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All You Need to Know About Affordable Home Insurance in Edmonton
Why you should get a home insurance quote in Edmonton
· To avoid overpayments and save a significant amount of money
· Insuring your home, cottage or rental includes flood protection
· To get home insurance information from a live agent
· To obtain a quote from 10 insurance companies
Example of home insurance quotes in Edmonton
Example 1: Insuring a two-story home in Allendale, about 2,000 square feet, including flood coverage, costs about $93 a month, or $1,116 a year.
Example 2: Insuring a two-bedroom apartment in Edmonton’s downtown area near Canadian Western Bank Place costs about $22 a month or $264 a year.
Example 3: Insuring a one-story home near the intersection of 107 Ave and 142 St NW in Edmonton’s Grovenor neighborhood costs $65 a month, including flood protection, or $780 a year.
Home Insurance Premiums in Edmonton – Average Rates
Home insurance policies change for different types of properties. Renter’s insurance (also called renter’s insurance) only covers the contents of a rented home and, depending on the policy, liability. Homeowner’s coverage, on the other hand, focuses on insuring the building itself to ensure protection in cases related to natural hazards, fires or earthquakes, or for illicit human activities such as vandalism.
Home insurance covers the rebuild value of a home, but not the market value, which is actually higher. That is why, when the property has suffered some damage, the insurer will take care of the reconstruction costs so that the policyholder can restore the corresponding property.
This chart shows average home and rental insurance premiums in Alberta and Canada. As the chart shows, homeowner’s insurance is, on average, higher than renter’s policy.
Condo and renters insurance policies in Edmonton
Condo owners in Edmonton are protected by their own condo insurance policy, which they must purchase, and the condominium corporation’s policy, which the corporation must purchase. The first covers the contents of a condo, alterations, theft, third party liability, contents of lockers, additional expenses and insurance assessments. The second type, condominium corporation insurance, provides coverage for exterior parts of a building, such as the roof, infrastructure (the building’s surrounds), and areas such as lobbies, lobbies, elevators, etc.
Condominium renter’s insurance, which is insurance for a rented condominium, guarantees the protection of the contents in the event that damage occurs as a result of theft, fire, etc. This type of policy also covers civil liability and additional living expenses. For example, if your condo has been damaged by fire or flood, making it uninhabitable, your Edmonton condo renters insurance may cover your temporary stay in a hotel room or a rental unit.
8 ways to lower your home insurance costs in Edmonton
1. Stop smoking. Because smoking can pose a danger to your lungs and health in general, and because it also creates a greater risk of fire inside a home, insurance companies do not accept this habit, so they increase home insurance premiums.
2. Choose a safe area to live. Be careful not to buy a home in areas prone to floods or earthquakes, as the risk of damage to your home is doubled, and so are your premiums.
3. Check recent claims because, if you haven’t done one in a while, you can get a discount. However, not all insurance companies in Edmonton offer this option, so you should ask to be sure.
4. It’s time to improve your home as houses that are well maintained receive much lower premiums compared to those that are very old and in poor condition. Make sure that when you spend money on improving any part of your home, such as your bedroom or basement, you save on your home insurance by reporting the improvements. In fact, call your insurer before you start and ask how much you can save!
5. Get alumni discounts. If you’re a graduate of some post-secondary institutions, such as McGill University or the University of Toronto, you can get alumni insurance discounts. Check with your university to see if it offers this benefit.
6. Union members may include insurance discounts. Some large corporations or unions also provide their members with insurance policies.
7. Take care of your plumbing as many insurers prefer copper and plastic pipes to galvanized or lead pipes. Perhaps one of your home renovations will involve improving your plumbing because, in Edmonton and Alberta, that will mean lower premiums for your home insurance.
8. Read consumer reviews. Consumer reviews help you choose from a variety of insurance providers in Edmonton to find the one that’s right for your finances and situation.
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