Compare Alberta home insurance quotes

Q: What are the best home insurance companies in Alberta?

Popular home insurance companies in Alberta include Aviva , and Intact – but the best provider for your case doesn't necessarily mean choosing the brand you know best. Instead, look for the insurer that meets all your coverage needs for the lowest rate possible. Each home insurance company looks at your unique housing situation and puts a price tag on it – some charge more than others, and it fluctuates all the time. So once a year, when it comes time to renew your coverage, take a few minutes to shop around with us. That way, you'll know you're selecting the best home insurance company (for your needs) on the market.

Q: Is home insurance mandatory in Alberta?

No, home insurance isn't mandated by law in Alberta. In most cases, however, your mortgage lender will require you to carry coverage before releasing your funds. Many people assume home insurance is mandatory because auto insurance in Alberta is required by the law, but home insurance is not governed in the same way.

Q: Can I bundle auto and home insurance in Alberta?

Yes, bundling your auto and home insurance under one provider is a great way to save some money on your premiums. You can also bundle other insurance products to increase your savings, including tenant insurance , condo insurance , and motorcycle insurance .

In under five minutes, compare home insurance quotes from Alberta's top providers – find your best rate with us today.

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Recent Alberta home insurance quotes from Ratehub.ca

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 August 2024.

$67/month
2,100 square-foot detached home in Edmonton
for one family, under Economical Insurance
$92/month
1,600 square-foot detached home in Red Deer
for one couple, under MAX Insurance
$97/month
1,400 square-foot detached home in Lethbridge
for one couple, under MAX Insurance
$113/month
1,200 square-foot townhouse in Edmonton
for one family, under Economical Insurance

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How does home insurance in Alberta work?

Matt Hands, VP, Insurance

August 20, 2024

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.

Recent Alberta home insurance news

As wildfires continue to ramp up throughout the province of Alberta, the losses and damages won't just impact the residents of affected areas. It also has a significant impact on the insurance industry as a whole.

The Jasper wildfire is already estimated to cost up to $700 million in insured damages, but it's still too early to tell whether the losses in 2024 can be comparable to the previous year – in 2023, Canada faced the most destructive wildfire season on record.

Even if you don't live in a high-risk area, you could see your home insurance premium go up. Climate change is one of the many factors contributing to the inflation of coverage – as insurers need to pay out more claims, rates will go up for all in order to balance the overall risk within the industry.

And while wildfire coverage is included in standard home insurance policies within Alberta, the state of California can be seen as a relevant case for comparison. Just last year, the detrimental impact of wildfires caused many insurance companies to deny or limit coverage here.

Only time will tell as to how coverage providers in Alberta (as well as the rest of Canada) will adapt to the challenges of climate change. In the meantime, make sure you're comparing personalized quotes for your property to ensure you're paying the best rate out there.

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Types of Alberta home insurance policies

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.

Types of Alberta home insurance coverages

While the type of home insurance policy you have will determine the type of risks you're insured against, most plans in Alberta should offer the following types of standard coverages. You can also increase your protection with a selection of optional add-ons.

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.

Home-based business insurance – This type of coverage protects you against commercial-related risks (e.g. damaged stock), in the event you run an at-home business. Standard policies typically won't payout these claims without an endorsement.

Umbrella insurance – An umbrella policy is sold as seprately, but it can be used to extend the liability limit on your home insurance policy. For instance, if you only have $1 million in liability coverage, but you're facing a $2 million claim, your umbrella coverage can foot the second half of the bill. It also applies to auto liability suits and general claims of liability (e.g. slander, defamation).

Identity theft insurance – In the unfortunate event your personal information – such as your passport, bank password, or credit card – is stolen with the intent to commit a crime, this coverage can help you out financially with the recovery.

Personal valuable insurance – This is an extension on your contents insurance. For certain valuables, such as jewelry and artwork, insurers will only pay up to a certain limit, unless you have this addition on your policy.

Home-sharing insurance – If you participate in short-term renting (e.g. Airbnb, Vrbo), you'll want special coverage to ensure you're protected against any unique risks. This can include the theft of your own personal items and guest liability lawsuits.

Flood insurance – Standard home insurance policies won't cover you for flooding due to overland water or sewer backup unless you have these add-ons in place. Consider adding these to your policy if you live in a high-risk area.

Earthquake insurance – You'll also need this add-on if you want to be covered for losses and damages due to an earthquake. This is usually specified as an uninsured peril unless you purchase an endorsement.

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.

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The average home insurance cost by Alberta city

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 August 2024. To find the exact cost you'll be paying yourself, be sure to compare home insurance quotes with us.

$240/month
Edmonton home insurance
We found that the average replacement cost of a home in Edmonton is $487,371.
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$257/month
Lethbridge home insurance
According to our user data, Lethbridge homes cost an average of $427,443 to replace.
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$359/month
Calgary home insurance
Based on our user data, the average replacement cost of a Calgary home is $692,114.
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$385/month
Airdrie home insurance
Based on numbers from our Airdrie users, homes here cost an average of $649,725 to replace.
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How to get the best Alberta home insurance quotes

There are many steps you can take to make sure you're paying the best Alberta home insurance rate possible – here, we cover eight different types that can help lower your coverage bill.

Shop and compare
With Ratehub.ca, you can view multiple home insurance quotes from Alberta's top providers, all in one instance. You won't know which insurer offers the cheapest rates until you shop around.
Bundle policies
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.

Stay loyal
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.

Compare cheap home insurance quotes in Alberta

Looking for your lowest home insurance rate? We can help – compare personalized quotes from the province's top providers in just under five minutes.

Alberta home insurance FAQs

How do I get the best home insurance in Alberta?

The best home insurance plans come down to two factors – cost and coverage. While you'll want to pay the cheapest rate possible, you'll also want to make sure you're insured for any unique risks you may face.

For example, if you live in a flood-prone area, make sure you have overland water and sewer backup coverages added to your policy. Although it may cost more, it'll be worth it when you need to make a claim.

We can help you compare home insurance plans on an apples-to-apples basis. Provide us with a few quick details, and we'll show you personalized rates from top insurers across Alberta. We can also connect you with a licensed broker who will talk you through any policy customizations that are applicable to your needs.

What are the best home insurance companies in Alberta?

Popular home insurance companies in Alberta include Aviva, and Intact – but the best provider for your case doesn't necessarily mean choosing the brand you know best. Instead, look for the insurer that meets all your coverage needs for the lowest rate possible.

Each home insurance company looks at your unique housing situation and puts a price tag on it – some charge more than others, and it fluctuates all the time. So once a year, when it comes time to renew your coverage, take a few minutes to shop around with us. That way, you'll know you're selecting the best home insurance company (for your needs) on the market.

Is home insurance mandatory in Alberta?

How do I get high-risk home insurance in Alberta?

Having an extensive claims history or missing a premium payment can put you in a high-risk home insurance category. Multiple mortgages, century-old homes, and even a vacant property can also mean needing this special coverage.

We work with a number of insurance companies that specialize in high-risk home insurance. By providing us with a few details in our home insurance calculator, we'll help reveal your available options based on your personal profile. And we can also connect you with a licensed broker in Alberta who will guide you through the process of obtaining your high-risk policy.

Does my home business need insurance in Alberta?

It depends – while you most likely won't need business insurance as a freelance writer, you may want to purchase coverage if you run a daycare or manufacture products out of your home.

Home-based business insurance exists as an endorsement that goes on top of your regular home insurance policy. This is best used to protect small-scale operations, covering risks such as client liability and damaged inventory.

For larger-scale businesses, you should look into purchasing commercial insurance separately. This will provide a more comprehensive coverage package which can include general liability, professional liability, and business interruption insurance.

Do I need home insurance for Airbnb in Alberta?

Yes, while rental platforms like Airbnb and Vrbo offer some form of coverage, it won't be enough to cover you comprehensively. Before you list your home online, make sure you contact your insurance company ahead of time – only select insurers offer short-term rental property insurance, and if yours doesn't, it may be time to shop around.

These policies cover you for specific risks that are associated with renting out your home for small periods of time. This can include coverage for a guest's contents, coverage for damage caused by a guest, and even coverage for a guest liability claim.

Can I bundle auto and home insurance in Alberta?

Can I cancel my Alberta home insurance?

Yes, you can cancel your home insurance at any time. If you're unhappy with your customer service or current rate, you can step away – just make sure you're aware of any penalty charges you may face.

Keep in mind that it's probably a better idea to switch home insurance companies instead of outright cancelling your coverage altogether. An uninsured property leaves you financially vulnerable to many risks, and having a coverage gap in your insurance history won't be good for your future rates.