Edmonton house insurance made for you
BrokerLink specializes in tailor-made house insurance coverage for Edmonton residents. Whether you are looking for basic homeowner’s insurance, rental property insurance, or condo insurance in Edmonton, BrokerLink will help you find a policy that suits your unique needs.
How home insurance coverage works in Edmonton
There are multiple types of home insurance coverage in Edmonton to meet the needs of all kinds of homeowners. For example, renters can take advantage of tenant and renters insurance in Edmonton, while BrokerLink can help cottage owners find vacation property & cottage insurance in Edmonton. No matter what type of property insurance policy you’re in the market for, you will want to ensure it has all the coverage you need. Some of the most common types of home insurance coverage are listed below:
Dwelling coverage
Dwelling coverage is an integral part of any Edmonton home insurance because it safeguards your home’s physical structure from damage or loss. In other words, if a fire breaks out and destroys an entire bedroom of your home, it is the dwelling coverage portion of your policy that would pay to repair the damage. Dwelling coverage protects against damage caused by the perils named in your policy. You get a choice between which perils to include based on the risks you face. You can also choose to purchase all perils insurance for the broadest protection. A few perils that are frequently seen in Edmonton home insurance policies are as follows:
- Fire
- Lightning
- Smoke
- Theft
- Wind
- Car / aircraft impact
- Explosion
- Falling objects
Content(s) coverage
Contents coverage also protects your home from damage caused by named perils. However, rather than protecting the physical structure of your home, it protects the items inside your home. Using the example above, if a fire broke out in your bedroom and damaged the items inside of it, such as your clothing, bed, or dresser, it is the contents coverage portion of your policy that would compensate you for the cost of repairing or replacing these damaged belongings. The items that contents insurance covers vary, but usually include standard household belongings, like furniture, decor, sports equipment, jewellery, clothes, etc. When purchasing contents coverage, make sure that you choose your coverage limit wisely. Your coverage limit should reflect the value of the personal belongings in your home, so if you have several high-value items, your limit may need to be higher.
Personal liability coverage
Personal liability coverage is the final type of home insurance coverage that you are likely to find in most Edmonton property insurance plans. It can protect you if a guest or visitor to your home brings a third party claim against you. Typically, personal liability coverage protects against third party lawsuits alleging property damage or bodily injury. However, it can also pay for claims that arise from your property accidentally damaging another’s property. What personal liability coverage pays for are legal fees, medical expenses, and property repair bills relating to the incident. You can learn more about the importance of personal liability coverage and home insurance by contacting BrokerLink today. A BrokerLink insurance advisor can explain in greater detail how liability coverage works and recommend how much coverage to buy.
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Other home insurance coverage options to consider
Some policyholders want more than basic coverage. For them, there are several options. While the home insurance coverage offered varies between insurance companies, you will likely be able to add the following types of coverage to your policy as endorsements or riders:
Home-based business coverage
Home-based business insurance is well-suited to any policyholder who works from home regularly or operates a business out of their home. Most standard property insurance policies exclude business use, which means any damages or losses that occur in your home due to business use would not be covered. Therefore, the only way to protect yourself from home business-related damage is to add a commercial insurance endorsement to your home insurance policy - or to purchase a completely separate business insurance policy. Please note that home-based business insurance is not just for business owners but also for employees. It is especially important if customers visit your home, your store inventory at your home, or you have expensive work-related equipment in your home.
Equipment breakdown coverage
Equipment breakdown coverage aims to protect policyholders in the event that a piece of equipment in their household breaks down due to an internal failure, such as a mechanical or electrical failure. Read the conditions of your coverage carefully, but generally speaking, major pieces of household equipment, like dishwashers, washing machines, dryers, ovens, refrigerators, HVAC units, and more, will be covered.
Sewer backup coverage
Sewer backup coverage can protect Edmonton policyholders from the reality of a sewer backup, i.e. when wastewater backs up in your pipes and comes out the drains in your home. These situations can wreak havoc on your home and cause extensive water damage. Without coverage, you would be forced to pay for the necessary repairs on your own, but with coverage, your insurance company would help you. Thus, sewer backup coverage is an important type of flood insurance that can be added to your policy.
Overland water coverage
Overland water coverage is also flood coverage, which can be worthwhile for Edmonton homeowners. This type of coverage will protect you if your house is flooded due to a nearby lake/river, overflow, heavy rain, or rapid snow melt. If your home is at risk of flooding, we recommend adding overland water coverage to your homeowner’s insurance policy, as well as home inventory so you know exactly which items are accounted for following a flood.
The cost of Edmonton property insurance explained
As a homeowner, you might be wondering how much property insurance costs in Edmonton. This is difficult to estimate as insurance companies use many factors to calculate premiums. To help you understand how insurers determine home insurance rates, the home insurance experts at BrokerLink have put together the following list of factors. Please note that if you would like to obtain a free Edmonton home insurance quote, all you have to do is contact BrokerLink by phone, email, or in person, and one of our advisors can provide you with an estimate in minutes.
Below are a few ways that companies use to determine your home insurance premium:
- The value of your home.
- The neighbourhood you live in.
- How close your home is to emergency services.
- The age and condition of the roof on your home.
- The type, age, and condition of the heating system in your home.
- The type, age, and condition of the electrical system in your home.
- The type, age, and condition of the plumbing system in your home.
- Whether your home is equipped with a home alarm system and what kind.
- Whether there are any additional structures on your property, what they are, and if you want them to be insured.
- The coverages, limits, and deductibles you select for your policy.
Tips to find cheap home insurance in Edmonton
Are you wondering, “How can I save money on Edmonton home insurance?” Then you’re in the right place. BrokerLink not only strives to create a seamless insurance experience, we strive to create an affordable one too. We don’t believe home insurance should break the bank, which is why we are constantly letting our customers in on all kinds of secrets to help them save money on their policies. Keep reading to discover a few effective ways of finding cheap home insurance in Edmonton:
Assess your home insurance plan before it renews
Instead of taking the easy way out and letting your home insurance plan automatically renew, take the time to assess your coverage and think critically about whether it’s still working for you. Some customers find that the coverage they had in the past is no longer necessary. By reviewing your coverage before it renews, you have an opportunity to update it so that it reflects your current needs. Depending on how you adjust it, you could end up saving money.
Work with a home insurance specialist in Edmonton
Another tip to save money on Edmonton home insurance is to take advantage of BrokerLink’s team of licenced insurance brokers. An insurance professional can help you navigate the process of purchasing insurance while giving you tips and advice to help you save money.
Equip your Edmonton home with a monitored alarm system
Did you know that some insurance companies offer discounts to homeowners who install monitored security systems in their homes? It’s true. If your home is already equipped with a burglar alarm system or you are thinking about buying one, be sure to let your insurance company know. Depending on the type of system you buy, you could end up saving money on home insurance.
Bundle home insurance policies
Bundling multiple insurance policies into one is another way to save money on Edmonton home insurance. Not all insurance companies offer insurance packages known as bundles, but if you find one that does, you could receive a major discount. Keep in mind that to qualify for a bundle, you will need to purchase more than one insurance product. For example, you may be able to bundle home and auto policies or home and business policies.
Increase the deductible on your Edmonton home insurance plan
The deductible you choose for your policy is one of the biggest factors that determines your premium. If you want a lower premium, choose the highest deductible you can afford to pay in the event of a claim.
Update your home to increase its energy efficiency
Thinking about updating your home? While there are all kinds of renovation considerations, one of them should be energy efficiency. Going green by making eco-friendly updates to your home, such as solar panels, can make you eligible for a home insurance discount in Alberta.
Pay for your property insurance policy in one lump sum
While this isn’t the case with all insurance companies, some charge extra for a monthly payment schedule. Therefore, if you can afford to pay for your policy upfront in one lump sum payment, we usually recommend this.
Do your research before buying a new home
There are many factors that influence home insurance rates. Knowing what they are can help you determine what house you want to buy. For example, if your goal is to keep property insurance rates as low as possible, then you may want to avoid buying a house with a pool or one with old or outdated plumbing, electrical, and heating systems. Meanwhile, to save money on home insurance, buying a home near emergency services or a water source and in a neighbourhood with a low crime rate can help.
Add a sewer backup prevention device or sump pump to your property
If you are concerned about water damage, one of the best steps you can take is to install a sump pump or sewer backup prevention device on your property. Such a precaution can mitigate the effects of a potential flood while making you eligible for a property insurance discount.
We’re in your community
BrokerLink gives back to the community every chance we get. We love to get involved and take the time to understand our customers and their needs. When you work with us, you will quickly discover the pillars that we are built on: generosity, excellence, integrity, and community. Contact us today to learn more about how we serve the Edmonton community.
Local Alberta insurance links
If you’re a member of a group or association, you may be eligible for more discounts.
Contact us
At Edmonton BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.
You can reach us by phone, email, or in person. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.
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Edmonton property insurance FAQs
Does Edmonton property insurance provide coverage for high-value belongings?
It depends on the policy you choose. If your home is filled with lots of valuable possessions, you may want to consider a high-value home insurance policy. If you choose a standard homeowner’s insurance policy instead, you will need to make sure that you purchase enough contents coverage to adequately cover your valuable belongings in the event of a loss. Note that if you only have a few belongings that are high in value, you may be able to protect them individually through a rider or floater that is added to your home insurance policy.
Is home insurance required in Edmonton?
Home insurance is not a legal requirement in Alberta. However, it is situationally required, which means you might need to purchase it. The most common reason that an Edmonton homeowner might be required to purchase home insurance is if they bought their home with a mortgage. Many mortgage loan agreements require borrowers to have a valid property insurance policy for the duration of the contract. The same goes for Edmonton tenants. Lease agreements with landlords may stipulate that the tenant is required to have renters insurance for the duration of the lease.
How can I find cheap home insurance in Edmonton?
There are several ways that customers can cut Edmonton home insurance costs. One of the easiest ways is choosing a higher deductible for your policy, which will instantly lower your premium. Bundling insurance policies, equipping your home with a monitored alarm system, or installing a sewer backup detection device or sump pump on your property are a few other ways that you can qualify for a home insurance discount and keep costs down.
Is liability coverage important for home insurance?
Yes, liability insurance is extremely important when it comes to home insurance. Unlike dwelling and contents coverage, liability coverage will protect you from legal claims. Under the personal liability portion of your Edmonton home insurance plan, your insurance company may compensate you for legal fees, like defence and settlement costs, both of which can be hefty, as well as medical and property repair bills. Liability coverage in home insurance ultimately protects homeowners against the complicated and expensive possibility of third party claims that allege bodily injury or property damage. It can also protect you if your home accidentally damages another person’s property, such as a neighbour’s fence or garage.
What can I do to protect my Edmonton home against fires?
While there is no guaranteed way to avoid a house fire in your Edmonton home, there are some steps that homeowners can take to reduce the odds of a fire breaking out. First, we recommend installing smoke detectors throughout your home, testing them regularly, and changing the batteries as needed. We also suggest keeping fire extinguishers in your home and making sure everyone in your household is trained to use them. Beyond these tips, try to avoid leaving open flames, such as candles, unattended, plugging too many appliances into the same electrical outlet, and pouring water on a grease fire. Lastly, having your furnace and chimney professionally inspected every year can also help reduce the risk of a fire.
What is not covered by home insurance in Edmonton?
Your Edmonton home insurance will not cover you in all circumstances. Every policy features a list of exclusions, which will be clearly outlined. Unless you specifically buy coverage to protect you, you should expect your home insurance policy not to cover you in the following situations: if damages or a loss occurs while your home is vacant for a period of 30 days or more, due to home sharing, as a result of business use, or during home renovations. Home insurance will also not protect you if damage occurs due to neglect or failure to maintain. As a homeowner, it is your responsibility to adequately maintain your home year-round.
Are Edmonton home insurance quotes free?
Yes, you can find Edmonton home insurance quotes free of charge from several providers and brokers. Contact an insurance professional near you to request a complimentary estimate on your home insurance policy.
If you have any questions, contact one of our local branches.
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