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Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$84.22Jul 24, 2024, 04:44 PMAuto63FemaleM1J2C8
$43.53Jul 24, 2024, 06:04 PMHome47MaleL7P1Y9
$29.37Jul 24, 2024, 09:54 AMTenant41MaleN8W5N7

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

Updated on May 31, 2024

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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 Grande Prairie

  • Grande Prairie home insurance is LESS expensive than the Alberta average.
  • The average annual cost of home insurance in Airdrie is around $995.

What Risks Affect Homeowners in Grande Prairie

Grande Prairie is often exposed to extreme weather. Here are some common risk factors homeowners in Grande Prairie 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 Grande Prairie Forest Area is especially vulnerable during the 2023 Alberta wildfires, having been assigned a red flag fire watch in June 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.

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 Grande Prairie Usually Cost?

Home insurance in Grande Prairie costs around $995 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 Grande Prairie

Grande Prairie sits in a resource-rich area, and it’s known for its agriculture, energy, and forestry industries. Numerous industrial parks mean you’ll have lots of work opportunities if you choose to live in Grande Prairie. 

Don’t let the remote location fool you, Grande Prairie has lots going on all year-round. The many parks and outdoor activities let you enjoy nature, whether it’s through hiking, fishing, ice skating, or anything else you can imagine.

Another reason to move to Grande Prairie is its affordability. MovingWaldo named Grande Prairie the third-cheapest place to live in Alberta. Home prices in Grande Prairie are also much lower than in big cities. On average, a home in Grande Prairie costs $331,159, which is over $60,000 lower than Edmonton’s average home price and nearly half of Calgary’s average home price.

Grande Prairie is a city with lots of job opportunities and affordable homes, but is it the right place for you? Take a look at Grande Prairie’s key housing statistics from the 2021 Census of Population to find the answer.

Type of Occupied Dwelling

Out of 24,815 households in the city, 61.6% of them live in single-detached houses, making them the most popular dwelling type. In second place are low-rise apartments, boasting an 18.5% share of households. There’s also a somewhat prominent population of movable dwelling residents, with 835 (3.4%) households.

Owner vs Renter Stats/Condo vs Non-Condo Owner

Based on the 25% sample data taken for the census, 65.7% of Grande Prairie households own the homes they live in, while 34.3% rent theirs. Condominium residents are in the minority, with only 10.8% of households compared to 89.2% of households living in non-condos.

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

Most homes in Grande Prairie were built between 1961 and 1980, with 22% of households living there. There are also sizable portions of the population living in homes built from 1991 to 2010. Households living in very old homes or very recently built homes are comparatively rare, with only 4.9% of the city’s households living in homes built before 1960 and 5.7% living in homes built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

The age range of homes in Grande Prairie varies greatly, but they’re almost universally well-maintained, seeing as only 5% of households said their homes needed major repairs. The remaining 95% reported their homes were in good condition and only needed regular maintenance or minor repairs.

Homeownership Rate by Age in Grande Prairie

Below are homeownership rates in Grande Prairie categorized by age groups:

Age GroupHomeownership Rate
15 to 2430.0%
25 to 3960.7%
40 to 5470.9%
55 to 7474.7%
75 and over66.9%

Average Home Price in Grande Prairie by Dwelling Type

The average price for a single detached house in Grande Prairie is around $368,000, on par with the provincial average of $367,000.

Type of DwellingAverage Value
Detached$368,000
Semi-Detached$290,000
Freehold Townhouse$152,700

Grande Prairie Population Growth

The population growth in Grande Prairie was at 1.54% between the years 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 Grande Prairie. 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 Grande Prairie?

There are many risks to your Grande Prairie 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 Grande Prairie to make the right decisions.

You technically don’t need home insurance in Grande Prairie, 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 Grande Prairie

View the list of practical tips on how to save money on home insurance at our Alberta page.

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, Grande Prairie, Housing Statistics. Data Published March 29, 2023.

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

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

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

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