Quote data from MyChoice.ca, January 2025
What Risks Affect Homeowners in Calgary?
Calgary is often exposed to extreme weather. Here are some common risk factors homeowners in Calgary should watch out for:
Severe Event Probability in Calgary
Between June 19 and 28, 2013, southern Alberta’s costliest flood caused a massive evacuation in Calgary, with 75,000 residents forced out of certain neighborhoods.
Below are the MyChoice severe event probability scores for Calgary, based on the historical data from the Canadian Disaster Database collected since 1950. The percentages reflect the likelihood of a major event in question occurring at least once in the region in the next decade – relative to other regions and events.
How Much Does Home Insurance in Calgary Usually Cost?
Home insurance in Calgary costs around $1,788 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.
Quote data from MyChoice.ca, January 2025
Does Where You Live in Calgary Affect Your Home Insurance?
Where you live in Calgary affects your home insurance. Living in an area known for severe weather events, thefts, or other perils increases your risk, making you more likely to file insurance claims. This leads to insurers giving you higher home insurance quotes than similar homes in safer areas.
For instance, a home in a flood-prone area might land higher insurance rates than a comparable home in an area where flooding is uncommon.
The T2X postal code has the lowest average home insurance rates in the city, likely since it’s a fair distance away from the city centre. Meanwhile, T3A has the highest average home insurance rates in Calgary. T3A includes Edgemont and Varsity, which are safe and well-desired neighbourhoods, explaining its higher insurance costs.
Postal Codes With the Most Expensive Home Insurance in Calgary
T3A has the highest average home insurance rates in Calgary. T3A includes Edgemont and Varsity, which are safe and well-desired neighbourhoods, explaining its higher insurance costs.
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Calgary
The T2X postal code has the lowest average home insurance rates in the city, likely since it’s a fair distance away from the city centre.
Quote data from MyChoice.ca, January 2025
Housing Data in Calgary
As the largest city in Alberta and one of the largest cities in the country, Calgary offers lots of work opportunities. Whether you’re looking for work at one of the many companies based in Calgary or starting your own business, you’ll find fruitful employment in the city.
Economist Intelligence named Calgary as the number one city to live in Canada and the third-best city to live in worldwide. The report cited Calgary’s high-quality healthcare, vibrant culture, and excellent infrastructure as some of the reasons why Calgary is such a great place to live in.
Here’s another reason living in Calgary is great: it’s affordable for such a big city. The living cost in Calgary is 18.6% lower than in Toronto, which means you can save a lot of money. Homes are also cheaper in Calgary, with an average home price of $538,561 – that’s over $600,000 under Toronto’s average
Is living in Calgary right for you? Research can help you find the answer. To help you decide, here’s a look at Calgary’s key housing statistics from the 2021 Census of Population:
Homeownership Rate by Age in Calgary
It seems that the older population (55+) has the highest homeownership rate in Calgary, while more than two in four young adults (25-39) can afford to buy a house.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 14.8% |
| 25 to 39 | 52.7% |
| 40 to 54 | 73.7% |
| 55 to 74 | 80.3% |
| 75 and over | 80.9% |
Average Home Price in Calgary by Dwelling Type
The average price for a single detached house in Calgary is around $719,195 which is almost twice higher than the provincial average of $367,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $719,195 |
| Semi-Detached | $620,000 |
| Freehold Townhouse | $465,000 |
Calgary Population Growth
The clagary population grew 5.45% between the year 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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Calgary. 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 Calgary?
There are many risks to your Calgary 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 Calgary to make the right decisions.
You technically don’t need home insurance in Calgary, 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:
How You Can Get Cheap Home Insurance in Calgary
Looking to save money on your preferred home insurance coverage in Calgary? Visit our Alberta page for practical tips.