Although it is not mandatory by the law to have a home insurance in Alberta, it is strongly recommended as it protects one of the biggest assets of your life. If you don’t have home insurance, you put your personal finances at a major risk. Also, banks and other financial institutions will not give you a mortgage or loan if you don’t have a proof of homeowners’ insurance in Alberta. As a general rule, you must have enough insurance that can cover the costs associated with rebuilding your home. Mortgage lenders tend to require a minimum insurance that can cover your mortgage amount. If you are shopping around for a home insurance, make sure to get free quotes so that you can save a few hundred dollars and ensure maximum coverage as per your needs.