About home insurance in Edmonton
Your need for a home insurance policy in Edmonton is no different than in any other city. The city is the capital of Alberta. The metropolitan area has close to 1.5 million residents and the city itself has about 975,000 people. This makes it the fifth biggest in the country and one of the fastest-growing.
Affordable housing prices compared to Calgary and other big cities in the country make it appealing. So is the more affordable coverage compared to other cities in Canada. Many people work in the oil and gas industry. There are inherent threats to owning in Edmonton. Freezing weather conditions and water damage from burst pipes is the biggest threat. All of these can increase your odds of filing a claim and increase how much you pay for insurance.
|Average house cost
||$510,988 (April 2022)
||Property Taxes ($500k home)
|Residential Property Tax (2020)
||6.1% (May 2022)
Most residents have extra coverage to protect their dwellings from water damage and other natural threats to their homes.
Your building type is also a key factor that insurance companies consider when determining your premiums. For example, there can be a substantial difference in insurance needs for a detached home compared to condo insurance or renters insurance.
Here is a brief snapshot of the number and types of homes you can find in the Edmonton area:
|Type of dwelling
|Number of private dwellings
|Apartment buildings 5+ stories
|Apartment buildings with less than 5 stories
Source: Statistics Canada