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Shopping for home insurance in Alberta? With premiums on the rise, it has never been more important to shop around for home insurance quotes. At ThinkInsure we help thousands of customers get the best plans at the most affordable rates.

The Prairies is a unique part of the country. You have the Rocky Mountains and beautiful foothills, oil and gas industry, and even ranching and rodeos. This is only scratching the surface. Hiking, skiing, and outdoor adventures attract many to the region. Regardless of where you live or your home type, you need good coverage to protect it.

Alberta home insurance policies ensure you can protect your dwelling, family, and financial well being. We’ll help you find the right home insurance at the best price. Search for quotes now.

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Our Customer Reviews

Average of 4.7 out of 5 stars in 1050 Google reviews

We’ve helped thousands of homeowners just like you find the right home insurance for their needs.

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Mark Munshaw

2021-06-14 20:36:58

Today I got insurance on my motorcycle through Darryl Fardy at Thinkinsure. Darryl arranged everything for me in a professional efficient way. Darryl answered all my questions over the phone. He responds to my emails very quickly .He quoted me over the phone getting me the best possible price. A very pleasant experience. I would highly recommend Darryl's services to anyone searching for insurance.

Justine Walker

2021-06-10 17:19:22

Sandy was very kind and helpful! She was quick at getting us insurance.

Trish Lozynsky

2021-06-10 16:00:50

Amneet was fabulous from start to finish re my auto policy. I will definitely come back to her in the future.

Shaq Renwick-Daley

2021-06-09 23:05:57

Daryl set me up with a policy in literally 1 hour. Took the initiative and stayed back when he didn't have to. Much appreciated! Respects!

tlc 76

2021-06-09 21:57:14

Friendly and efficient, thanks again to Darryl Fardy for their assistance and professionalism.

Yves Losier

2021-06-09 13:35:28

Excellent and friendly service from Rafael at ThinkInsure. Provided several auto insurance options to chose from. Thank you Rafael.

Katrina Hindle

2021-06-08 21:42:52

Dave Rasie made this experience so easy and enjoyable for me. Thank you for helping me out and making sure I was getting the best deal that I could.

Franck

2021-06-08 20:05:40

Denise did an awesome job finding me the right coverage for the right price. I highly recommend ThinkInsure for everything you need to insure.

How Does Home Insurance Work In Alberta?

Home insurance provides you with the financial protection you need. You never know when a thunderstorm, flood, or fire could damage your property. It covers your home and contents against damage caused by an insured peril.

There are a number of policy levels to choose from. You choose the plan that makes the most sense based on your needs and risk tolerance. Your payments increase for more protection and higher limits. For example, basic plans are more affordable than comprehensive.

If your home is damaged or you have a liability claim against your, file a home insurance claim. You pay your deductible, and your insurer will cover the rest up to your plan limit.

Is Home Insurance Mandatory In Alberta?

No. Home insurance in Alberta is not mandatory, but it is strongly recommended. There are too many threats to your home not to have coverage. Without a plan, you are putting your personal finances at risk. Plus, banks and other mortgage lenders will not give you a loan without proof of homeowners insurance. In this sense, it is required, unless you are mortgage free.

How Much Home Insurance Do I Need In Alberta?

As a general rule, you should have enough insurance to cover the cost of rebuilding your home. This amount will vary based on your home size and features. Your replacement value will be listed in your plan. Most mortgage lenders require you to be insured for at least the amount of your mortgage.

You should also insure your property against loss or injury. Liability and contents insurance is recommended. The combination of these coverages will ensure you have maximum protection against a variety of threats.

What Does Home Insurance Cover In Alberta?

Your home insurance provides you with protection for :

Damage to your home : It will cover your home structure and detached structures on your property (garages, shed, deck).
Loss or damage of personal items : Coverage for all personal belongings within your home and on your property.
Legal liability : Get protection against lawsuits from personal actions and injury on your land.
Additional living expenses : Your policy covers you for living expenses if your home is severely damaged and unfit to live in.

What Is Not Covered By Alberta Home Insurers?

There are exclusions in your home insurance. It doesn’t cover everything. Some items are excluded because of your policy type. In general, the following is not included in most policies :

Damage due to wear and tear or neglect
Deliberate damage
Mold
Pest damage and infestations
Injuries caused by dangerous dog breeds, exotic pets.
Frozen pipes
Business activity
Some types of water damage

Review your policy to be clear what is and is not included. If you are unclear, speak with your advisor.

What Are The Main Types Home Insurance In Alberta?

There are four main types of home insurance in Alberta. They are basic, broad, comprehensive, and no frills.

Basic : This is also called named perils. It covers the perils that are outlined in your policy. You may have an option to choose what to include. This is generally the most affordable, but it also offers limited protection.
Broad : This covers your structure and contents. There are some exclusions. Your personal belongings are covered for what is specifically listed in your plan.
Comprehensive : You have protection from most threats. Overland flooding, sewer back up and earthquakes are not included. You can get extra coverage for these risks.
No Frills : This is for dwellings that have insurability challenges (homes with property or structural issues).

Optional and Enhanced Coverage Options

Insurers offer a variety of plan endorsements to enhance your level of protection. You can increase your limits of existing protection or add more. Optional protection includes :

Overland flooding
Sewer backup
Earthquakes
Personal valuables
Home sharing
Identify theft
Lock replacement
And more

How Much Does Home Insurance Cost In Alberta?

The average annual home insurance premium in Alberta varies based on many factors. Your location, home size, features, coverage needs and more all affect payments. Homeowners can expect to pay in the $800-2,000 range or more per year.

Get quotes for an accurate range of home insurance costs based on your unique situation.

Home Insurance In Alberta Cities

Home insurance premiums range across the province. Your city, neighborhood and the amount of risk in the area matters. You will pay more for a plan in areas with greater threats. Here’s how some the top cities match up :

$1,182

$1,450

$1,505

$1,925

Alberta Home Insurance Rates Are Increasing

Home insurance prices have been on a consistent rise over the past couple of years. Fortunately, they have drop slightly in the last two quarters of 2020 :

Quarter	Percentage Change
Q4 2020	-1.4
Q3 2020	-1.2
Q2 2020	+3.3
Q1 2020	+6.2
Q4 2019	+3.2
Q3 2019	+9.8
Q2 2019	+4.5
Q1 2019	+3.2
Q4 2018	+12.1
Q3 2018	+4.3
Q2 2018	+5.7
Q1 2018	+7.9

Alberta Home Insurance FAQs

What Perils Does Home Insurance Protect In Alberta?

Home insurance ensures you are financially protected in the event of a disaster or other event. Here are some of the perils that may be covered under your policy :

Fire and explosion
Water damage
Falling objects
Windstorms, lightning, hail
Theft
Vandalism

Speak with our experts to learn more about the perils included in your home insurance.

What Are Common Threats For Alberta Homes?

Alberta homeowners are at risk from three major threats – flooding, wildfires, and extremely cold temperatures during the winter.

The province has experienced a series of significant natural disasters and weather events over the past decade. Before the Fort McMurray wildfires, the province experienced significant flooding in 2013. There was also another significant fire in Slave Lake in 2011.

Temperatures can dip to close to -50C, making it one of the coldest areas in the country. This increases the risk of frozen pipes, ice dams, and other winter weather related damage.

Who Regulates Home Insurance In Alberta?

Alberta Superintendent of Insurance (SOI) regulates insurance in the province. They are tasked with supervising underwriting, products, and the conduct of insurers in the province.

What Is The Alberta Home Insurance Act?

The Insurance Act outlines the rules and regulations in the province. All insurance professionals and providers must operate in accordance with this act.

Do I Need Home Insurance For Airbnb Rentals in Alberta?

Yes. You need proper coverage in place if you offer your property for home sharing or short-term rentals. Even though Airbnb does offer host protection, it is very limited. Speak with your insurer about what you need in place to offer your home on Airbnb. Some insurers will not allow you to rent on Airbnb.

Can Insurers Use My Credit Score To Determine Alberta Home Insurance Premiums?

Yes. In Alberta, home insurers can use your credit score when determining your premiums. However, you must give them consent to do so. Offering up your credit score is optional. If you have a good score, it may be worthwhile to allow insurers to use it. You could qualify for a noticeable discount.

How Do I Get More Affordable Home Insurance In Alberta?

Getting affordable home insurance is not as complicated as you think. Here are a number of simple ways to pay less :

Get quotes : We can help you review quotes from multiple insurance providers.
Review annually : Ensure you have the right amount of home insurance.
Invest in home security : Investing in home security will qualify you for a discount.
Stay claims free : Having a claims free home insurance record will help lower costs.
Increase your deductible : Increasing your deductible will lower your insurance.
Ask about discounts : Asking your provider about available discounts could qualify you for lower premiums.

Alberta Housing And Home Insurance Stats

The makeup of the housing market has a big impact on insurance prices and coverage requirements. Much like in other provinces, housing costs are on the rise. Alberta has higher homeownership rate than the national average. Here is an overview of the housing market :

Home sales (2019-2020) : 4.8% increase
Average price (Jan 2021) : $421,903
Home price (2019-2020) : 9.1% increase

Types Of Homes Alberta Residents Live In

Dwelling type is another big factor that influences insurance. Your premiums increase as the size and value of your property and amount of personal belongings goes up. Here is an overview of the types of dwellings in the province.

Type Of Dwelling	Amount
Home ownership rate	72.40%
Number of Private dwellings	1,527,680
Single detached house	61.9%
Apartment buildings 5+ stories	4.1%
Apartment buildings with less than 5 stories	15%
Duplex	2.8%
Other dwellings	16.5%

Saving On Your Alberta Home Insurance Is Easy

Buying your first home? Is it time to renew your home insurance? Getting a quote can help you compare options and save money. Work with a home insurance advisor to get more affordable rates today!

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2021-05-13

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