Owning or renting a property in Alberta brings important responsibilities: Like property insurance. In 2024, Armour Insurance analyzed data on home, condo, and tenant insurance premiums to provide a general picture of property insurance costs in Alberta. By sharing these insights, we aim to help homeowners, condo dwellers, and tenants understand their coverage needs and get a baseline for protecting what matters most.
What is a Part of property Insurance Policies?
Property insurance policies consist of mutliple different types of coverage that are specific to individual insurance companies. The main types of coverage are liability, contents, dwelling, outbuildings, and additional coverages.
- Liabilility insurance is the foundation of all property insurance and Armour has a $2 million minimum for liability on all policies. More information on how your property liability insurance protects you is available here.
- Contents coverage is for your belongings and is generally a component of all property insurance policies. Everything inside your home including furniture, electronics, appliances, clothing, jewelry, bicycles, and much more.
- Dwelling Coverage is the physical structure of your home from covered events and is not a part of tenant insurance. Condo insurance may or may not need to include dwelling coverage depending on your condo fees.
- Outbuilding Coverage is for the physical structures on your property that are not attached to your dwelling. This includes sheds, fences, detached garages, and other buildings on your property. This coverage is generally only included for home insurance.
- Additional coverages can include: Identity theft protection, service line coverage, home services coverage, and other coverage options available depending on your property insurance type.
Property insurance costs vary widely due to differences in property type, location, contents value, and coverage options. Here’s a breakdown of 2024 costs.
How Much Is Home Insurance In Alberta in 2024?
| Average Annual Insurance Premium | $1,378 |
| Average Monthly Insurance Premium | $118.82 |
| Median Annual Insurance Premium | $1,130 |
| Median Monthly Insurance Premium | $106.09 |
| Most Expensive Annual Premium | $7,243 |
| Most Expensive Monthly Premium | $624.71 |
Why Does Home Insurance Vary So Much In Price?
Home insurance prices can vary widely due to several factors, including the property type, location, and its value. The contents you’re insuring, your chosen coverage options, and even the insurance provider play a role in determining premiums. The variability in homes and their insurance explains why there’s nearly a $6,000 difference between the most expensive policy and the average. Every policy is tailored to the unique risks and needs of each property, resulting in a wide range of costs.
A large acreage property with mutliple buildings in an area prone to flooding, is going to be considerably more expensive to insure than a small bungalow in a low risk area.
How Much Is Condo Insurance In Alberta in 2024?
| Average Annual Insurance Premium | $533 |
| Average Monthly Insurance Premium | $45.94 |
| Median Annual Insurance Premium | $529 |
| Median Monthly Insurance Premium | $45.63 |
| Most Expensive Annual Premium | $1,280 |
| Most Expensive Monthly Premium | $110.40 |
How Much Is Tenant Insurance In Alberta in 2024?
| Average Annual Insurance Premium | $400 |
| Average Monthly Insurance Premium | $34.54 |
| Median Annual Insurance Premium | $367 |
| Median Monthly Insurance Premium | $31.65 |
| Most Expensive Annual Premium | $1,171 |
| Most Expensive Monthly Premium | $101.00 |
Why is Condo Insurance and Tenant insurance so similar in Price?
Condo insurance and tenant insurance are often similarly priced, as seen with a mere $133 difference in average price. While it might seem like condo insurance should cost more since you own the property, condo fees typically include insurance for the building itself. As a result, the primary differences between the tenant and condo policies are the upgrades a condo owner may have added, such as custom finishes or renovations. Otherwise, both types of insurance typically include similar coverage for personal contents and liability, keeping their costs relatively close.
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Conclusion
Whether you’re protecting a home, condo, or personal belongings as a tenant, having the right insurance offers peace of mind and financial security. At Armour Insurance, we’re here to help you navigate your options and ensure you have the coverage you need to protect what matters most. Ready to Armour Up? Contact us today for a personalized quote.
Notes About Data
- All data in this article has been collected primarily in the province of Alberta with less than 4% being collected from Saskatchewan.
- The average insurance premiums are calculated by the total premium paid divided by the total number of policies.
- Median insurance premiums are calculated by taking the value in the middle of the data set of all premiums.
- Monthly payments are calculated, assuming a 3.5% financing fee on the total premium.
