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.
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.
Property insurance costs vary widely due to differences in property type, location, contents value, and coverage options. Here’s a breakdown of 2024 costs.
| 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 |
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.
| 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 |
| 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 |
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.
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.
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