Affordable Home Insurance in Medicine Hat

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. As of May 2023, Medicine Hat city officials have been watching the development of wildfires in the province. Fortunately, there have been no major fire incidents as of October 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.

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. Tornadoes touched down west of Medicine Hat in June 2023, but the tornado watch fortunately ended without any severe 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.

Single-detached home residents make up 63.4% of the city’s 27,215 households, meaning these properties are the most popular dwelling type in Medicine Hat. Meanwhile, low-rise apartments with fewer than five storeys have the second-most residents at 5,095 households or 18.7% of the city. 

Based on the sample data taken from 25% of the city’s households, most Medicine Hat residents own their homes. The census records 70.9% of households as homeowners and 29.1% as home renters. Condo residents are in the minority with 3,825 (14.1%) households, while the remaining 23,390 (85.9%) live in non-condo properties.

Medicine Hat residents mostly live in older homes built before 2001. The largest portion of households (31.2%) live in homes built between 1961 and 1980, while the second-largest portion (17.2%) live in homes built before 1960. New homes are relatively unpopular, with just 3% of households living in dwellings built between 2016 and 2021. 

While homes in Medicine Hat are mostly old, they’re still well-maintained, as exhibited by 95.2% of households reporting their homes only needed maintenance and minor repairs. Households with homes requiring major repairs are in the minority, taking a 4.8% share.

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.