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Shopping for Alberta home insurance is easy with Ratehub.ca – thousands of users visit our site weekly, in search of the lowest rate possible. By taking advantage of our free quote comparison tool, you can view all your options in just a few minutes. Here are a few sample quotes our users received in September 2023.
1,000 square-foot side-duplex home in Grand Prairie
1,800 square-foot detached home in Calgary
1,900 square-foot detached home in Blackfalds
1,200 square-foot detached home in Okotoks
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to Canada’s top financial institutions
Matt Hands, VP, Insurance and MoneySense
While homeowners insurance isn't required by law in Alberta, mortgage lenders will typically require you to carry coverage to protect such a large investment – your home.
By paying regular premiums to your insurer, you'll be able to limit the financial risks that come with being a homeowner. This includes the loss and damage of your physical dwelling (and the contents within it), as well as a liability suit.
Home insurance policies aren't all designed the same – here's a quick breakdown of the three main types of plans you can consider. The majority of homeowners will opt for a comprehensive policy as it provides the highest level of protection.
Building coverage – Home insurance protects your physical home, of course. Your building coverage is there in case your dwelling is damaged due to risks, such as fire and severe weather – it'll pay the repair or rebuild costs involved.
Contents coverage – Aside from your physical home, contents insurance is there to protect your personal belongings (e.g. furniture, technology, clothes) in the event of loss or damage. Keep in mind that certain valuables have set limits, so you may need to add an endorsement for added protection.
Liability coverage – Liability insurance protects you financially against from third-party claims of bodily injury and property damage. Say your mailman slips and falls on your driveway – in this case, your policy can foot the medical bills, settlement fees, and legal expenses.
Additional living expenses coverage – If you're unable to live in your home due to an insured loss (e.g. fire), your policy can help cover the added expenses you're facing during this period. Some examples include hotel bills, restaurant meals, and storage expenses.
What is the average home insurance cost in Alberta?
Due to various market conditions, such as ongoing inflation and climate change, the average cost of Alberta home insurance has risen to be about $1,800 to $2,000 annually. To find the exact premium you'll be paying, be sure to compare home insurance quotes with us – it'll take you less than five minutes to find your lowest rate today.compare quotes
Home insurance rates can differ greatly across the province – the city you live in plays a big role in the rates you'll receive. For reference, here are the average rates of our Alberta users by city (plus a few more interesting numbers) as of September 2023. To find the exact cost you'll be paying yourself, be sure to compare home insurance quotes with us.
Home replacement cost
Renovations & betterments
Pools & acessory dwellings
How to get the best Alberta home insurance quotes
Shop and compare
With Ratehub.ca, you can view multiple home insurance quotes from Alberta's top providers, all at one instance. You won't know which insurer offers the cheapest rates until you shop around.
By purchasing your home insurance under the same company as your other coverage products (e.g. landlord insurance, auto insurance), your provider will thank you with a discount.
Install safety systems
Many home insurance companies in Alberta offer safety system discounts – this can include a centrally-monitored alarm system or a fire alarm system.
Upgrade your home
Some renovations will increase your home replacement value (which raises your insurance premium), but opting for safer plumbing, heating, and electrical systems can help lower your rate.
While shopping around is one way to find the lowest rate, you can also receive loyalty discounts from your current home insurance provider if you stay with them for an extended period.
Improve your credit
In Alberta, home insurance companies typically won't penalize you for bad credit, but you'll often be rewarded with much better rates if you opt-in for a soft credit check (and you have a good score).
Increase your deductible
A standard home insurance deductible in Alberta can range between $500 and $2,000, and selecting a higher amount will lead to a lower premium.
Ask about discounts
You won't know what savings you're eligible for until you ask. For instance, you may be able to get a discounted group rate if you're a certified professional or special alumni.
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Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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