consider these popular optional add-ons:
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Flood InsurancePurchase as an extra to cover sewer backup and overland flood situations.
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Overland water covers loss or damage from water entering through doors and windows due to overflowing bodies of water or melting snow.
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Sewer Back-up covers loss and damage from sewage issues caused by clogged drains and damaged lines.
Note: Most Alberta home insurance doesn’t cover flood damage from coastal or saltwater, like storm surges or tsunamis. Consult our experienced brokers for guidance.
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Identity Theft InsuranceProtects against expenses from stolen personal information (e.g., SIN, credit cards, passports), including long-distance calls, legal fees, and lost income recovery.
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Personal Valuables Insurance (Contents Coverage)Extends coverage beyond standard policy limits to insure personal items like cash, musical instruments, bicycles, artwork, jewelry, tech, and other high-value items. Known as a personal property schedule endorsement.
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Home-Sharing InsuranceIf renting out your home, even short term, this covers hosting risks like guest damage and loss of belongings, filling gaps not covered by platforms like Airbnb.
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Home-Based BusinessesInform your insurer if you are running a home business, as most standard policies exclude commercial activities. This endorsement covers office equipment and client liability claims and may replace income during business disruptions.
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Umbrella InsuranceIncreases liability coverage beyond your home policy, covering additional general liability claims (e.g., slander, defamation).
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Earthquake InsuranceCovers home and contents damage after an earthquake, including debris removal and upgrades to meet new building standards. Some policies may cover related damages like a fire following a gas line burst due to an earthquake.
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Consult our expert home insurance brokers on which coverages are ideal for your needs or get a fast, free online quote. |
What Factors Impact Your Alberta Home Insurance Rate?
The typical yearly expense for Alberta home insurance averages around $2,794.41. It’s important to note that this figure can vary based on numerous factors.
Alberta insurance providers consider the following factors when determining your home insurance rates:
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LocationYour insurance premiums will be higher if your home is at a greater risk because you live in a neighbourhood with high crime rates. Or, if you live near an airport, your home is at risk of being damaged by falling debris or vibrations. A home near a lake, river or other water source is also at risk from flooding. Picking the right location could help you save costs.
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Property TypeYour home insurance premium is affected by the size and structure of your home. Some houses have a higher liability than others which means a more expensive premium.
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Credit ScoreAlberta is one of the provinces where home insurance companies can use your credit score in determining your rate. However, they can only do so with your consent. Poor credit will not affect your insurance rate, but good credit may qualify you for a discount.
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Replacement CostCalculate your replacement cost by estimating how much rebuilding your home costs. Remember to inform your insurer of any home renovations that you have completed so that the replacement value can be adjusted to reflect these additions.
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Home StructureYour home’s internal construction, including the plumbing and electrical systems, will directly impact your insurance premium. Old installations are more likely to cause problems like water leakage or fire. Old wiring and fuse boxes may also increase the risk of fire and old or damaged home appliances. Old lead or clay pipes may also burst and cause heavy water damage to your home. Repairing water damage to your home could come to thousands of dollars. Check the age of your water, heating system, and electrical pipes. You can reduce your insurance costs by updating them.
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RoofThe insurer will inspect your roof for its age and material. Standard asphalt roofs will begin to show signs of wear and tear in 10-15 years depending on the external conditions. Your roof may need to be repaired if it is weak or old to prevent leaks during wet and freezing months. Your house insurance may be reduced if you have a roof made of metal, as it is more resistant to wear.
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History of Past ClaimsYour insurer will ask you how many claims you have submitted in the past 5 to 10 years. Your monthly premium may increase if you make frequent or unsuccessful claims. Before filing an insurance claim, always check to see if the problem can be fixed yourself.
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Accessory DwellingsA swimming pool in your backyard can affect your insurance rates because of its replacement cost and the risk of drowning. The risk associated with other accessory dwellings, such as a treehouse or outhouse, may also increase the cost of your home insurance rate in Alberta.
How to get cheaper home insurance?
There are a few ways to save money and potentially reduce home insurance costs in Alberta while getting the best coverage:
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Shop around and compare home insurance quotes from different insurers – It’s always a good idea to do some research and see what different companies have to offer. You may find a better deal and save by switching to another provider.
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Increase your deductible – Your deductible is the amount you pay out of pocket before your insurance kicks in. Increasing your deductible can lower your monthly premium.
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Bundle your home and auto insurance – Several insurance providers extend discounts for bundling multiple policies together with them.
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Install safety features – Installing security systems, smoke detectors, and other safety features may make you eligible for discounts on your home insurance.
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Maintain a good credit score – Insurers often take credit scores into account when determining insurance rates. Maintaining a good credit score can help keep your home insurance premiums low.
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Only make claims when necessary: Many companies look into your insurance history. The fewer claims you make, the more you can save money on the home insurance premium.
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How to Get a Free Home Insurance Quote in Alberta? Looking for a home insurance premium estimate? Get an online home insurance quote in Alberta now with the help of one of our dedicated brokers. |
Alberta Home Insurance FAQs
The average annual home insurance cost in Alberta is about $ 2765.58 per year. Keep in mind that this amount depends on many factors and can fluctuate widely. Access Insurance shops around for you to get you the ultimate insurance coverage at affordable rates. Remember to review how much home insurance you need to avoid getting underinsured or overinsured.
You can change your home insurance provider whenever you want. However, there are penalties you may face if you leave your current insurer. A few things to check when you’re switching over to a new insurer: ensure the dates of your new and old home insurance policies are in line, so you do not experience an insurance coverage gap. You may be charged an early cancellation fee if you change home insurance companies before the expiration of your current policy. Ask an insurance broker from Access to learn more.
Both provincial and federal watchdogs regulate Alberta’s insurance industry. The Office of the Superintendent of Financial Institutions at the federal level monitors the financial strength and solvency of the property and casualty insurance companies in the province. The Alberta Superintendent of Insurance supervises the products, underwriting, and conduct of all insurance providers in Alberta.
The guaranteed replacement cost coverage allows you to rebuild your property or replace it, even if your policy limits are exceeded. It is important to ensure that the value of your home is accurate and current. Always consult a broker or your insurance company if you need more information about your home insurance policy, replacement costs, and more.
Home insurance is mandatory in Alberta if you have a mortgage on your property. Most times, the mortgage lender, requires homeowners to purchase home insurance as part of their financing agreement. Even if you own your home outright, it is still recommended to have home insurance for financial protection against unexpected events and damages. It is always better to be prepared and have coverage in case of emergencies or accidents that may occur. Home insurance helps protect your investment and provides financial security for you and your family.
Personal liability coverage is an essential part of home insurance. It covers you for legal expenses, settlements, and court-ordered compensation if someone injures themselves or damages their property while on your premises. Personal liability coverage also protects you if you cause damage to someone else’s property outside of your home, such as accidentally breaking a window or damaging a neighbour’s fence. In case of bodily injury, it also covers medical bills for up to one year.
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