Home Insurance

How to Save on Home Insurance in Edmonton 

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Home insurance is a vital safeguard for any homeowner, providing protection against unexpected events that can result in significant financial loss. However, the cost of home insurance can be a burden if not managed wisely. By taking a proactive approach, homeowners in Edmonton can find ways to reduce their premiums without sacrificing coverage. Find affordable Edmonton Home Insurance options with a local insurance broker – Sharp Insurance. In this blog, we will explore practical strategies to help you save on your home insurance in Edmonton. 

What are your Home Insurance Needs? 

Evaluate Your Coverage Requirements 

The first step in saving on home insurance is understanding exactly what coverage you need. Home insurance policies can include coverage for the dwelling itself, personal property within the home, and liability protection. It’s crucial to assess the value of your home and belongings accurately to avoid over-insuring or under-insuring your property. 

To evaluate your coverage needs: 

  • Dwelling Coverage: Consider the cost to rebuild your home in case of total destruction. This should include labor and materials, which can fluctuate over time. 
  • Personal Property Coverage: Take an inventory of your belongings and their values. High-value items may need additional endorsements. 
  • Liability Coverage: Determine the level of liability protection you require based on your assets and potential risks. 

Assess the Risks in Your Area 

Edmonton faces unique risks such as severe weather conditions, including hailstorms and heavy snowfall, and occasional flooding. Understanding these risks can help you select appropriate coverage. Tailoring your insurance policy to cover specific local risks ensures you are protected against the most likely scenarios. 

Shop Around and Compare Quotes 

The Importance of Comparison Shopping 

One of the most effective ways to save on home insurance is by shopping around. Different insurers offer varying rates and discounts, so it’s beneficial to get quotes from multiple providers. Use online comparison tools or consult local brokers to gather different offers.  

Policy Differences 

When comparing quotes, it’s essential to understand what each policy covers. Look at the premium (the amount you pay annually), deductibles (the amount you pay out of pocket before insurance kicks in), and coverage limits. 

Key factors to consider: 

  • Premiums: Lower premiums might seem attractive but ensure they don’t come at the cost of reduced coverage. 
  • Deductibles: Opt for a deductible you can comfortably afford. 
  • Coverage Limits: Ensure the policy covers the full value of your home and belongings. 

Take Advantage of Discounts 

Common Discounts to Look For 

Insurance companies often offer various discounts that can help reduce your premiums. Some common discounts include: 

  • Multi-Policy Discount: Bundling home and auto insurance can lead to substantial savings. 
  • Claims-Free Discount: If you have not filed any claims for a certain period, you might qualify for a discount. 
  • Safety Features Discount: Installing safety features such as smoke detectors, burglar alarms, and deadbolt locks can lower your premium. 

How to Qualify for Discounts 

To capitalize on available discounts, here are some practical steps: 

  • Install Safety Systems: Invest in monitored security systems, fire alarms, and surveillance cameras. 
  • Bundle Policies: Combine your home insurance with other policies like auto or life insurance with the same provider. 
  • Maintain a Claims-Free Record: Avoid making small claims and consider increasing your deductible to cover minor damages yourself. 

Increase Your Deductible 

Pros and Cons of a Higher Deductible 

Increasing your deductible is another way to lower your home insurance premium. A higher deductible means you’ll pay more out of pocket in the event of a claim, but it also reduces your annual premium.  


  • Lower Premiums: A higher deductible generally results in a lower premium, saving you money annually. 
  • Fewer Small Claims: With a higher deductible, you might avoid filing small claims, which can keep your premium lower over time. 


  • Higher Out-of-Pocket Costs: You’ll need to pay more in case of a claim. 
  • Emergency Funds Required: Ensure you have sufficient emergency funds to cover the higher deductible. 

Assess your financial situation to decide if a higher deductible is a good fit for you. 

Maintain a Good Credit Score 

Impact of Credit Score on Insurance Rates 

Credit scores play a significant role in determining insurance rates. Many insurance companies use credit-based insurance scores to assess risk. A higher credit score indicates a lower risk, leading to lower premiums. 

Tips for Improving Your Credit Score 

Improving and maintaining a good credit score can help you secure lower insurance premiums. Here are some tips: 

  • Pay Bills on Time: Timely payment of bills boosts your credit score. 
  • Reduce Debt: Keep your credit card balances low. 
  • Monitor Credit Reports: Regularly check your credit report for errors and dispute any discrepancies. 

Review and Update Your Policy Regularly 

Importance of Regular Reviews 

Insurance needs change over time, so it’s important to review your policy annually. This ensures your coverage remains adequate and you’re not paying for unnecessary extras. 

Adjusting Coverage Based on Life Changes 

Certain life events should prompt a review of your policy: 

  • Home Renovations: Upgrades or additions to your home can increase its value and might require additional coverage. 
  • Purchasing Valuable Items: Acquiring high-value items like jewelry or electronics may necessitate higher personal property coverage. 
  • Changes in Occupancy: If you rent out part of your home or have a change in household members, update your policy accordingly. 

Consider Loyalty Programs 

Benefits of Staying with One Insurer 

Many insurance companies offer loyalty discounts to long-term customers. Staying with the same insurer can lead to cumulative savings over time. 

Weighing Loyalty vs. Shopping Around 

While loyalty discounts are beneficial, it’s still wise to occasionally compare quotes from other providers. Switching insurers might offer better rates or coverage options, even after considering loyalty discounts. 


Securing the right home insurance policy involves a blend of thorough research, understanding your specific needs, and making informed decisions. From assessing local risks and comparing quotes to taking advantage of discounts and maintaining a good credit score, there are multiple strategies to ensure you get the best coverage at the best price. Regularly reviewing and updating your policy to reflect changes in your life and home will keep your coverage relevant and comprehensive. By staying proactive and informed, you can safeguard your home and financial well-being for years to come.