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Owning a home in Airdrie, Alberta means having the conveniences and amenities of living in the Calgary region, but still being in a quieter section of the province. But with that home ownership comes the responsibility to protect yourself, your home, and the contents within it.
While not mandatory, home insurance is a highly recommended form of protection. First, almost all financial lending institutions will require you to have Airdrie home insurance to secure a mortgage.
Secondly, having Airdrie home insurance gives you the peace of mind that what may be your largest asset/investment, is protected for covered perils. Rather than spending thousands of dollars (or more) to fix and replace items, your home insurance in Airdrie will provide compensation to you.
Airdrie home insurance usually includes liability protection that protects you financially should someone get injured on your property. Also consider the impact of climate change on your home. The situation is dire enough that in the 2023 Budget, the federal government announced its intention to partner with provinces and territories to launch a low-cost flood insurance program for those at the highest risk of flooding.
Alberta is certainly not immune to fire and flooding and is approaching a record for wildfires. 2023 even saw a devastating tornado. Home insurance in Airdrie can help alleviate financial loss from such events, as well.
Contents and personal property: Probably the first thing people think about when considering home insurance in Airdrie is the protection of their contents and personal property. Items like your furniture, everyday houseware, and clothing are protected against theft and vandalism. More expensive items like jewelry, family heirlooms, or fine art can be protected with additional coverage.
Additional living expenses: If, for example, you are displaced by a wildfire or some other event causing evacuation, home insurance in Airdrie will cover the costs of your temporary housing. Things like hotel rooms, food and other living expenses like transportation, could be covered up to a certain amount. Talk to your provider about your policy and its specific coverage.
Liability coverage
Personal liability: You will receive liability protection if someone is accidentally injured on your property.
Voluntary medical payments: If someone is accidentally injured by you, or they injure themselves on your property, you will be protected, and your Airdrie home insurance coverage will pay for their medical expenses for up to one year from the date of the accident.
Voluntary property damage: If you cause any damage to someone else's property, by accident, or a minor in your care under the age of 12, does so, you will be covered for those losses.
In Alberta, your insurance provider also offers additional coverages or add-ons that provides even more protection that stated in the basic coverage. These are some of the most common home insurance add-ons, also known as riders, that you can add to your home insurance policy:
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Airdrie is essentially a suburb of Calgary and borders the city, being part of the greater Calgary municipal area. The population as of 2022 was 80,222. With that comes some risks you’ll want to protect your home and contents from.
Airdrie home insurance providers want to make sure the risks they are covering are relatively low. The higher the risk factor, the more you will pay for your Airdrie home insurance policy. Here we outline some of the risk factors that determine your Airdrie home insurance rates.
The average cost for home insurance in Airdrie is $2,335 per year or about $194 per month. That’s 2.7% higher than the provincial average of $2,271 per year or about $189 per month.
Airdrie is part of the Calgary municipal area and has greater density and congestion than other parts of the province. Also, with greater density and proximity to a larger city, there are more opportunities for, theft, vandalism and ultimately claims. Also, Alberta has some of the highest incidence of flood and wildfires than anywhere else in the country. That’s likely why Airdrie has a higher average insurance premium than the provincial average.
Average home insurance premiums for the province of Alberta are $2,339 per year or about $195 per month.
That nearly in-line with the city of Airdrie, whose average home insurance premium is $2,337 or also about $195 per month.
Nearby towns like Calgary have average premiums of $2,485 or $207 per month, whereas Chestermere and Cochrane have rates of $2,518 or $209 per month and $2,553 or $212 per month, respectively.
Calgary, being a large city, faces issues such as theft, vandalism and perhaps more expensive homes, as well as a history of more claims, leading it to be more than the provincial average.
Also, surrounding cities like Chestermere and Cochrane have seen rising prices go up recently, as demand has increased, and people have left cities during the pandemic. All of these factors can lead to higher home insurance rates, especially as new construction continues.
Got more questions about Airdrie home insurance? We got you covered.
Airdrie is a small area located right on the border with Calgary. In fact, it is part of the larger Calgary municipal area. There is an opportunity for theft, vandalism and in a province that experiences a high number of weather-related incidents such as wildfires and flooding.
High real estate prices are influenced by outside market factors such as the Bank of Canada overnight lending rates, supply and demand, inventory and so on. While this may seem like reasons that could influence insurance premiums, it is not always the case.
Home insurance in Airdrie is influenced by factors such as your claims history, the neighbourhood you live in (high crime versus safer), your security system, discounts you may receive and your ability to shop around and secure cheap home insurance premiums.
No one company offers the cheapest Airdrie home insurance. The specifics depend on your personal situation and how you can influence the rates you pay. That's why it is so important to comparison shop on sites like RATESDOTCA to see which providers offer the best rates that suit you.
You can save on Airdrie home insurance by doing things like:
Bundling – Combining insurance you need under one provider to save money.
Raise deductibles – Reduce the risk on your insurance provider, which can lower your rates.
Comparison shop – Look at sites like RATESDOTDA to find cheap Airdrie home insurance.
Seek out discounts – Some providers offer discounts for things like upfront payments, membership in an approved association, or if you have a fully paid mortgage.
*Shoppers who obtained a home insurance quote on RATESDOTCA from January to December 2023 saved an average amount of $600. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.
Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.
He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.
He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."
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