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Recent Quotes From Our Users

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 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 Sherwood Park

  • Sherwood Park home insurance is LESS expensive than the Alberta average.
  • The average annual cost of home insurance in Sherwood Park is around $983.

Living in Sherwood Park is a great alternative if you don’t want to live in the big city but still want to work there. Just a 20-minute drive from the Edmonton city centre, Sherwood Park houses a vibrant community with abundant green spaces usually found in small towns.

While Sherwood Park is close enough for you to reliably commute to Edmonton for work, there are also great opportunities in the hamlet itself. Sherwood Park hosts the largest petrochemical processing area in the nation, so energy sector workers are generally in high demand.

You’re spoiled for choice when it comes to homes in Sherwood Park. From affordable starter homes to luxury dwellings, you’ll find them all. Sherwood Park also boasts modern amenities like excellent schools, various recreational activities, and a thriving arts scene with frequent community showcases at the Festival Place theatre.

What Risk Factors Affect Homeowners in Sherwood Park?

Sherwood Park is often exposed to extreme weather. Here are some common risk factors homeowners in Sherwood Park should watch out for:


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. 


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. Unfortunately, the fire situation in Sherwood Park is still dangerous as of mid-2023. In May 2023, multiple simultaneous fire incidents triggered two separate evacuation notices, which was a first for Strathcona County.


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.

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 Sherwood Park Usually Cost?

Home insurance in Sherwood Park costs around $993 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 Sherwood Park

Choosing to move homes is a big decision, so you need to do some research before committing. Is living in Sherwood Park right for you? Here’s a look at key housing statistics from the 2021 Census of Population

Since there’s no dedicated census profile for Sherwood Park, we’ll use the statistics for Strathcona County, where it resides.

Type of Occupied Dwelling

Of the 37,125 households in Sherwood Park and Strathcona County, 79.6% live in single-detached homes, making them the most common dwelling type in the area. High-rise apartments are at a distant second with 2,495 households (6.7%), and semi-detached houses at third with 2,130 (5.7%).

Owner vs Renter Stats/Condo vs Non-Condo Owner

From the 25% survey data taken by the census, 86.8% of Sherwood Park and Strathcona County households own their homes, while the remaining 13.2% are renters. The number of condo residents in the area is also close to the number of renters, with 12.7% of households living in condos and 87.3% in non-condos.

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

About a quarter of Sherwood Park and Strathcona County homes were built from 1961 to 1980 since 28.5% of households live in homes built during that period. Only 1,570 households, or 4.2% of the area’s populace, live in old homes built before 1960, making them the rarest. 

Major Repairs or Just Maintenance Needed?

Homes in the area are very well-maintained. Based on the 25% survey data, 96% of households in Sherwood Park and Strathcona County only needed minor repairs for their homes, and only 4% required major repairs.

Average Home Price in Sherwood Park by Dwelling Type

The price for a single detached house in Sherwood Park is $509,000, above the provincial average of $367,000.

Type of DwellingAverage Value

Sherwood Park Population Growth

The population growth in Sherwood Park was at 3.37% in five years since 2016.

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.


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 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 Sherwood Park. 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 Sherwood Park?

There are many risks to your Sherwood Park 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 Sherwood Park to make the right decisions.

You technically don’t need home insurance in Sherwood Park, 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 Sherwood Park

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


1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2023.

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

3. CREA, Alberta, Sherwood Park, Median Price of Homes by Dwelling Type, 2024.

4. Statistics Canada, 2001-2021, Census of Population Statistics, Alberta, Sherwood Park, Population Statistics. Data Published December 16, 2022.

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