Affordable Home Insurance in Cochrane

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. With all the wildfires burning near Cochrane, Environment Canada issued a poor air quality warning for the area in May 2023.

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 don’t happen too often in Cochrane, but you should still be vigilant since it can do a lot of damage to your residence. Take the last major flood in 2013, for example. It caused an estimated $1 million in damage for the town.

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.

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.

59.8% of Cochrane’s 12,095 households live in single-detached homes, making them the most popular dwelling type in the city. Row houses are the second-most popular dwelling type, with a 14.9% share of households, followed closely by semi-detached houses at 14.3%. High-rise apartments in Cochrane are nonexistent, so the only apartment choices for residents are duplexes and low-rises.

Judging from the 25% sample data taken from the census, most households in Cochrane own their homes. Homeowners comprise 83.7% of the city’s households, while renters are in the minority with 16.3%. However, condominium residents comprise roughly one-fifth of the city’s households at 21.4%, with the remaining 78.6% living in non-condos.

While Cochrane was founded in 1881, most homes in Cochrane are relatively new. The largest portion (25.1%) of the city’s households live in homes built from 2011 to 2015, while the second-largest portion (19.7%) live in homes built between 2016 and 2021. People living in homes built before 1960 are incredibly rare, with just 175 households.

Due to the relatively young age of the homes, Cochrane residences are incredibly well-maintained. 97.8% of households stated their homes only needed regular maintenance and minor repairs, while the remaining 2.2% needed major repairs.

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

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.

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.

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Because this is considered a preventable risk, most insurers don’t cover insect damage.

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.

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

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.

Your mortgage lender may require home insurance as part of their loan conditions. Lenders tell borrowers to get home insurance to protect their investments.

In addition to protecting your home, insurance provides liability coverage to settle legal fees if somebody gets injured on your property.