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Cheap Red Deer Home Insurance Quotes

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Written By Alexandra Bosanac

Updated November 15, 2023

Home insurance in Red Deer 

Red Deer has a medley of home types, from ones dispersed on beautiful farmland to modern downtown homes.  

Unlike car insurance, home insurance isn't required by law, but getting it is still a good idea. It will protect your home — likely your most valuable asset — from out-of-pocket costs if an event your insurance covers damages it.  

Home insurance also provides personal liability protection. For example, you'll be protected financially if someone is injured on your property or if you (or your pet) cause damage to someone else's property.

Severe storms are another incentive to have home insurance. Unfortunately, rebuilding in some shape or form after extreme weather is becoming an annual event in Alberta.  

Severe weather in Western Canada resulted in over $300 million in claims in 2022, according to the Insurance Bureau of Canada.  

In August that year, a single severe thunderstorm that hit Central Alberta caused over $55 million in insurable damage.  


Types of home insurance in Red Deer 

These are the typical components of standard home insurance in Alberta.  

Property coverage  

  • Property and building: This part of the policy covers the building structure you live in. Secondary structures like garages and guest homes usually require additional insurance to be covered. Protection extends to fire, theft, and water damage.  
  • Contents and personal property: The contents portion protects your furniture, clothing, sports equipment, and other articles against insurable events (theft, damage, vandalism). Fine art and expensive jewellery are not typically covered, so you'll likely need additional coverage.  
  • Additional living expenses (ALE): This part of your policy helps pay for temporary housing if you’re displaced because of weather or another insurable peril. It will pay up to a certain amount for food and accommodation, like a hotel stay.  

Liability coverage  

  • Personal liability: This coverage helps pay for legal costs if someone is accidentally injured on your property and sues.  
  • Voluntary medical payments: This pays for medical expenses for up to one year when someone is injured on your property or when you unintentionally injure someone outside of your home. 
  • Voluntary property damage: This covers damage you cause to someone's property. It must be unintentional damage. It also extends to minors (considered 12 and younger in this case) under your care who cause accidental loss or damage to someone else's property.  


Add-ons to home insurance coverage in Red Deer 

You can widen the scope of your coverage by purchasing additional insurance products at extra cost. These add-ons are also known as riders in insurance-speak.  

  • Overland water: Covers water damage caused by overflows from rivers, streams, lakes, and thawing snow. 
  • Sewer back-up: Provides coverage if a main sewer backs up into your home.  
  • Earthquake: Covers losses or damage caused by an earthquake.  
  • Mass evacuation: Pays for some expenses incurred if an event like a flood or wildfire triggers an evacuation order.  
  • Identity theft: Covers the cost of replacing important documents, like a passport. 
  • Lock and key replacement: This covers the cost of replacing locks and keys if the lock to your home breaks or the keys are stolen.  

Recent Red Deer home insurance quotes 

Recent Home Insurance Quote from Sherwood Park, AB
Detached 1,217 sq ft
February 22, 2024
Cheapest Quote
$ 97 / month
$1,164 / year
Average Quote
$ 152 / month
$1,824 / year
Savings
$ 56 / month
$672 / year
or
37.00 %
Recent Home Insurance Quote from Edmonton, AB
Detached 1,309 sq ft
February 22, 2024
Cheapest Quote
$ 57 / month
$684 / year
Average Quote
$ 110 / month
$1,320 / year
Savings
$ 53 / month
$636 / year
or
48.00 %
Recent Home Insurance Quote from Edmonton, AB
Detached 1,400 sq ft
February 22, 2024
Cheapest Quote
$ 86 / month
$1,032 / year
Average Quote
$ 130 / month
$1,560 / year
Savings
$ 44 / month
$528 / year
or
34.00 %
Home insurance quotes are compared from Apollo Insurance, CAA, Economical Insurance, Pembridge, Square One Insurance, and SGI

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What types of risks do homeowners face in Red Deer? 

As a homeowner in Red Deer, you should be aware of the potential risks your home faces so that you can customize your home insurance coverage accordingly. Here are all the different risks homeowners face in Red Deer: 

  • Flooding: Flooding is quite common in the province of Alberta. Every year, flooding-related damages result in millions of dollars in home insurance claims, which go towards costly repairs, temporary displacement and much more. When looking at home insurance coverage, double-check it covers floods and temporary relocation due to such causes. Temporary displacement coverage is usually an add-on or part of a comprehensive home insurance policy. Ask your insurer or broker for more details. 
  • Wildfire: Just like flooding, wildfires are also quite common in Alberta. Even if your city doesn't usually experience wildfires, the smoke from neighbouring cities can damage your furniture, walls, and windows, resulting in sudden out-of-pocket expenses. Check if your home insurance policy covers wildfire-related damages. 
  • Storms: Storms are common in Red Deer, Alberta. A severe storm can deeply damage your home's structure. Tornadoes, windstorms and damaging hailstorms are known to strike Red Deer. Home insurers view these as insurable perils, so ensure you're covered.
  • Harsh winters: Alberta winters include lots of snowfall, strong winds and extreme weather conditions. Heavy snow can cause several issues for homeowners, such as burst pipes and water damage from thawing ice. Making sure your home is prepared for winter, including having adequate home insurance, can protect you from paying out-of-pocket when such problems occur. 

Factors that determine your Red Deer home insurance rates  

Risk is the primary determinant of cost. Insurance companies want to know how much you and your home present.

The more risk, the more your premium will be and vice versa.

Below are the variables that have the most significant impact on your premium.

Flood risk: Insurance rates are higher for homes that are near water or are in flood plains. Even if you live close to a body of water that hasn't flooded in a while, your insurance company will still rate you differently than someone who lives in a landlocked area.

Disrepair: Home insurance covers unexpected damage. It won't cover you if you don't keep your home in a good state of repair — say your roof has a hole due to you not replacing it on schedule. You might have trouble getting covered in the first place, or an insurer might only offer you a policy with reduced benefits.

Replacement cost: The market value of your home doesn’t determine your home insurance. Your premium's based on the cost of rebuilding or repairing your home. The larger your home and the more premium the materials used, the higher your replacement cost will be. A high replacement cost will result in higher premiums.

Location: Your home's location impacts your premium in a big way. The following will lead to increased premiums:

  • Living far away from a fire station.
  • Living in an area with a high rate of break-ins.
  • Living in an area that's prone to forest fires or floods.

These increase the likelihood that you'll need to file a claim one day, which costs the insurance company a lot of money.

Claims: Knowing when to file an insurance claim is crucial. Making frequent claims makes you look risky to insure and will negatively impact your premium. The usual advice is to pay out-of-pocket for low-cost damage and only make a claim when the damage exceeds the deductible amount.

Basements: Homeowners with basements end up paying higher insurance premiums. Basements are prone to water damage.

Electrical wiring: Midcentury homes (ones built in the '50s and '60s) use knob-and-tube wiring, which carries a higher risk of fire than modern electrical wiring (known as ‘non-metallic cables’). If your home still has knob-and-tube wiring, you’ll be charged a higher-than-average home insurance premium.

Building age: Older homes are more likely to have plumbing, electrical, and heating issues, which can lead to water or fire damage.

High-risk household appliances: Wood-burning stoves and oil-based heaters increase the fire risk.

Pools: Pools are magnets for injuries. Because of this, insurance companies charge you more off the jump.

Roof: It costs thousands to repair or replace a roof. The materials used on your roof affect your insurance rates.

Pets: Some pets are considered liabilities, especially pit bulls or Rottweilers. Some insurance companies may even refuse coverage if you have a high-risk pet.

Smoking: Smoking raises the possibility of a fire breaking out. Home insurance companies will rate you as more high risk if you smoke.

How to get cheap home insurance in Red Deer 

Are you looking to reduce your home insurance even premium further? You can reduce the cost of insuring your Red Deer home in multiple ways. 

  • Bundle auto and home: Offering to bundle your auto and home insurance policies can help you save 10-15% on both home and auto insurance. Ask your provider for more information about multi-line discounts and bundles. 
  • Update your contents coverage: Is your contents coverage unnecessarily high? Having high contents coverage can add to your insurance premiums. Check if the value of your contents matches your policy coverage by doing a home inventory
  • Take advantage of a no-claims discount: If you've never filed a home insurance claim, you can ask your provider or broker for a claims-free discount. 
  • Upgrading your home: See if your home can use some necessary upgrades, such as replacing old pipes, roof shingles etc. Regular repairs will make your home safer and lower your home insurance premium. Contact your insurer once your repairs are complete to lower your premium. 
  • Retirees: Some insurers offer home insurance discounts for retirees. If you are retired, ask your insurance broker or agent about it. 
  • Increase your deductible: Choosing a higher deductible can instantly lower your premium. Remember that doing so means spending more money each time you file a home insurance claim. 
  • Increase your home security: Adding a security system can reduce your Red Deer home insurance premium. Security systems reduce the risk of theft and fire damage. 
  • Install a backwater valve: Overland water is a common issue in Red Deer due to extreme weather conditions. A backwater valve can prevent sewage from flowing into your basement during a flood or seasonal snow thaw. It will reduce the chances of water damage in your home, which translates into a lower home insurance premium. 

How much does home insurance cost in Red Deer on average? 

Home insurance coverage in Red Deer costs slightly more than the provincial average, according to RATESDOTCA user data.  

In 2022, the city average was $2,401, or 3% more than Alberta's average, which was $2,339.  

In 2021, the Red Deer average was $1,706, and the provincial average was $1,779.  

Home insurance is expensive in Alberta. By comparison, the provincial average in Ontario was $1,342 

The reason for Alberta's exorbitant insurance rates is likely due to it being the site of some of the costliest severe weather events on record in Canada. According to the IBC, six of the ten highest insured losses occurred in Alberta. The most expensive insurable event ever in Canadian history was the 2016 Fort McMurray wildfires, which cost insurers $5.96 billion.  

The weather events that trigger the most claims in Alberta come from wildfires, floods, and hailstorms.  

Red Deer home insurance rates compared to other Alberta cities

Here’s how nearby communities compare to Red Deer’s average annual premium of $2,401:

  • Lacombe: $2,590 (8% higher)
  • Sylvan Lake: $2,590 (8% higher)
  • Red Deer County: $2,540 (6% higher)
  • Blackfalds: $2,532 (5% higher)
  • Calgary: $2,486 (4% higher)
  • Rocky Mountain House: $2,045 (15% lower)
  • Edmonton: $1,883 (21% lower)
  • Innisfail: $1,637 (32% lower)

Put simply, claims determine insurance premiums. Insurers look to historical claims activity for the individual policyholder and the area. They also estimate the likelihood (and cost) of future claims.

High insurance premiums signify that policyholders in that area are more likely to need to file a claim. Lower premiums signal the opposite.

Frequently asked questions about Red Deer home insurance

Have lingering questions about home insurance in Red Deer? We answer them here.

How much does home insurance cost in Red Deer?

According to our user data, the lowest average Red Deer home insurance quote a homeowner receives on RATESDOTCA is $2,401 a year or $200 a month. These figures are 3% higher than Alberta's average of $2,339 a year or $195 a month — not much of a difference. 

The cost of your home insurance premium may differ as each home is unique. Your insurance premium will depend on multiple factors, such as your property's location, age, building materials, previous claims history, eligible discounts and much more. So your home insurance premium may be lower or higher than the city's average. To ensure you get the best deal possible, shop around and compare various quotes. You miss out on potential deals and discounts when you don't shop around and stick with one quote. 

Comparison shopping will allow you to see the best options available in Red Deer, making picking a home insurance policy easy. 

Which company offers the cheapest Red Deer home insurance?

If you're looking for the cheapest home insurance provider in Red Deer, please note that no specific company offers a flat rate for every home in the city. Each provider will calculate your home insurance premiums slightly differently. 

What you can do is shop around and compare different home insurance quotes and policies from top providers on an online marketplace like RATESDOTCA's. 

What is not covered by most Red Deer home insurance policies?

Home insurance providers will not cover all perils under a standard policy. Some of the most common hazards, such as flooding, wildfires and overland water, may require extra coverage. 

After properly assessing your property's most common risks, you can check which add-ons and coverages you'll most likely need. Most providers allow you to customize your coverage by adding such add-ons, which will raise your home insurance premium. 

In most cases, paying the added insurance premium is worth it, as sudden damages can burn a hole in your pocket. The most common add-ons Red Deer homeowners choose are extra liability coverage and overland water coverage. Please ask an insurance professional about your home's most optimal coverage options. 

Find the cheapest home insurance in Red Deer

Finding insurance can be a hassle, but RATESDOTCA allows you to compare the best Red Deer home insurance quotes from more than 30 home insurance providers, all within a few minutes. Find the perfect policy for your home and remain stress-free when it comes to protecting your most prized possession. Find the cheapest home insurance in Red Deer today.

*Shoppers in Alberta who obtained a quote on RATESDOTCA from January to December 2021 saved an average amount of $566. 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.

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