Whether you drive a car, ride a boat or own a home, you’re likely somewhat familiar with the various types of insurance that are available in Canada.
Most policyholders know that various types of insurance products come at different price points. But did you know that the type of insurance that you purchase isn’t the only factor that influences the cost?
It’s true! For instance, the price of home insurance varies from location to location. The cost of a home insurance policy in Calgary, for example, is higher than in other major cities in Alberta, like Edmonton.
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This brings us to today’s question — what is the average home insurance cost Calgary homeowners pay?
Continue reading to learn more.
What is home insurance and why should homeowners in Calgary purchase a policy?
As a brief reminder, home insurance is a common type of property insurance that financially protects homeowners from a wide array of risks and perils (insurance terms for unforeseen events and natural disasters).
For instance, if an unexpected fire destroys your home and your belongings, your home insurance company will help cover all or a portion of the expenses (your coverage and payout are directly influenced by the type of home insurance that you have).
There are a number of different types of home insurance that homeowners in Calgary can purchase. Some common types of home insurance products include:
Liability insurance — Financially protects homeowners from legal fees that result from third-party injuries, death or property damage.
Broad coverage — Protects the brick-and-mortar portion of your home from a wide array of risks but limits your contents coverage.
Comprehensive coverage — Comprehensive home insurance protects homeowners has fewer exclusions from all risks and perils that can damage their homes.
Now that you understand what home insurance in Calgary is, it’s time to move on to the main question — how much is home insurance in Calgary?
What is the average cost of home insurance Calgary homeowners pay per year?
The average price of home insurance coverage in Calgary is roughly $1,923 per year. This equals out to about $160.25 per month.
The average home insurance cost in Calgary is significantly higher than the average rates in other major cities in Alberta, like Edmonton (which has an average of approximately $1,509 per year or $123.50 per month).
Furthermore, the home insurance rates in Calgary surpass the average house insurance cost Alberta homeowners pay. The provincial average for home insurance in Alberta is roughly $1,837 per year or $153 per month).
So, why is home insurance so expensive in Calgary?
What factors influence the price of home insurance in Calgary?
The average price of home insurance in Calgary (much like the rest of Alberta) is affected by a number of things, including specific regional factors.
Regional factor #1 - Harsh weather in Calgary
Anyone who has spent the winter season in the city of Calgary knows that the weather can be extremely cold and harsh. The harsh weather conditions influence a number of aspects of our lives, including our home insurance rates.
Calgary is prone to a wide variety of winter-related risks, like snow and ice storms. Because of this, it’s not uncommon for homeowners to file home insurance claims in the winter. If you live in a part of Calgary that has a history of making home insurance claims due to particularly harsh weather, your home insurance provider will likely charge you more for coverage.
Regional factor #2 — Theft and vandalism rates in Calgary
Although Calgary is a relatively safe city, it still experiences its fair share of crimes, like burglaries and vandalism. You’ll most likely need to pay more for home insurance if you live in a part of Calgary that experiences higher crime rates, especially if the crimes result in home insurance claims.
Regional factor #3 — High-value homes in Calgary
The average price of a residential home in Calgary is approximately $532,000. Although this may not be the highest price in the country, it is about 4% higher than the average price of a Calgary home in 2021.
If you live in an area that is rapidly rising in value, you can expect your home insurance rates to increase as well. This is primarily due to the fact that the price of your home directly impacts the price of your home insurance rates. As a rule of thumb, higher value homes cost more to insure, whereas low-value homes cost less to insure.
Tips for saving on home insurance in Calgary
Are you thinking about reshopping your home insurance policy? Check out these tried-and-true tips before you start to shop:
- Compare quotes online to save time and energy
- Shop around before making a final decision
- Research the best home insurance companies in Canada
- Familiarize yourself with common home insurance terms
- Set a realistic budget, stick to it to avoid missing payments
Additionally, one of the best ways to find high-quality home insurance quotes is by teaming up with an experienced Surex insurance advisor.
Compare quotes from Calgary’s top-rated home insurance companies with Surex!
Are you looking for high-quality home insurance in Calgary? You’ve come to the right place!
At Surex, we make finding and comparing top-of-the-line home insurance quotes simple. Instead of spending hours calling various insurance agents over the phone, you can visit our website and receive a collection of high-quality quotes online in less than ten minutes! Don’t worry; if you’d prefer to speak with one of our advisors over the phone, that’s an option too.
Want to learn more about home insurance in Calgary?
Do you have unanswered questions about home insurance in Calgary? Don’t hesitate to reach out to one of our trusted insurance advisors. Our team of advisors is always happy to answer any questions you may have about home insurance in Calgary or practically anywhere else in Canada.
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