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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 Strathmore

  • Strathmore home insurance is LESS expensive than the Alberta average.
  • The average annual cost of home insurance in Strathmore is around $1,164.

Strathmore is a town that sits about 25 minutes east of Calgary. It’s well-known as one of the bedroom communities of Calgary, similar to nearby cities like Okotoks and Cochrane. However, Strathmore is even smaller than those two cities, with a population half of Cochrane and roughly one-third of Okotoks. If you really want to experience authentic Canadian small-town life, living in Strathmore might be right for you.

Being smaller and somewhat further away from Calgary doesn’t mean Strathmore has no modern comforts. The town offers residents numerous recreational centres, modern healthcare providers, and high-quality schools. Plus, its smaller population means you won’t experience as much traffic in Strathmore.

Cost-effectiveness is another reason why you may benefit from living in Strathmore. The average home price in Strathmore is about $70,000 lower than in Calgary, and living costs in Strathmore are 14% lower than the provincial average.

What Risk Factors Affect Homeowners in Strathmore?

Strathmore is often exposed to extreme weather. Here are some common risk factors homeowners in Strathmore 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. Fire advisories are still a regular thing as of September 2023, with the latest advisory in Strathmore being posted early that month in anticipation for the long weekend.

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. Floods can get really bad in Strathmore. A good example is when Highway 1 was completely submerged during a flood in July 2016.

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 Strathmore Usually Cost?

Home insurance in Strathmore costs around $1,164 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 Strathmore

What’s the housing landscape in Strathmore like? You can find the answers from census data. Here’s a dive into some essential housing statistics from the 2021 Census of Population:

Type of Occupied Dwelling

Despite being a small town, only 58.7% of Strathmore’s 5,515 households live in single-detached houses. The rest mostly live in low-rise apartments, row houses, or semi-detached houses. Smaller portions of the city’s populace also live in duplexes and movable dwellings. 

Owner vs Renter Stats/Condo vs Non-Condo Owner

Based on the 25% sample data taken by the census, three-quarters (77.2%) of Strathmore households are homeowners, while the rest rent their homes. Condo residents comprise 18.7% of total households, and the remaining 81.4% live in non-condo properties.

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

Most (23.1%) Strathmore households live in homes built between 1991 and 2000. There are also sizable groups of households living in homes built from 1961 to 1980, 2001 to 2005, and 2006 to 2010. Generally, there’s a relatively even spread of households living in homes built across different periods.

Major Repairs or Just Maintenance Needed?

Homes in Strathmore are generally well-maintained since 96.2% of households reported their homes only needed minor repairs and regular maintenance, while only 3.9% said their homes needed major repairs.

Homeownership Rate by Age in Strathmore

Below are the homeownership rates in Strathmore, categorized by different age groups. The highest homeownership rate in the city is among people aged 75+ at 85.7%.

Age GroupHomeownership Rate
15 to 2420.0%
25 to 3966.5%
40 to 5478.7%
55 to 7483.9%
75 and over85.7%

Average Home Price in Strathmore by Dwelling Type

The average price for a single detached house in Strathmore is $480,000, well above the Alberta average of $367,000.

Type of DwellingAverage Value
Detached$480,000
Semi-Detached$400,000
Freehold Townhouse$291,000

Strathmore Population Growth

The population growth in Strathmore was at 4.23% 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 Strathmore. 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 Strathmore?

There are many risks to your Strathmore 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 Strathmore to make the right decisions.

You technically don’t need home insurance in Strathmore, 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 Strathmore

If you’re trying to save money on home insurance coverage in Strathmore, go to our main province page to view the list of recommendations.

Sources

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

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

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

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

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

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