Per the 2019 Alberta municipal census, Lethbridge is the third-largest city by population in the province. However, Lethbridge is far smaller than Edmonton or Calgary, with just over 100,000 residents. While smaller than the other two major cities in the province, Lethbridge still offers plentiful work opportunities thanks to its strong agricultural, manufacturing, and logistics industries.
Don’t let its status as the third-largest city in Alberta fool you. Getting around in Lethbridge is easy and fast since it only takes around 15 minutes to get anywhere by car. The city also provides an excellent public transit system if you’re not up for driving.
Your money goes a long way in Lethbridge. On average, homes in the city are nearly $300,000 more affordable than homes in Calgary. The average living cost is also way lower at around 13% of the provincial average.
What Risks Affect Homeowners in Lethbridge?
Lethbridge is often exposed to extreme weather. Here are some common risk factors homeowners in Lethbridge should watch out for:
How Much Does Home Insurance in Lethbridge Usually Cost?
Home insurance in Lethbridge costs around $1,000 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 Lethbridge
What does the housing landscape in Lethbridge look like? You can find the answers in census data. Here’s a look at key housing statistics in Lethbridge from the 2021 Census of Population:
Homeownership Rate by Age in Lethbridge
Below are the homeownership rates in Lethbridge, categorized by different age groups.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 17.4% |
| 25 to 39 | 54.7% |
| 40 to 54 | 72.4% |
| 55 to 74 | 80.4% |
| 75 and over | 82.3% |
Average Home Price in Lethbridge by Dwelling Type
The average price for a single detached house in Lethbridge is around $399,000, slightly higher than the Alberta average of $367,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $399,900 |
| Semi-Detached | $280,500 |
| Freehold Townhouse | $237,250 |
Lethbridge Population Growth
The population growth in Lethbridge, Alberta was around 6.12% 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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Lethbridge. 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 Lethbridge?
There are many risks to your Lethbridge 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 Lethbridge to make the right decisions.
You technically don’t need home insurance in Lethbridge, 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 Lethbridge
Visit our Alberta page to view the list of recommendations on how to get cheaper home insurance.