Get Cheap Home Insurance in Red Deer

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How home insurance works in Red Deer

Home insurance is not mandatory anywhere in Canada, but many lenders will only mortgage a home that’s insured. Coverage has many additional benefits, including protection for the home’s contents as well as liability protection if someone is injured while visiting the property – or, if the homeowner unintentionally causes damage to someone else’s property.

Those looking for home insurance quotes in Toronto should first consider what protection a policy offers. Regardless of policy type most cover the following:

  • Contents: Protects the homeowner’s belongings if they’re damaged by a covered peril. Expensive items such as specialty sports equipment, jewelry, fine art or a wine collection may require additional protection in the form of a ‘rider’ that’s added to the policy.
  • Property: Protects the home and surrounding buildings such as the garage if they’re damaged by a covered peril.
  • Liability: Protects the homeowner if they’re sued by someone who is injured while visiting the home; also, protects the homeowner if they unintentionally damage someone else’s property.
  • Additional living expenses: Provides coverage for expenses the homeowner assumes after being forced to leave the home due to a covered peril. For example, covers the cost of a hotel stay and food while away from the home.

Home insurance policy types

Next, we encourage Red Deer homeowners to consider how providers structure insurance policies. There are generally three types of home insurance policies:

  • Basic: Sometimes referred to as a ‘named perils’ policy because it offers protection against perils that are named in the policy. This is the most minimal coverage available.
  • Broad: Also known as a ‘standard’ policy, insures the home against all risks and insures personal property against named perils.
  • Comprehensive: Often called ‘all perils’ policy because it protects the home and its contents against all perils except any named as exclusions.

Additional coverage

Since no single policy provides coverage for every peril, many homeowners prefer to add coverage for more protection than policies provide out-of-the-box. These are considered optional coverage, ‘add ons’. They may also sometimes be called ‘endorsements.’ Some of the most popular include:

  • Earthquake: Covers the home and its contents following damage from earth movement. An earthquake endorsement also provides protection against damage from landslide, snowslide and volcanic eruption - none of which are relevant to Toronto homeowners.
  • Home-based business: Enhances the property limits and perils that are covered in a policy so that the homeowner with a home-based business can have adequate property and liability coverage. In instances where only a computer needs to be protected, a computer floater can be added to the policy.
  • Identity theft: Covers the cost of replacing stolen personal documents such as a driver's licence and passport. May also cover wages lost while away from work to replace documents.
  • Overland water: Covers the cost of damage from water that overflows from a nearby waterway such as a lake or river. Insurance providers distinguish different types of flooding – one of which is overland flood.
  • Sewer back-up: Protects the home against damage from water that enters the home through an overflowing drain or toilet. Red Deer residents are not immune to such events. In June 2022, three days of continuous rain with some areas seeing as much as 60 millimeters of rain. Average estimates for mitigation or restoration were between $20,000 to $25,000 according to local press accounts of the weather event.

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How much does average home insurance cost in Red Deer

According to RATESDOTCA’s Home Insuramap tool, the average cost of home insurance in Red Deer in 2022 was $2,401.33. This is slightly above the provincial average rate of $2,339.

Postal code-wide average home insurance in Red Deer

The home insurance premium in Red Deer falls at the lowest end of Alberta’s 10 most expensive postal codes. The average for the entire province is a premium of $2,271, with parts of Calgary (in the T3A 0A1 area) paying $3,085 per month.

Postal code Premium City
T4S0A1 $2,590 Sylvan Lake, Red Deer
T4E0A1 $2,527 Red Deer County
T4P0A1 $2,497 Jenner Crescent, Red Deer
T4R0A1 $2,490 22nd Street-Ivany Close, Red Deer
T4N0A1 $2,217 40th Ave-Selkirk Boulevard, Red Deer
Source: Alberta Insuramap 2022

Cheapest home insurance in Red Deer

Home insurance premiums in Red Deer and Red Deer County (the municipality that surrounds the town,) range between $2,217 and $2,590. If you live in Sylvan Lake, you will end up paying the highest home insurance premium in Red Deer at $2,590 per annum, compared with other postal codes in the area. Residents of 40th Avenue and Selkirk Boulevard pay the lowest premium of $2,217 per year in Red Deer.

Red Deer is a more rural area than other areas in the province with lower crime rates and theft. Insurance rates reflect the area and insurance claims.

How does home insurance in Red Deer compare to other cities in Alberta

Red Deer home insurance rates fall under the expensive cities category in Alberta. Edmonton has cheaper home insurance compared with other cities, while larger urban areas show the realities of big city living and the risks associated with home ownership in those parts of the province.

City Annual premium
Red Deer $2,401
Calgary $2,486
Edmonton $1,883
Lethbridge $2,652
Brooks $2,670
Medicine Hat $2,462
Fort McMurray $2,528
Olds $2,796
Peace River $2,782
Sylvan Lake $2,590

Factors that determine your Red Deer home insurance premium

Providers consider many factors when determining a rate for homes in Red Deer. In general, they’re trying to figure out how likely it is that a policy holder will file a claim. To do so, they look at details of the home as well as the homeowner:

Home

  • Distance from fire hydrant: Homes located at a distance from a fire hydrant tend to cost more to insure because insurance providers consider them more likely to be consumed in the event of a fire.
  • Roof age: Homes with older roofs may pay more for coverage while those with newer roofs may be eligible for a discount.
  • Security: Homes located in a neighborhood with a high crime rate will result in a higher premium. When homeowners take reasonable steps to mitigate risks to their home by installing security alarms (as well as smoke alarms and carbon monoxide detectors) they may receive a discount.
  • Size and condition of home: Homeowners will pay more for home insurance coverage in Red Deer when they have larger homes. Other factors about the home that insurance providers look at include the condition of the home’s plumbing, electrical and heating systems as well as the home’s overall quality of construction.

Homeowner

  • Claims history: Insurance providers consider the policy holder’s claims history to be an indication of their future behaviour. Those with a history of making claims may pay more for coverage in the future.
  • Credit scores: In Alberta, homeowners can use a favourable credit score to receive a lower insurance premium. They must consent to the credit check. By law, a bad credit score cannot be used to increase the premium.
  • Pets: Homeowners with exotic or banned pets may pay more for coverage. For example, some dog breeds known for violent behaviour may trigger an insurance provider to suggest that the homeowner requires additional liability protection in case the dog bites someone or damages property.

Top home insurance companies in Red Deer

Company Type of Company Phone Address
Allstate Insurance Insurance agency 587-802-3302 2325 50 Ave Unit 128, Red Deer, AB T4R 1L2
BrokerLink Insurance agency 403-358-6062 4311 54 Ave Suite 120, Red Deer, AB T4N 4L9
Ing & McKee Insurance Insurance agency 403-346-5547 20 Sharpe Ave #6000, Red Deer, AB T4R 0V2
Insurance Hotline Quotes comparison 1 (855) 821-7312 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
LowestRates.ca Quotes comparison 1-855-487-6911 1910 Yonge St. Suite 401, Toronto, ON M4S 3B
North Hill Insurance Insurance agency 403-314-0258 5105 76A Street Close, Red Deer, AB T4P 3M2
Progress Insurance Insurance broker 587-797-4110 5114 58 St #225, Red Deer, AB T4N 2L8
RATESDOTCA Quotes comparison 1-855-487-6911 360 Adelaide St. W Suite 100, Toronto, ON M5V 1R7
Scoop Insurance Insurance company 1-416-955-6286 300 Lincoln St. Unit 22, Welland, ON L3B 4N4
Sun Life Financial Financial consultant 403-346-2041 4950 51 Ave, Red Deer, AB T4N 7C6

Frequently asked questions about Red Deer home insurance

Find answers to all your Red Deer home insurance questions here.

How can I find the cheapest home insurance quote in Red Deer?

The easiest way to find the cheapest home insurance in Red Deer is to compare available rates. Our online tool takes less than three minutes, is free and will provide Red Deer home insurance quotes from dozens of the most-trusted insurance providers in the country.

In addition to comparison shopping, homeowners can reduce their insurance costs by bundling their policies, agreeing to a credit check and increasing their deductible. Other savings tactics include paying upfront for the full-year policy term, mitigating risk by installing alarms (security, fire and carbon monoxide detectors). It’s also important to tailor a policy to make sure that it includes the coverage they need and nothing more.

What kind of risks do Red Deer homeowner face?

As a homeowner in Red Deer, you should be aware of the potential risks your home faces, so you can customize your home insurance coverage accordingly. Here are all the different risks homeowners face in Red Deer:

  • Flooding: Flooding is quite common in the province of Alberta. Every year, flooding related damages result in millions of dollars in home insurance claims, which go towards costly repairs, temporary displacement and much more. When looking at home insurance coverage, make sure that it covers floods, as well as temporary displacement due to such causes. Temporary displacement coverage is usually an add-on coverage or part of a comprehensive home insurance policy. Ask your insurer or broker for more details.
  • Wildfire: Just like flooding, wildfires are also quite common in Alberta. Even if your city doesn’t suffer from a wildfire, the wildfire smoke from neighboring cities can damage your furniture, walls, and windows, resulting in sudden out-of-pocket expenses. Check if your home insurance policy covers wildfire related damages.
  • Storms: Storms are quite common in Red Deer, Alberta. A severe storm can deeply damage your home’s structure. Tornadoes, windstorms and damaging hail storms are known to strike Red Deer. Home insurers view these as insurable perils, so make sure you’re covered for them.
  • Harsh winters: Alberta winters include lots of snow fall, strong winds and extreme weather conditions. Heavy snow can cause several issues for homeowners, such as burst pipes and water damage from thawing ice. Having home insurance can protect you from paying out-of-pocket when such problems occur.

Do I need to update my Red Deer home insurance provider if I am running a short-term rental on Airbnb or Vrbo?

Yes, we recommend that any homeowner in Red Deer who is renting out a portion of their home – on either a short- or long-term basis – inform their insurance provider to avoid having a claim denied. In addition, landlords may consider different coverage and limits than are provided by standard homeowner policies.

How can I file a home insurance claim in Red Deer?

To file a claim when the home and its contents are damaged or stolen – or, if the homeowner unintentionally damages someone else’s property - they should immediately contact their home insurance provider.

It’s also wise for homeowners to have an up-to-date inventory of their belongings. This will make the claims process easier and eliminate potential debate during the claims process about the value and condition of the home and its contents.

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