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January 28
This ppl are amazing and very…
This ppl are amazing and very understanding my situation. The costumers Services...
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January 28
Excellent service
Excellent service, very professional and helpful. Waiting for the response from ...
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January 24
Excellent and efficient
Excellent and efficient, friendly service.
Lola
January 24
choice!!!!!
choice!!!!!
chrischristoff
January 23
It was quick and precise info which led…
It was quick and precise info which led me directly to lowest insurance premium ...
SLAWOMIRPODLESNY
January 22
There service is great
There service is great, I have no complaints. 👌
HeronBeckford
January 22
Great experience and got a good deal on insurance
Great experience gotta good deal on insurance an agent was very good at his job,...
OLIVER
January 21
Preparedness on behalf of contact team
Preparedness on behalf of contact team
TerryPetznick
January 20
Great customer service!
Great customer service!
Ron Zeraldo
January 18
The company was very quick and…
The company was very quick and efficient at getting someone to help me with a qu...
Susan
January 17
Very prompt service and friendly staff
Very prompt service and friendly staff
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January 14
Excellent service
Excellent service, fast, easy and saved over $600 a year!!
RobTurner
January 13
Extremely quick and helpful response
Extremely quick and helpful response
KrisEggleton
January 12
Simple to use website.
Simple to use website. Range of prices for different companies . Very quick foll...
Roy Bucciol
January 11
Representative was very professional…
Representative was very professional and answered all my questions.
tek
January 6
Very professional and have patience…
Very professional and have patience answering my questions
ReynaldoBautista
January 5
timely response straitforward discussion.
timely response. straitforward discussion.
garnetmoore
December 31
Professional knowledgeable staff
Very quick response to my application. Professional knowledgeable staff. Smoot...
Jamie Hotrum
December 22
Barrett was extremely helpful and…
Barrett was extremely helpful and patient! I just moved back to Ontario and he h...
Leiah Otten

Calgary home insurance

Unlike auto insurance, home insurance is not legally required in any province or territory. However, most mortgage lenders require prospective borrowers to purchase it.

Getting home insurance is also good for your own peace of mind. Climate change is causing more severe weather, and it's happening more frequently. In Calgary especially, flooding, forest fires, and torrential hailstorms have resulted in millions of dollars of damage. Home insurance can help you avert financial disaster if one of these perils strikes your neighbourhood.

Home insurance covers the structure of your home and its contents. Still, there are other surprising things that it covers: spoiled food, lawsuits from people who have injured themselves on your property, identity theft, counterfeit cheques or money, theft in dorm rooms, and even the cost of lock replacement.

Who regulates the home insurance industry in Calgary?

Home insurance prices are unregulated in Calgary and across the country. This is different from auto insurance, which is very tightly regulated, and where insurers need approval from a government body before they can increase their prices.

Premiums are one of the primary sources of revenue for insurance providers, with the second being investments. Insurance companies raise premiums when the return on investments is low, and claims are high. They let the free market dictate the prices they charge, as they don't need to ask permission from a regulatory body before they increase rates. Home insurance prices grow faster than auto insurance prices.

While home insurers may be free to let the market dictate prices, they still need to follow the legal framework set out in the Alberta Insurance Act.

They are also overseen by a few regulatory watchdogs at two levels of government. The Insurance Companies Act is the primary legislation governing all federally incorporated or registered insurance companies in Canada.

The Office of the Superintendent of Financial Institutions (OSFI) regulates home insurance companies' solvency and financial soundness.

The Alberta Superintendent of Insurance licenses insurance companies, regulates insurance products and market conduct (underwriting, rating, claims, and marketing practices), and oversees the solvency and financial soundness of the companies incorporated in their province.

Finally, if you have a complaint about your home insurance provider, you can file it with the provider's ombudsperson. The Alberta Superintendent of Insurance maintains a list of all the dedicated ombudspeople. If you're unsatisfied with the outcome, there is a national organization, the General Insurance OmbudService.

Different types of home insurance coverage in Calgary

A basic home insurance policy covers a wide range of scenarios.

Property coverage

Home insurance will help pay to repair your home if it is damaged by an insurable event. It will only pay for the replacement costs, like materials and labour — market value isn't factored into claim settlements.

Contents

Personal effects are also covered by home insurance, depending on the level of protection you purchase. Valuable items like jewelry and art are not often covered by home insurance policies; you will have to request additional coverage for these items.

Additional living expenses

Home insurance will pay for temporary accommodations if your home is damaged by an insurable peril, like a forest fire. It will also pay to replace your food if the food in your fridge spoils due to power outages.

Types of home insurance policies

Comprehensive coverage:

Comprehensive insurance is the most extensive (and expensive) home insurance product you can buy.

Your home and its contents are protected from all insurable risks. Uninsurable perils are not covered by any insurance policy. These refer to losses that could have been avoided if the proper precautions had been taken. For example, you can't get coverage for flood damage if your house was built on a flood plain.

Perils such as earthquakes and sewer backup are not automatically included in a comprehensive policy, but you can buy coverage for them separately.

Broad home insurance

A broad home insurance policy provides all-perils coverage to your home (the structure) and named perils coverage to your contents. Some home insurance providers refer to it as 'standard' home insurance.

Basic home insurance

The least amount of coverage available. Usually recommended for uninhabitable buildings – like a home construction project in the works.

It only protects you against the perils you name in your policy. If a peril isn't stated in your policy, you're not covered for it. Also known as a limited or no-frills policy.

Common home insurance add-ons and endorsements

Optional add-ons increase your coverage against specific perils. These are some of the most common ones you can purchase for your Calgary home.

Endorsements are insurance coverages that do more than increase the list of things you're covered against; an endorsement amends the terms of your policy. So, your base policy might exclude something, but an endorsement will override it. Endorsements can also be used to lower your premium in the case of glass breakage endorsement. These are some of the most common endorsements available for purchase in Alberta.

Common exclusions

There are some scenarios that a home insurance policy will never cover.

Some scenarios are listed as exclusions, but there are optional insurance products you can add that will cover you.

What kind of home insurance do you need in Calgary?

Standard homeowners insurance in Calgary comes in four forms: comprehensive, basic, broad, basic and no frills.

Comprehensive - This home insurance policy offers the most coverage of all the options. It provides financial protection for your property and belongings in all circumstances except ones that are expressly excluded (usually predictable events).

Basic: This policy covers common perils but only ones explicitly named in the contract. This includes, but is not limited to, fire, lightning, theft, explosions, and falling objects.

Broad: A policy that falls between comprehensive and basic insurance regarding how much coverage it provides. This type of insurance offers comprehensive coverage if your home's structure is damaged. It will provide basic coverage for your home's contents.

No frills: This policy typically only covers your home in the case of fire and a handful of other perils — making it the most bare-bones policy you can get. People usually get no-frills insurance when their homes have structural issues that make them ineligible for even a basic policy. No-frills insurance can protect your property and belongings while making repairs. You can, and probably should switch over to another type of policy once your home is up to your home insurance company's standards.

When buying a policy, ask your broker or insurance agent about add-ons you can buy to tailor your policy to your unique needs. Additional or optional coverage can be purchased for things like sewer backup, flooding, earthquakes, fine jewelry and home-based business equipment. These will top up the limits on these items in your regular home insurance policy. Purchasing extra coverage will likely increase home insurance premiums for Calgary residents. Still, it will ensure that your assets are adequately protected.

How we find you the best home insurance in Calgary.

Unlike auto insurance, home insurance isn't something you technically need to have; it's not mandatory in Calgary, nor is it required under Canadian law.

But there are many reasons why getting home insurance is a smart move, the most basic of which is that you will receive financial compensation if a fire or natural disaster damages your home. The amount you've spent on your home is almost certainly much more than you'll ever spend on a car. So why protect one and not the other? That's why finding the right home insurance in Calgary, Alberta, is so important.

Because Calgary homeowners are such a diverse group, there's more than one option for home insurance, depending on whether you're a homeowner or a condo dweller. Location is another factor that impacts what kind of home insurance is available to you and what you need from a home insurance policy.

That's why we're focusing on one city — Calgary — and what home insurance options you should consider if you live there. Every town has its unique set of perks and challenges. With its long, frigid winters and Chinook winds, Calgary is no different.

Here at LowestRates.ca, you can compare home insurance quotes from Calgary's top home insurance brokers and agents in just a few minutes. All you have to do is select your preferred quote, and a Calgary home insurance provider will be in touch to help you secure it. Not ready to fill out a form? No problem. We answer some of the biggest questions you may have below.

Factors that determine your home insurance quote in Calgary

Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.

Here are the criteria insurance companies look at when calculating your premium.

Risk factors for homeowners in Calgary

While property insurance in Calgary doesn't differ significantly from property insurance in other cities, there are some specific risks to be aware of.

Freezing temperatures. Winter temperatures in Calgary can dip well below freezing, leading to frozen pipes, cracks in the structure of your home, and more.

Snow. Snow in Calgary can fall as early as September and typically does not stop until April or May. Anyone who's had to shovel snow will know that the white stuff only seems light until you have to lift it. Harder-to-clean places like your roof will likely suffer as it accumulates through the fall, winter, and spring.

Flooding. Much of Alberta was ravaged by catastrophic floods after a rainstorm in 2013, which displaced 100,000 people. As the province's largest city, Calgary was hit especially hard, making it clear that the city is prone to large-scale flooding.

Outline of a house. Illustration.

See how our customers save big on home insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from January 30, 2023
Type of home
Detached 1,333 sq ft
Location
Calgary
Previous claims
None
Lowest Rate
$96/mth
$1,153/yr
Average rate
$197/mth
$2,360/yr
Saved
$101/mth
51.00%
Quote from January 30, 2023
Type of home
Detached 2,036 sq ft
Location
Calgary
Previous claims
None
Lowest Rate
$131/mth
$1,576/yr
Average rate
$284/mth
$3,408/yr
Saved
$153/mth
54.00%

How comparing home insurance quotes works. Hint: it’s free!

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When you find the best quote, secure your Calgary home insurance rate by talking to a licensed broker or agent.

 

Tips on how to lower the cost of your home insurance policy in Calgary

Getting insurance for your home is easier than you think. To get the lowest rate possible, the Financial Consumer Agency of Canada recommends following these steps when shopping for home insurance.

Compare home insurance quotes from various providers.

Ask your broker or agent about bundling your home and car insurance policies.

Ask your broker or agent about which discounts you qualify for.

You might be able to further reduce your by increasing your deductible (the amount you pay toward a claim before your insurance kicks in) and by offering to pay your insurance bill annually instead of monthly.

Increasing your deductible is a great way to save on home insurance in the short term, just make sure you have money reserved for this purpose. Focusing on finding cheap quotes isn’t always a good idea. Having the right amount of coverage — now that should always be the goal.

Frequently asked questions about home insurance in Calgary

How much is home insurance in Calgary?

It's difficult to say precisely what your home insurance price in Calgary will be. Because insurance is a custom product, your costs will depend on the home insurance company you choose to work with in Calgary. Furthermore, the average cost of home insurance in Calgary probably wouldn't be an indicator of what you'll pay. Home insurance rates will vary based on the age, construction, and electrical wiring of your home and other characteristics of your home and neighbourhood.

One of the fastest ways to get a Calgary home insurance estimate is to fill out a form on a rate comparison site like LowestRates.ca. The details of your circumstance — your home's location in Calgary, risk tolerance, and deductible — play a significant part in determining your home insurance rate. Also, home insurance companies underwrite risk differently. Insurance companies now weigh hundreds of factors to determine your premium, resulting in wide price variations. Rate comparison sites like LowestRates.ca simplify the process for you. We compare the home insurance market in Calgary and show you rates from 50+ insurance providers.

What can you do to save on home insurance in Calgary?

Due to climate change and increasingly frequent and expensive home insurance claims, home insurance prices are rising in Canada. Saving on home insurance is more important than ever. Here are some tactics you can use.

  • Bundle your home and auto insurance policies: Buy your car and home insurance from the same company. It can result in discounts of 5-15%.
  • Get your credit score up: Home insurance companies in Alberta check your credit score to determine how much they should charge you for coverage. Applicants with high credit scores get preferred rates. Insurers are restricted from checking auto insurance credit scores, but there aren't any rules against it for home insurance.
  • Buy the appropriate amount of insurance: Work with an insurance professional to determine your risk tolerance; this will guide how large of an insurance policy you buy. The more basic the coverage, the cheaper your premiums will be. But reducing your coverage means you'll pay for goods and services out of pocket if something goes wrong, so make sure you have a plan to deal with that.
  • Take care of your home: Home insurance companies won't pay for damage caused by neglect. To avoid having a claim denied, keep your home in good repair.
  • Increase your deductibles: If you file a claim, your home insurance company will expect you to chip in on the cost. The amount you pay is called a deductible. Suppose you change your policy to pay more than the original deductible. In that case, insurance companies will lower your premium since you're taking on more of the cost.
  • Install safety devices: Taking steps to lower the likelihood of filing a claim with your insurance company will help lower your premium. With water damage being the most common type of home insurance claim, a water-leak sensor is one of the best items you can invest in. These smart-home devices will alert you to the first sign of water damage in your home, which will contain the extent of the damage. Other worthwhile investments include carbon monoxide and smoke detectors and burglar alarms. If you make security upgrades of any kind, be sure to let your insurance company know about them. They can't issue a discount if you keep it to yourself.
  • Pay upfront: If you can afford to, paying for a year's worth of coverage as a lump sum is cheaper than splitting it up over 12 payments. It saves the insurance company money on administrative expenses.
  • Compare home insurance quotes: Finally, the most effective way to immediately lower your insurance costs is to compare quotes. Alberta's home insurance prices are unregulated, meaning you could be overpaying for your coverage. The only way to know for sure is to compare quotes from multiple insurance companies. Luckily, LowestRates.ca makes it easy to shop around for a better rate.

What are the best home insurance companies in Calgary?

No insurance company provides flat-rate premiums because everyone's home insurance needs are different. Finding a Calgary home insurance quote online can be the fastest way to get in touch with the right provider that suits your needs.

Here are some of the home insurance companies that have been featured on LowestRates.ca:

What if I own a condo or rent? Can I still buy property insurance online?

You're in luck. LowestRates.ca offers quotes for renters and condo insurance. If you're in the market for either of these policies, you can fill out the property insurance form above and select condo or renters insurance. For more information about these products, visit our dedicated condo or renters insurance pages.

Alexandra Bosanac

Alexandra Bosanac

About the Author

Alexandra Bosanac is the Core Content Manager for LowestRates.ca. Her reporting has appeared in Canadian Business, the Toronto Star, the National Post, and the CBC.

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*Shoppers in Alberta who obtained a property quote on LowestRates.ca from January to December 2021 saved an average of 38%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes tenant and condo insurance.