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Cochrane Home Insurance

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

Updated on May 31, 2024

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

Updated May 31, 2024

Visit author page

5 minute read

Article Contents

Quick Facts About Home Insurance in Cochrane

  • Cochrane home insurance is LESS expensive than the Alberta average.
  • The average annual cost of home insurance in Cochrane is around $871.

What Risks Affect Homeowners in Cochrane?

Cochrane is often exposed to extreme weather. Here are some common risk factors homeowners in Cochrane 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. With all the wildfires burning near Cochrane, Environment Canada issued a poor air quality warning for the area in May 2023.

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. Floods don’t happen too often in Cochrane, but you should still be vigilant since it can do a lot of damage to your residence. Take the last major flood in 2013, for example. It caused an estimated $1 million in damage for the town.

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.

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 Cochrane Usually Cost?

Home insurance in Cochrane costs around $871 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.

Housing Data in Cochrane

Are you looking to escape the hustle and bustle of the big city? Moving to Cochrane might be the right step for you. Cochrane is one of the more sought-after places to move in Alberta, but it retains the small-town feel even with a growing populace.

Moving to Cochrane doesn’t mean sacrificing all the big-city comforts you may have grown to love. Located just 35 minutes from downtown Calgary, you can easily commute from your Cochrane home for work and recreation. That doesn’t mean there are no modern facilities in Cochrane, though – the city boasts first-class hospitals, excellent schools, and many other big-city amenities.

There’s also one more great thing about residing in Cochrane: affordable living. Cochrane’s cost of living is 9% lower than the provincial average. Home prices are also cheaper in Cochrane than in other cities near Calgary, like Okotoks.

Is living in Cochrane right for you? You can learn more about a city’s housing landscape through statistics data. Here’s a dive into key residential information taken from the 2021 Census of Population:

Type of Occupied Dwelling

59.8% of Cochrane’s 12,095 households live in single-detached homes, making them the most popular dwelling type in the city. Row houses are the second-most popular dwelling type, with a 14.9% share of households, followed closely by semi-detached houses at 14.3%. High-rise apartments in Cochrane are nonexistent, so the only apartment choices for residents are duplexes and low-rises.

Owner vs Renter Stats/Condo vs Non-Condo Owner

Judging from the 25% sample data taken from the census, most households in Cochrane own their homes. Homeowners comprise 83.7% of the city’s households, while renters are in the minority with 16.3%. However, condominium residents comprise roughly one-fifth of the city’s households at 21.4%, with the remaining 78.6% living in non-condos.

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

While Cochrane was founded in 1881, most homes in Cochrane are relatively new. The largest portion (25.1%) of the city’s households live in homes built from 2011 to 2015, while the second-largest portion (19.7%) live in homes built between 2016 and 2021. People living in homes built before 1960 are incredibly rare, with just 175 households.

Major Repairs or Just Maintenance Needed?

Due to the relatively young age of the homes, Cochrane residences are incredibly well-maintained. 97.8% of households stated their homes only needed regular maintenance and minor repairs, while the remaining 2.2% needed major repairs.

Homeownership Rate by Age in Cochrane

The homeownership rates among young adults (25-39) in Cochrane are one of the highest in the country at 80.2%.

Age GroupHomeownership Rate
15 to 2429.0%
25 to 3980.2%
40 to 5484.5%
55 to 7488.3%
75 and over81.8%

Average Home Price in Cochrane by Dwelling Type

The average price for a single detached house in Cochrane is around $670,000, which is a lot higher than the provincial average of $367,000.

Type of DwellingAverage Value
Detached$670,000
Semi-Detached$527,450
Freehold Townhouse$439,900

Cochrane Population Growth

The population of Cochrane grew by a whopping 25% in the five years since 2016.

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 Cochrane. 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 Cochrane?

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

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

If you’re trying to save money on your home insurance premiums in Cochrane, visit our Alberta page for practical tips.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

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

2. Statistics Canada, 2021, Census of Population, Alberta, Cochrane, Housing Statistics. Data Published March 29, 2023.

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

4. CREA, Alberta, Cochrane, Median Price of Homes by Dwelling Type, 2024.

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

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