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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

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

Updated on May 31, 2024

Visit author page
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 Medicine Hat

  • Medicine Hat home insurance is slightly MORE expensive than the Alberta average.
  • The average annual cost of home insurance in Medicine Hat is around $1,339.

Medicine Hat earns the nickname of “Canada’s Sunniest City” by having an average of 330 sunny days per year. Thanks to its nearly year-round bright weather, tourism is a booming industry in the city. Medicine Hat is home to the Saamis Teepee, the tallest teepee in the world. You can also visit museums, local breweries, and beautiful murals dotted all over the city.

Author Rudyard Kipling once said Medicine Hat has “all hell for a basement” thanks to its bountiful supply of natural gas. If you’re looking for a career in the petrochemical sector, Medicine Hat is one of the best places to live in. 

Another reason to live in Medicine Hat is affordable homes. The average home price in Medicine Hat is about $80,000 lower than the provincial average. Pair that with an average living cost that’s 26% lower than Alberta’s average, you can save a lot of money by living in Medicine Hat.

What Risks Affect Homeowners in Medicine Hat

Medicine Hat is often exposed to extreme weather. Here are some common risk factors homeowners in Medicine Hat 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. As of May 2023, Medicine Hat city officials have been watching the development of wildfires in the province. Fortunately, there have been no major fire incidents as of October 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. Tornadoes touched down west of Medicine Hat in June 2023, but the tornado watch fortunately ended without any severe 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 Medicine Hat Usually Cost?

Home insurance in Medicine Hat costs around $1,339 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 Medicine Hat

Buying a home is a big commitment, so you need to research before making a decision. Examining a city’s housing statistics can help you understand more what living there is like. Here’s a look at key residential information in Medicine Hat from the 2021 Census of Population:

Type of Occupied Dwelling

Single-detached home residents make up 63.4% of the city’s 27,215 households, meaning these properties are the most popular dwelling type in Medicine Hat. Meanwhile, low-rise apartments with fewer than five storeys have the second-most residents at 5,095 households or 18.7% of the city. 

Owner vs Renter Stats/Condo vs Non-Condo Owner

Based on the sample data taken from 25% of the city’s households, most Medicine Hat residents own their homes. The census records 70.9% of households as homeowners and 29.1% as home renters. Condo residents are in the minority with 3,825 (14.1%) households, while the remaining 23,390 (85.9%) live in non-condo properties.

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

Medicine Hat residents mostly live in older homes built before 2001. The largest portion of households (31.2%) live in homes built between 1961 and 1980, while the second-largest portion (17.2%) live in homes built before 1960. New homes are relatively unpopular, with just 3% of households living in dwellings built between 2016 and 2021. 

Major Repairs or Just Maintenance Needed?

While homes in Medicine Hat are mostly old, they’re still well-maintained, as exhibited by 95.2% of households reporting their homes only needed maintenance and minor repairs. Households with homes requiring major repairs are in the minority, taking a 4.8% share.

Homeownership Rate by Age in Medicine Hat

The highest homeownership rate in Medicine Hat is among the people aged 75+ at 82.8%.

Age GroupHomeownership Rate
15 to 2423.3%
25 to 3959.0%
40 to 5469.8%
55 to 7479.6%
75 and over82.8%

Average Home Price in Medicine Hat by Dwelling Type

The average price for a single detached house in Medicine Hat is $350,000, a little under the Alberta average of $367,000.

Type of DwellingAverage Value
Detached$350,000
Semi-Detached$294,600
Freehold Townhouse$205,000

Medicine Hat Population Growth

The population in Medicine Hat has largely stayed stagnant 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 Medicine Hat. 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 Medicine Hat?

There are many risks to your Medicine Hat 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 Medicine Hat to make the right decisions.

You technically don’t need home insurance in Medicine Hat, 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 Medicine Hat

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

Sources

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

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

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

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

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

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