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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on May 22, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated May 22, 2024

Visit author page

6 minute read

Article Contents

What Risks Affect Homeowners in Calgary?

Calgary is often exposed to extreme weather. Here are some common risk factors homeowners in Calgary 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. While residents within Calgary’s city limits are relatively safer from wildfires, that doesn’t mean you can rest easy, since fires can happen at any time.

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. Calgary’s high river flow season lasts between May and July each year, which means you need to be extra vigilant for flooding during that period.

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. One of the most recent hail storms happened in July 2023, where hail stones pelted homes and gardens in some south Calgary neighbourhoods.

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 Calgary Usually Cost?

Home insurance in Calgary costs around $1,696 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 belongings.

Does Where You Live in Calgary Affect Your Home Insurance?

Where you live in Calgary affects your home insurance. Living in an area known for severe weather events, thefts, or other perils increases your risk, making you more likely to file insurance claims. This leads to insurers giving you higher home insurance quotes than similar homes in safer areas.

For instance, a home in a flood-prone area might land higher insurance rates than a comparable home in an area where flooding is uncommon.

The T2X postal code has the lowest average home insurance rates in the city, likely since it’s a fair distance away from the city centre. Meanwhile, T3A has the highest average home insurance rates in Calgary. T3A includes Edgemont and Varsity, which are safe and well-desired neighbourhoods, explaining its higher insurance costs.

Postal Codes With the Most Expensive Home Insurance in Calgary

T3A has the highest average home insurance rates in Calgary. T3A includes Edgemont and Varsity, which are safe and well-desired neighbourhoods, explaining its higher insurance costs.

Postal Codes With the Least Expensive Home Insurance in Calgary

The T2X postal code has the lowest average home insurance rates in the city, likely since it’s a fair distance away from the city centre.

Housing Data in Calgary

As the largest city in Alberta and one of the largest cities in the country, Calgary offers lots of work opportunities. Whether you’re looking for work at one of the many companies based in Calgary or starting your own business, you’ll find fruitful employment in the city.

Economist Intelligence named Calgary as the number one city to live in Canada and the third-best city to live in worldwide. The report cited Calgary’s high-quality healthcare, vibrant culture, and excellent infrastructure as some of the reasons why Calgary is such a great place to live in.

Here’s another reason living in Calgary is great: it’s affordable for such a big city. The living cost in Calgary is 18.6% lower than in Toronto, which means you can save a lot of money. Homes are also cheaper in Calgary, with an average home price of $538,561 – that’s over $600,000 under Toronto’s average

Is living in Calgary right for you? Research can help you find the answer. To help you decide, here’s a look at Calgary’s key housing statistics from the 2021 Census of Population

Type of Occupied Dwelling

Calgary has 502,300 households, 55% of which live in single-detached homes. The share of residents living in single-detached homes in Calgary is quite large for a big city, especially considering Toronto only has 23.3% of households living in similar properties.

Apartments in low-rise buildings are the second-most popular type of dwelling with a 16.3% share of households, while row houses take third place with 9.7%.

Owner vs Renter Stats/Condo vs Non-Condo Owner

From the 25% sample data taken for the census, two-thirds or 68.8% of Calgary households own their homes, while the remaining 31.2% rent theirs. Around a quarter or 24.7% of Calgary households live in condominiums, with 75.3% living in non-condo properties.

Private Dwellings by Period of Construction: New or Older Homes?

There’s a relatively even spread of home ages in Calgary. 26.5% of the city’s households live in homes built between 1961 to 1980, and 15.1% of households live in homes built between 1991 and 2000. Residents living in homes built before 1960 are the most uncommon, with just a 8.7% share of households. 

Major Repairs or Just Maintenance Needed?

Calgary residents maintain their home well. 95.5% of households reported their homes only needed regular maintenance and minor repairs, while only 4.5% of them needed major repairs.

Homeownership Rate by Age in Calgary

It seems that the older population (55+) has the highest homeownership rate in Calgary, while more than two in four young adults (25-39) can afford to buy a house.

Age GroupHomeownership Rate
15 to 2414.8%
25 to 3952.7%
40 to 5473.7%
55 to 7480.3%
75 and over80.9%

Average Home Price in Calgary by Dwelling Type

The average price for a single detached house in Calgary is around $719,195 which is almost twice higher than the provincial average of $367,000.

Type of DwellingAverage Value
Detached$719,195
Semi-Detached$620,000
Freehold Townhouse$465,000

Calgary Population Growth

The clagary population grew 5.45% between the year of 2016 and 2021.

What Is Not Included in a Typical 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 Calgary. 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 Calgary?

There are many risks to your Calgary 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 Calgary to make the right decisions.

You technically don’t need home insurance in Calgary, 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 Calgary

Looking to save money on your preferred home insurance coverage in Calgary? Visit our Alberta page for practical tips.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Mychoice.ca Internal Data, Most Expensive Postal Codes, Alberta, Calgary, Home Insurance Quotes Collected, 2024.

3. Mychoice.ca Internal Data, Least Expensive Postal Codes, Alberta, Calgary, Home Insurance Quotes Collected, 2024.

4. Statistics Canada, 2021, Census of Population, Alberta, Calgary, Housing Statistics. Data Published March 29, 2023.

5. Statistics Canada, 2021, Census of Population, Alberta, Calgary, Homeownership Rate by Age. Data Published December 16, 2022.

6. CREA, Alberta, Calgary, Median Price of Homes by Dwelling Type, 2024.

7. Statistics Canada, 2001-2021, Census of Population Statistics, Alberta, Calgary, Population Statistics. Data Published December 16, 2022.

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