Quick Facts About Home Insurance in Airdrie
- Airdrie home insurance is LESS expensive than the Alberta average.
- The average annual cost of home insurance in Airdrie is around $1,034.
What Risks Affect Homeowners in Airdrie
Airdrie is often exposed to extreme weather. Here are some common risk factors homeowners in Airdrie should watch out for:
Crime
Crime levels vary in each city, but the overall crime rate in Alberta rose 5% between 2022 and 2023. A higher crime rate means you may encounter more theft, vandalism, and other incidents that damage your home.
Fire
Alberta sees an average of 208 wildfires annually from 2018 to 2022. However, that number doubled in 2023 with 416 wildfire incidents as of May. The fire risk in Alberta is high because the natural freeze and thaw cycles create dry grass that can ignite and start wildfires. Moreover, fires can start from human error due to lit cigarettes, candles, and electronic malfunctions. Most recently, Airdrie was put under a fire advisory in May 2023 due to the dry weather in anticipation of wildfires.
Flooding
Due to heavy rain and snow melt, Alberta is prone to flooding. Many of these are flash floods, meaning you may not have enough time to prepare. Since flash floods come with little to no warning, your property damage may be more severe.
Hail and storms
Damage from high winds, storms, and hail is very common in Alberta. Adverse weather can damage your roofs, windows, and outdoor furniture if you don’t take steps to mitigate their effects. A notable case of highly-damaging hail happened in August 2014, when two hail storms within a single week caused a whopping 25 million dollars of damage.
On-property accidents
Accidents can happen anytime and anywhere, regardless of how safe your home is. People may hold you liable for slips and falls that happened on your property, which is where home insurance comes in. Home insurance policies can cover numerous costs related to a slip and fall lawsuit.
How Much Does Home Insurance in Airdrie Usually Cost?
Home insurance in Airdrie costs around $1,034 annually. Home insurance premiums are affected by factors like your home’s age, roofing type, proximity to fire hydrants, and more.
Using your home as a place of business may also influence your home insurance rates. Using your home for business means more people coming in and out of your property, increasing your liability and risk of losing your belongings.
Housing Data in Airdrie
Located just 28 minutes north of Calgary, living in Airdrie means you’ll have an easy time commuting to the city for work and pleasure. However, that doesn’t mean Airdrie is just Calgary’s bedroom community. With fast population growth and the rise of new businesses, working in Airdrie is also a viable option if you’re thinking about moving there.
Airdrie isn’t lacking in activities, either. The city boasts 1,500 acres of parkland for you to explore and enjoy. You also have a host of local attractions like museums, antique stores, and gift shops you and your family can explore.
The average single-family home price in Airdrie is $80,000 under Calgary’s. Townhomes are also $70,000 more affordable in Airdrie compared to Calgary. If you’re looking to live outside the big city but still have easy access to it, Airdrie can be the perfect choice.
Thinking about moving to Airdrie? Checking the city’s housing landscape is a good idea since it’ll help you understand whether it’s right for you. Here’s a closer look at the residential statistics of Airdrie courtesy of the 2021 Census of Population:
Type of Occupied Dwelling
Single-detached houses are the most popular type of dwelling in Airdrie, with residents making up 65.4% of the city’s 26,295 households. Row houses come in second with 3,825 (14.5%) households, while low-rise apartments take third with 3,265 (12.4%) households.
Owner vs Renter Stats/Condo vs Non-Condo Owner
Examining the 25% sample data taken for this census, we can see that the majority (79.3%) of Airdrie households own their homes, while the remaining 20.7% are renters. These percentages are similar to its condominium resident statistics, with 21.3% of households residing in condos, and 78.7% living in non-condos.
Private Dwellings by Period of Construction: New or Older Homes?
Most homes in Airdrie are relatively new. The largest portion (23.3%) of Airdrie households live in homes built from 2011 to 2015, while the second-largest portion (19.6%) live in homes built from 2006 to 2010. Old homes are in the minority, with only 0.9% of households living in homes built before 1960.
Major Repairs or Just Maintenance Needed?
Newer homes likely led to the excellent state of most homes in Airdrie, since a whopping 97.9% of households said their homes only needed minor repairs and maintenance. Meanwhile, only 2.1% of the city’s homes needed major repairs.
Homeownership Rate by Age in Airdrie
Homeownership in Airdrie is predominantly high among individuals aged 25 and older, with particularly strong rates in those aged 40 and up. The significant 74.3% ownership rate among the 25 to 39 age group suggests a robust engagement with the housing market among younger adults.
Age Group | Homeownership Rate |
---|---|
15 to 24 | 24.5% |
25 to 39 | 74.3% |
40 to 54 | 84.7% |
55 to 74 | 82.5% |
75 and over | 80.5% |
Average Home Price in Airdrie by Dwelling Type
Below are the average values of homes in Aidrie, categorized by dwelling type:
Type of Dwelling | Average Value |
---|---|
Detached | $719,195 |
Semi-Detached | $620,000 |
Freehold Townhouse | $465,000 |
Airdrie Population Growth
From 2016 to 2021, Airdrie experienced a notable population growth of approximately 20.3%. This trend underscores Airdrie’s development as a vibrant and thriving community within the region.
What Is Not Included in a Typical Airdrie Home Insurance Policy?
Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.
Here are the most common home insurance exclusions:
Criminal activities
If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.
Damage from tenants
Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.
Earthquakes
Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.
Failure to maintain your home
Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.
Flood damage
Flooding is typically not covered by a standard policy, but it may be included as an add-on.
Home business activities
Home businesses will need separate home-based business insurance to cover home or equipment damage.
Insect damage
Because this is considered a preventable risk, most insurers don’t cover insect damage.
Mortgage or property taxes
These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.
Mould
Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.
Vacant dwelling risks
Many insurers may void your insurance if you leave your home vacant for a prolonged period.
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Airdrie. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.
Why Do I Need Home Insurance in Airdrie?
There are many potential risks to your Airdrie home. From flooding due to heavy rain to fires, unforeseen incidents can damage your home or its attached structures severely, which can take a lot of money to repair. Somebody can even get into an accident on your property, which might result in hefty legal and medical fees.
Unexpected expenses due to these incidents can stretch your finances thin. The good news is that home insurance can help. A home insurance policy can foot your home repair bills if a covered peril damages it. Additionally, it pays for the many costs associated with personal injury lawsuits.
With the many options for home insurance, which one is right for you? There’s no one “best” home insurance policy for everybody, so you need to learn more about home insurance in Airdrie to make the right decisions.
You technically don’t need home insurance in Airdrie, because it’s not a legal requirement for homeowners. However, you should still get a policy to protect your home as well as its contents. Here are three main reasons why having a home insurance policy is a good idea:
Loss or damage protection
Home insurance protects your property from perils like fire and theft. It does so by providing financial compensation if your property experiences loss or damage due to unforeseen events.
Mortgage requirements
Your mortgage lender may require home insurance as part of their loan conditions. Lenders tell borrowers to get home insurance to protect their investments.
Liability coverage
In addition to protecting your home, insurance provides liability coverage to settle legal fees if somebody gets injured on your property.
How You Can Get Cheap Home Insurance in Airdrie
Visit our Alberta page to view the list of recommendations on how to get cheaper home insurance.