Affordable Home Insurance in Fort McMurray

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. The May 2016 fire in Fort McMurray illustrates how dangerous unchecked wildfires can be. Unusually hot and dry weather conditions led to a fire that caused over 88,000 people to evacuate their homes. It was the largest wildfire evacuation in Alberta’s history.

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. How dangerous is an ice dam flood? The March 2020 flood in Fort McMurray resulted in the evacuation of 13,000 residents and claimed the life of one person.

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.

Out of the 24,505 surveyed households, 46.8% live in single-detached houses, making them the most popular dwelling type in Fort McMurray. Low-rise apartments are the second-most popular dwelling type, with 5,610 households or a 22.9% share. Due to the number of seasonal workers in Fort McMurray, movable dwellings are also relatively popular, with 2,400 households or a 9.8% share of the total population.

Based on the 25% data taken by the census, two-thirds (66.5%) of Fort McMurray’s households are homeowners, while the remaining one-third (33.5%) are renters. A little over a quarter (28.2%) of Fort McMurray households live in condominiums, while the remaining 71.8% live in non-condos.

There’s a relatively even spread of home construction periods across Fort McMurray’s history. Most of the city’s residents live in homes built between 2006 and 2010 (19.9% share) or between 1961 and 1980 (19.5% share). Meanwhile, residents of older homes are quite rare, with just 325 households (1.3% share) living in homes built before 1960.

While the age of homes in Fort McMurray varies greatly, they’re almost universally well-maintained, with 94.8% of households saying their homes only needed regular maintenance and minor repairs. Meanwhile, the remaining 5.2% said their homes 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.