Home insurance protects Calgary homeowners financially if their home is damaged by a wide range of common perils such as fire and wind.
While no homeowner is required by law to have insurance many do for two reasons: the security it offers and because most lenders will only offer mortgages to insured properties.
Among the available home insurance products, homeowners must choose a policy type as well as decide whether they’d like to add coverage, in the form of endorsement, for additional security.
Regardless of policy type, each home insurance policy includes the following four aspects of coverage:
When it comes to choosing a policy type, most providers offer three package types, described below:
Beyond the coverage that a policy provides, homeowners can add protection in the form of endorsements. Some of the most common are outlined below:
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The 2022 average insurance premium for a home in Calgary was $2,486, according to RATESDOTCA Home Insuramap tool. This is about 6% greater than the provincial average in the same year: $2,339.
Calgary residents in the postal code region T3A paid had the most expensive premiums while those in the postal code region of T2X had the least expensive.
While it’s challenging to pinpoint what specific factor increases any home insurance premium, in general, flood risk has the most significant impact. In Calgary, the threat of forest fire, earthquake and landslides could also be factors that lead to more expensive premiums.
|Postal code region||Avg. 2022 premium|
|T2A through T2Z||$2,495|
|T3B through T3Z||$2,495|
The most expensive home insurance premium in Calgary is $3,085 postal code region in T3A 0A1. However, this premium is significantly greater than other premiums in the city and 20% more expensive than the premium for the tenth most expensive Calgary postal code region: $2,590 in the postal code region of T4S.
Other Alberta cities have higher home insurance premiums than Calgary. Here we outline some of them:
|Rank||City||Average 2022 insurance premium|
Location: A home’s location has a significant impact on its insurance premium. Homes that are close to a fire hydrant and in low-crime neighbourhoods are likely to be less expensive to insure because providers consider them at lower risk of being damaged by a covered peril such as fire or theft.
Flood risk: The premiums for homes located near water, or, in areas that have previously flooded will be more expensive to insure due to flood risk. Flood is named as an exclusion on most home insurance policies. To be protected against it, homeowners must add overland and sewer backup endorsements.
Dwelling type: Insurance providers are interested in knowing what type of home they’re providing a quote for as well as the quality of its construction. In addition to trying to determine risk, they also closely consider replacement cost. A large, newly built home is likely to be more costly to replace and as a result is likely to have higher premiums than a smaller, older home (assuming that the latter is in good repair).
Safety: Homes that are well-maintained and not likely to result in a claim due to disrepair will be less expensive to insure. Similarly, homes that are equipped with burglar and fire alarms as well as carbon monoxide detectors will have lower premiums because each helps mitigate the risk of damage from a covered peril such as fire.
Claims history: A homeowner with a history of filing home insurance claims is likely to pay a higher premium because insurance providers consider past behaviour a reliable indicator of future behaviour.
|Companies||Type of Company||Phone||Address|
|Aviva||Insurance company||1(403) 750-0600||112 4 Ave. SW Suite 2100, Calgary, AB T2P 0H3|
|CAA Insurance||Insurance company||1(403)240-5300||4700 17 Ave. SW, Calgary, AB T3E 0E3|
|LowestRates.ca||Quotes comparison||1(855) 487-6911||1910 Yonge St. Suite 401, Toronto, ON M4S 3B2|
|Klassen Insurance Agency Ltd||Insurance brokers||1(403) 271-9600||11012 Macleod Trail SE Suite 280, Calgary, AB T2J 6A5|
|RATESDOTCA||Quotes comparison||1(844) 726-0907||360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7|
|Scoop Insurance||Insurance brokers||1(866) 456-6620||300 Lincoln St. Unit 22, Welland, ON L3B 4N4|
|Sharp Insurance||Insurance brokers||1(877)218-2008||1331 Macleod Trail SE #300, Calgary, AB T2G 0K3|
|Westland Insurance||Insurance brokers||1(403)508-1111||1111 Olympic Way SE #300, Calgary, AB T2G 0E6|
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Finding the cheapest home insurance quote in Calgary begins with the simple task of comparison shopping. Our online tool is fast and free, offering homeowners dozens of quotes from the most-trusted providers in the country, in less than three minutes.
In addition to comparing quotes, there are many tactics homeowners in Calgary can use to reduce the cost of the home insurance:
The average premium for home insurance in Calgary was $2,486 in 2022, according to RATESDOTCA’s Home Insuramap tool. This is about 6% greater than the provincial average in the same year, $2,339.
Premiums vary considerably across the city with homeowners in the postal code region of T3A paying the most expensive premiums at $3,085 and those in the postal code region of T2X paying the least expensive premiums at $1,999.
Because of how many factors go into determining a rate, it’s hard to identify which one is driving up a premium. Rates tend to be higher in neighbourhoods that are vulnerable to perils such as flood, earthquake, landslide and forest fire.
Since each have affected city residents in the past, we recommend that Calgary homeowners seriously consider adding endorsements to their policies so that their homes are adequately protected.
Damage to Calgary homes from severe weather is a significant risk. The city has experienced historic storms, floods and fires with record payouts for insured damage, according to the Insurance Bureau of Canada. For example, three of Canada’s top ten highest loss years on record were due to severe weather in Calgary.
Since flood protection is an exclusion on most home insurance policies, we encourage Calgary homeowners to add water protection to their policies. This can be done by adding overland water and sewer backup endorsements. Some providers offer this coverage in the form of a water protection package. To be certain of adequate protection, we recommend that homeowners take the time to carefully review what water protection they’re adding to their policies
Yes. Homeowners who rent should alert their provider to avoid having a claim denied. In addition, it may be prudent to update a policy so that it includes adequate liability protection for a landlord, particularly if a renter is injured on the property.
As soon as a homeowner is aware of damage to the home, we recommend they contact their insurance provider. They will guide the process of filing a claim. In addition to clearly understanding the policy, the homeowner will have an advantage in the claims process when they’ve kept an inventory of their belongings. This can be done with a video and/or a spreadsheet that highlights each item as well as its value. There are also many apps that help homeowners inventory their belongings.
When purchasing a policy, a homeowner will have to decide whether they’d like to be financially compensated for the replacement cost or the item or its actual cash value. The former means that the homeowner will be compensated for the current value of the damaged item while the latter means that they’ll receive compensation for the current value. For example, if a homeowner who has opted for actual cash value loses their five-year-old computer in a house fire, they’ll receive compensation for the current value of a five-year-old laptop.