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:
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:
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 Dwelling | Average 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:
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:
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.