Red Deer is a 90-minute drive from both Edmonton and Calgary. It’s equidistant between the province’s two major cities, which makes it an important transportation hub for the region. You’ll find ample work opportunities within the city, but you can also work in Edmonton or Calgary if you’re willing to make the commute.
Red Deer is also an entrepreneur-friendly city. The city provides many tax advantages and commercial construction spaces for business owners planning to expand or start a company in Red Deer.
The city boasts many outdoor attractions like nature centres, ponds, and ski resorts. You can also watch horseback riding contests at the Heritage Ranch, learn more about the province’s sports history at the Alberta Sports Hall of Fame, and more.
Home prices in Red Deer are also affordable compared to Alberta’s two major cities. The average home in Red Deer costs $30,000 under Edmonton’s average price and a whopping $270,000 under Calgary’s average price. The average living cost in Red Deer is about 4% under the provincial average, meaning living in Red Deer might save you money.
What Risk Factors Affect Homeowners in Red Deer?
Red Deer is often exposed to extreme weather. Here are some common risk factors homeowners in Red Deer should watch out for:
How Much Does Home Insurance in Red Deer Usually Cost?
Home insurance in Red Deer costs around $1,405 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 Red Deer
Thinking about moving to Red Deer? Researching the city’s residential landscape can help you decide whether it’s right for you. Here’s a look at housing data in Red Deer from the 2021 Census of Population:
Homeownership Rate by Age in Red Deer
More than two in four young adults (25-39) in Red Deer own a house in Red Deer. However, the highest homeownership rate in the city is among people aged 75+ at 79.3%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 15.3% |
| 25 to 39 | 50.9% |
| 40 to 54 | 69.0% |
| 55 to 74 | 74.4% |
| 75 and over | 79.3% |
Average Home Price in Red Deer by Dwelling Type
The average price of a single detached house in Red Deer is $402,500, slightly higher than the provincial average of $367,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $402,500 |
| Semi-Detached | $292,000 |
| Freehold Townhouse | $223,700 |
Red Deer Population Growth
The population growth in Red Deer largely remained 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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Red Deer. 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 Red Deer?
There are many risks to your Red Deer 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 Red Deer to make the right decisions.
You technically don’t need home insurance in Red Deer, 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 Red Deer
If you’re trying to save money on home insurance in Red Deer, you can visit our Alberta page to view the list of recommendations.