Affordable Home Insurance in Lethbridge

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. A special air quality statement was issued for Lethbridge in May 2023 due to wildfire smoke. In addition to health hazards, smoke can damage your home and belongings.

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.

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. The recent tornado outbreak in June 2023 resulted in storm warnings being issued for Lethbridge, but fortunately the warning ended soon afterwards without major weather incidents.

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.

The most popular dwelling type among Lethbridge’s 40,225 households is the single-detached house, boasting a 62.6% share of households. Low-rise apartments are the second-most popular with a 13.5% share, with duplexes coming in third at 7.6%.

Judging from the 25% sample data taken for the census, 27,440 households or 68.2% of Lethbridge residents are homeowners, while 12,785 (31.8%) households rent their homes. Condo residents are in the minority with just 4,575 (11.4%) households, compared to the 88.6% of households living in non-condos.

Out of the 25% of households sampled in this census, 26.8% of them live in homes built from 1961 to 1980. Homes built before 1960 are also relatively popular with an 18% share of households living in them. Judging from the data presented, we can conclude most homes in Lethbridge are older dwellings.

Despite the prevalence of old homes in Lethbridge, they’re exceptionally well-maintained, with 95.2% of households reporting their homes only needed minor repairs and regular maintenance. Households with homes that need major repairs made up only 4.8% of the city’s total residents.

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.