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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

6 minute read

Article Contents

Quick Facts About Home Insurance in Red Deer

  • Red Deer home insurance is MORE expensive than the Alberta average.
  • The average annual cost of home insurance in Red Deer is around $1,405.

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:

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.

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. Heavy rainfall and floods can lead to other issues as well, like the landslides in July 2022 due to a flood that happened the previous month.

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. Most recently, a tornado warning was issued in June 2023 after a possible tornado made its way through Red Deer County. Fortunately, it was lifted soon after it was issued.

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 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:

Type of Occupied Dwelling

Of Red Deer’s 40,510 households, 21,520 or 53.1% of them live in single-detached homes, making them the most common dwelling type in the city. Apartment residents make up 21% of households, landing them in second place while row house residents take third place at 10.1%.

Owner vs Renter Stats/Condo vs Non-Condo Owner

From the 25% of households sampled for this census, 26,255 households, or 64.8% of the city, live in homes they own. Meanwhile, the remaining 14,255 or 35.2% live in rented properties.

Only 6,165 households or 15.2% of the city’s total residents live in condos, contrasting the 34,350 (84.8%) households that don’t live in condominiums.

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

Most homes in Red Deer were built from 1961 to 1980, with a recorded 10,815 households or 26.7% share. Many residents also live in homes built from 1981 to 1990 and 1991 to 2000, with respective shares of 14% and 13.7%. Very old homes and very new homes are in the minority, with 7.4% of households living in homes built before 1960 and 4.4% living in homes built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

While the age of homes in Red Deer varies, most residences are well-maintained since only 4.7% of households said their homes needed major repairs. The remaining 95.4% of households only need regular maintenance for their homes.

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 GroupHomeownership Rate
15 to 2415.3%
25 to 3950.9%
40 to 5469.0%
55 to 7474.4%
75 and over79.3%

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 DwellingAverage 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:

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 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:

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 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.

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, Red Deer, Housing Statistics. Data Published March 29, 2023.

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

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

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

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