4.9
4.9/5
50+ Ratings on Google!

Fort McMurray Home Insurance

3 minutes can save you hundreds. Enter your postal code below and join thousands of Canadians saving on home insurance.

Secure. No Spam. No Fees.

Why You Can Trust MyChoice

MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

How to Compare Home Insurance Quotes with MyChoice

Comparing home insurance quotes with MyChoice is as simple as it gets:

Share Your Home Insurance Needs

Tell us what you want out of your home insurance.

Shop for the Best Deals​

Compare home insurance quotes from the best Canadian insurers.

Secure Your Rates​

Pick the best deal and lock your rates on our site.​

Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.45Jun 19, 2024, 04:08 PMAuto59FemaleK6J4P2
$43.02Jun 19, 2024, 05:45 AMHome56FemaleK1G0M5
$24.31Jun 19, 2024, 03:31 PMTenant30FemaleM1H2E4

How MyChoice Works

0

Canadians

have compared rates and saved money over the last 24 hours
Leah D
Leah D
July 19, 2023
I was able to get a tenant insurance quote and a car insurance quote for my Jeep on the same day, in the same place, super fast and convenient, less than 10 mins! Would use again and would absolutely recommend
Imaan Pirani
Imaan Pirani
July 13, 2023
Got a great quote for my Camry and to my surprise was able to purchase online... They passed all my information to the companies website automatically and it made the process a breeze!” Highly recommend
David Ifejika
David Ifejika
July 13, 2023
I was shopping around for car insurance and a friend suggested that I try MyChoice to help find the least expensive insurance for my partner and I. It was very reliable, straightforward and user friendly. It made finding new car insurance easy!”
Ty Warner
Ty Warner
July 12, 2023
I was able to bundle my home and auto insurance with My Choice. Getting a quote for both was pretty quick, once I had done my auto portion I had the option to easily check my home insurance too so that was ideal!
John Doyle
John Doyle
July 7, 2023
Recently closed on a place in Markham and was able to get a great home insurance quote in minutes with MyChoice. Purchased online through square one right on closing day!
Tim Borgstädt
Tim Borgstädt
July 4, 2023
I don’t always shop around when it comes to my insurance but I’m glad I did this time, My Choice had a good range of options and I was able to chat to a broker once I found a quote that I liked!
Hao Sheng
Hao Sheng
June 30, 2023
I got a great quote from mychoice. Would definitely recommend everyone to start a quote. I got a much cheaper rate from CAA than my TD
Leo Brasil
Leo Brasil
June 19, 2023
Great experience getting an online quote, quick and easy. All things considered, it looks like I'm going to save around $80 a month on my car insurance!
Mark Whiteley
Mark Whiteley
June 19, 2023
I was shopping around for home/auto insurance because my rates seemed to skyrocket on renewal. MyChoice allowed me to easily search for the most competitive rate, and next thing I know I'm saving $400 a year. Strongly recommend it!
Secure. No Spam. No Fees.
Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on May 30, 2024

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

Updated May 30, 2024

Visit author page

5 minute read

Article Contents

Quick Facts About Home Insurance in Fort McMurray

  • Fort McMurray home insurance is MORE expensive than the Alberta average.
  • The average annual cost of home insurance in Fort McMurray is around $945.

What Risks Affect Homeowners in Fort McMurray

Fort McMurray is often exposed to extreme weather. Here are some common risk factors homeowners in Fort McMurray 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. The May 2016 fire in Fort McMurray illustrates how dangerous unchecked wildfires can be. Unusually hot and dry weather conditions led to a fire that caused over 88,000 people to evacuate their homes. It was the largest wildfire evacuation in Alberta’s history.

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. How dangerous is an ice dam flood? The March 2020 flood in Fort McMurray resulted in the evacuation of 13,000 residents and claimed the life of one person.

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 Fort McMurray Usually Cost?

Home insurance in Fort McMurray costs around $920 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 Fort McMurray

Fort McMurray boasts abundant natural resources, especially oil. Sat in the middle of the Athabasca Oil Sands, Fort McMurray’s oil and mining industry employs a large part of the city’s workforce.

With the oil industry being such a large force in Fort McMurray, the average salary in the city is higher than in many places in Canada. However, living costs in the area are also higher to balance things out.

Despite its reputation as an oil town, Fort McMurray still boasts a variety of natural sights and great local attractions to keep you occupied. There’s something for everyone, from sports complexes and hiking trails to golf clubs. With a good combination of high earnings and great views, it’s no wonder many oil and gas professionals decide to move to Fort McMurray.

Moving to Fort McMurray can be a lucrative decision if you’re in the oil industry, but is it right for you? Looking at the city’s housing data can help you decide. Here’s a rundown of key residential statistics from the 2021 Census of Population:

Type of Occupied Dwelling

Out of the 24,505 surveyed households, 46.8% live in single-detached houses, making them the most popular dwelling type in Fort McMurray. Low-rise apartments are the second-most popular dwelling type, with 5,610 households or a 22.9% share. Due to the number of seasonal workers in Fort McMurray, movable dwellings are also relatively popular, with 2,400 households or a 9.8% share of the total population.

Owner vs Renter Stats/Condo vs Non-Condo Owner

Based on the 25% data taken by the census, two-thirds (66.5%) of Fort McMurray’s households are homeowners, while the remaining one-third (33.5%) are renters. A little over a quarter (28.2%) of Fort McMurray households live in condominiums, while the remaining 71.8% live in non-condos.

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

There’s a relatively even spread of home construction periods across Fort McMurray’s history. Most of the city’s residents live in homes built between 2006 and 2010 (19.9% share) or between 1961 and 1980 (19.5% share). Meanwhile, residents of older homes are quite rare, with just 325 households (1.3% share) living in homes built before 1960.

Major Repairs or Just Maintenance Needed?

While the age of homes in Fort McMurray varies greatly, they’re almost universally well-maintained, with 94.8% of households saying their homes only needed regular maintenance and minor repairs. Meanwhile, the remaining 5.2% said their homes needed major repairs.

Average Home Price in Fort McMurray by Dwelling Type

The price of a single detached house in Fort McMurray is around $437,000, just above the provincial average of $367,000.

Type of DwellingAverage Value
Detached$437,000
Semi-Detached$430,000
Freehold Townhouse$200,000

Fort McMurray Population Growth

Fort McMurray’s population grew by only 1.3% between 2016 and 2021, which is quite low compared to other cities in Alberta.

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 Fort McMurray. 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 Fort McMurray?

There are many risks to your Fort McMurray 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 Fort McMurray to make the right decisions.

You technically don’t need home insurance in Fort McMurray, 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 Fort McMurray

Trying to save money on home insurance in Fort McMurray? Go to our Alberta page for practical tips.

Sources

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

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

3. CREA, Alberta, Fort McMurray, Median Price of Homes by Dwelling Type, 2024.

4. Statistics Canada, 2001-2021, Census of Population Statistics, Alberta, Fort McMurray, Population Statistics. Data Published December 16, 2022.

Congratulations! You made it to the end!

Now, here is the easy part: complete your quote in under 2 minutes
Secure. No Spam. No Fees.

Discover More About

Read our digest of the recent report on home insurance profitability. Learn how extreme weather affects insurer profits and your premiums.
Sump pumps prevent your home from flooding and provide home insurance benefits. Click through to learn more about sump pumps and how they can save you money.
While home insurance typically doesn’t cover furnace repairs, you can still save money through regular maintenance and government rebates. Click through to learn more.

Even More Ways To Save