Living in Sherwood Park is a great alternative if you don’t want to live in the big city but still want to work there. Just a 20-minute drive from the Edmonton city centre, Sherwood Park houses a vibrant community with abundant green spaces usually found in small towns.
While Sherwood Park is close enough for you to reliably commute to Edmonton for work, there are also great opportunities in the hamlet itself. Sherwood Park hosts the largest petrochemical processing area in the nation, so energy sector workers are generally in high demand.
You’re spoiled for choice when it comes to homes in Sherwood Park. From affordable starter homes to luxury dwellings, you’ll find them all. Sherwood Park also boasts modern amenities like excellent schools, various recreational activities, and a thriving arts scene with frequent community showcases at the Festival Place theatre.
Quote data from MyChoice.ca, December 2024
What Risk Factors Affect Homeowners in Sherwood Park?
Sherwood Park is often exposed to extreme weather. Here are some common risk factors homeowners in Sherwood Park should watch out for:
Severe Event Probability in Sherwood Park
On July 31, 1987, the lethal Edmonton tornado and associated storms extended east toward Sherwood Park, bringing damaging winds and hail.
Below are the MyChoice severe event probability scores for Sherwood Park, 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 Sherwood Park Usually Cost?
Home insurance in Sherwood Park costs around $1,030 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, December 2024
Housing Data in Sherwood Park
Choosing to move homes is a big decision, so you need to do some research before committing. Is living in Sherwood Park right for you? Here’s a look at key housing statistics from the 2021 Census of Population.
Since there’s no dedicated census profile for Sherwood Park, we’ll use the statistics for Strathcona County, where it resides.
Average Home Price in Sherwood Park by Dwelling Type
The price for a single detached house in Sherwood Park is $509,000, above the provincial average of $367,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $509,000 |
| Semi-Detached | $435,000 |
Sherwood Park Population Growth
The population growth in Sherwood Park was at 3.37% in five years since 2016.
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 Sherwood Park. 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 Sherwood Park?
There are many risks to your Sherwood Park 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 Sherwood Park to make the right decisions.
You technically don’t need home insurance in Sherwood Park, 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 Sherwood Park
Visit our provincial page to view the list of recommendations on how to get cheaper home insurance.