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Lethbridge Home Insurance

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Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$94.46Oct 06, 2024, 07:16 AMAuto48MaleL6Y4J5
$43.91Oct 06, 2024, 09:09 AMHome58FemaleM1H3K2
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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 Lethbridge

  • Lethbridge home insurance is LESS expensive than the Alberta average.
  • The average annual cost of home insurance in Lethbridge is around $1,000.

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:

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. A special air quality statement was issued for Lethbridge in May 2023 due to wildfire smoke. In addition to health hazards, smoke can damage your home and belongings.

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. The recent tornado outbreak in June 2023 resulted in storm warnings being issued for Lethbridge, but fortunately the warning ended soon afterwards without major weather incidents.

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 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:

Type of Occupied Dwelling

The most popular dwelling type among Lethbridge’s 40,225 households is the single-detached house, boasting a 62.6% share of households. Low-rise apartments are the second-most popular with a 13.5% share, with duplexes coming in third at 7.6%.

Owner vs Renter Stats/Condo vs Non-Condo Owner

Judging from the 25% sample data taken for the census, 27,440 households or 68.2% of Lethbridge residents are homeowners, while 12,785 (31.8%) households rent their homes. Condo residents are in the minority with just 4,575 (11.4%) households, compared to the 88.6% of households living in non-condos.

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

Out of the 25% of households sampled in this census, 26.8% of them live in homes built from 1961 to 1980. Homes built before 1960 are also relatively popular with an 18% share of households living in them. Judging from the data presented, we can conclude most homes in Lethbridge are older dwellings.

Major Repairs or Just Maintenance Needed?

Despite the prevalence of old homes in Lethbridge, they’re exceptionally well-maintained, with 95.2% of households reporting their homes only needed minor repairs and regular maintenance. Households with homes that need major repairs made up only 4.8% of the city’s total residents.

Homeownership Rate by Age in Lethbridge

Below are the homeownership rates in Lethbridge, categorized by different age groups.

Age GroupHomeownership Rate
15 to 2417.4%
25 to 3954.7%
40 to 5472.4%
55 to 7480.4%
75 and over82.3%

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 DwellingAverage 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:

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 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:

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 Lethbridge

Visit our Alberta page to view the list of recommendations on how to get cheaper home insurance.

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, Lethbridge, Housing Statistics. Data Published March 29, 2023.

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

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

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

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