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What our users say:

April 16
The Agent was very kind and helpful!
The Agent was very kind and helpful!
Istvan Kiraly
April 16
Great customer care she is good 👍
Great customer care she is good 👍
Anthony Odia
April 15
Simple and clear!!
Fast response ! Friendly knowledgeable staff!
Kent Fewer
April 15
great rep provided all the information…
great rep provided all the information I needed to make an informed choice
KAREN FOBERT
April 12
After I got the quotes somebody…
After I got the quotes somebody followed up with me and put me trough with an ag...
Stefan Ciucas
April 12
fast responce
fast responce, great people to talk to explaining everything, What a Great web s...
Larry Rowthorn
April 10
We find a good insurance company for…car and home
We find a good insurance company for our car and home. The broker who contact us...
Juan Garibaldi
April 9
Very helpful advice and great overall…
Very helpful advice and great overall service.
mark
April 6
Easy to deal with and very helpful
Very easy, good use of technology and customer follow up was awesome
Steve Miller
April 6
Easy and friendly process.
Easy and friendly process.
shr
April 5
So good service ,,
So good service ,,, Tammy service me so so good
Son Nguyen
April 5
Very good service.
Very good service.
Tanya Neufeld Eckert
April 4
Sirvse was very good with jame thank…
Sirvse was very good with jame thank you for your help
Jawdat Salah
April 3
Fast at calling me and setting me up…
Fast at calling me and setting me up with a broker. Was very nice.
Rachelle
April 3
Easy to understand
Easy to understand. Quick quote, clear choices.
Derrick
April 2
Excellent service.
Excellent, quick, very reliable service and very good affordable prices.
Nour Wajdi
March 30
easy to work with…
easy to work with and find what I needed fast.
Pierre Duprey

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

How we find you the best home insurance in Fort McMurray

Many people have moved to Fort McMurray to take advantage of well-paying work in the area’s oil sands. However, major wildfires in the region have shown that living in Fort McMurray can come with risks. If fire damages your home and you don’t have insurance, you’ll have to pay for the cost of repairing it yourself. That can add up to hundreds of thousands of dollars. That’s why finding the right home insurance in Fort McMurray, Alberta is so important.

With LowestRates.ca, you can compare home insurance quotes from Fort McMurray’s top home insurance brokers and agents in just a few minutes. All you have to do is select your preferred quote, and a Fort McMurray home insurance provider will be in touch to help you secure it. Not ready to start a form? No problem. We answer some of the biggest questions you may have below. Read on to find out what you need to know about buying home insurance in Fort McMurray.

Outline of a house. Illustration.

See how our customers in Fort Mcmurray save big on home insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from April 14, 2024
Type of home
Detached 1,600 sq ft
Location
Fort McMurray
Previous claims
None
Lowest Rate
$86/mth
$1,032/yr
Average rate
$172/mth
$2,064/yr
Saved
$86/mth
$1,032/yr (50.00%)
Quote from April 14, 2024
Type of home
Townhouse 1,152 sq ft
Location
Fort McMurray
Previous claims
1
Lowest Rate
$81/mth
$972/yr
Average rate
$256/mth
$3,072/yr
Saved
$175/mth
$2,100/yr (69.00%)
Quote from April 14, 2024
Type of home
Detached 1,244 sq ft
Location
Fort McMurray
Previous claims
None
Lowest Rate
$97/mth
$1,164/yr
Average rate
$309/mth
$3,708/yr
Saved
$212/mth
$2,544/yr (69.00%)
Home insurance quotes are compared from CAA, Dominion Insurance, Economical Insurance, Gore Mutual, Max Insurance, Pembridge, SGI, Square One Insurance, and Wawanesa Insurance.
 

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

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.

Factors that determine your home insurance quote in Fort McMurray

Your home insurance policy will be customized to suit your needs and the property you’re insuring.

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 some of the criteria insurance companies look at when calculating your premium.

  • The square footage of your home.
  • Contents and quality of construction.
  • The location of your home.
  • Distance to a fire hydrant.
  • Your insurance claims history.
  • The age of your roof.
  • Your home’s plumbing.
  • Your home’s electrical system.

Your Fort McMurray home insurance questions, answered.

How much is home insurance in Fort McMurray?

It’s difficult to say exactly what your home insurance price in Fort McMurray will be. Because insurance is such a customized product, your costs will depend on the home insurance company in Fort McMurray you choose to work with. Furthermore, the average cost of home insurance in Fort McMurray probably wouldn’t be an indicator of what you’ll pay. Home insurance rates will vary based on the age of property, construction, wiring, and other elements.

Insurance companies set premiums according to risk. If you live on a flood plain or in an area with seasonal forest fires, you’re likely going to pay more for insurance.

The cost of home insurance in Fort McMurray has risen ever since the destructive wildfires of 2016. It’s estimated that the fire destroyed 2,400 homes, leaving thousands homeless. It also resulted in billions of dollars in damages that insurance companies had to pay out.

Major disasters like this one result in sky-high insurance claims and those costs get passed on to all consumers. Insurance companies will raise premiums to make sure that they’re properly capitalized and have enough money on hand to pay out any future claims.

It’s more important now than ever to compare home insurance rates in Fort McMurray. When a catastrophic event happens, the premiums for homeowners in the affected area may go up to cover the losses. On top of that, some insurance companies experience greater losses than others. This means that some insurers raised their premiums more than others.

One of the fastest ways to get an Fort McMurray home insurance estimate is to fill out a form on a rate comparison site like LowestRates.ca. In just three minutes, you can get home insurance quotes from 50+ of the top providers across the country.

What perils are specific to Fort McMurray?

While property insurance in Fort McMurray doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of.

  • Wildfires: Fort McMurray is surrounded by boreal forest. As summers in the region have become hotter and drier, the risk of fires has increased. It’s important to protect your home against such events.
  • Flooding: Unfortunately, Fort McMurray is often forced to contend with another form of natural disaster: flooding. The city is built on a flood plain, and has experienced several major floods in recent years. In 2016, heavy localized flooding followed a major summer rain storm.
  • Tornadoes: While tornadoes are not common in Fort McMurray, they have been known to occur, as have intense wind storms. Tornadoes are dangerous and a direct hit on a home can result in its destruction.

What does home insurance cover in Fort McMurray?

Depending on your coverage, you can be insured against a number of risks that could strike your home. Generally speaking, house insurance in Fort McMurray will cover:

  • Repairs to structural damage caused by certain types of perils.
  • A home’s contents, including the personal belongings of the home’s residents, and the belongings of guests. Personal belongings include electronics, clothing, silverware, jewelry, sporting equipment, trees and plants. However, most insurance policies do put a cap on these types of benefits.
  • Liability, which protects the policyholder and family members from lawsuits as a result of bodily injuries. The insurance policy will pay court costs up to the limit of the policy. What many people don’t know about home insurance is that a typical policy will also cover liability or negligence anywhere in North America, subject to exclusions for business and professional activities.

Generally speaking, your home insurance coverage in Fort McMurray will include the following risks:

  • Lightning
  • Fire
  • Explosions
  • Water damage
  • Smoke damage
  • Windstorms
  • Hail
  • Vandalism
  • Theft
  • Riots
  • Falling objects
  • Impact by either aircraft or vehicle

What risks won’t home insurance cover in Fort McMurray?

There are certain risks that some might assume are covered under your policy, but aren’t actually covered, or require you to buy additional coverage to be fully protected. It’s important to never assume something is covered. Always ask your broker or agent what is and what isn’t included in your policy.

Most home insurance providers in Fort McMurray won’t cover two kinds of risks: uninsurable perils and optional coverage. Some common things that are either optional or not covered under a standard plan include:

  • Damage caused by insects or vermin: Most home insurance providers do not cover this. Make sure that your home inspector checks for any infestations before you buy your home.
  • Sewer backup: Base insurance policies don’t include coverage for sewer backup, but it is available at extra cost in the form of an insurance endorsement (also known as an insurance rider). It’s something to consider, especially if you live in an area prone to flooding. It will cover you in the event a major rainstorm results in your pipes backing up and flooding your property. Repairing this kind of damage on your own can be extremely costly as removing sewage water from your home requires extensive work.
  • Overland flooding: Most policies will protect you against issues such as burst pipes. However, many homeowners falsely believe their policies automatically protect them against flooding such as when a river overflows its banks or sudden snowmelt floods your home. Overland flooding, as it is known, can often be added as an optional protection.

What kind of home insurance do you need in Fort McMurray?

Now that we’ve talked about some of the risks and optional add-on coverages available, let’s take a look at the four main types of policies. Standard homeowners insurance in Fort McMurray comes in four different forms: comprehensive, basic, broad, basic and no frills.

Comprehensive: When it comes to basic home insurance policies, this one covers the most. Comprehensive insurance is designed to cover all insurable risks to your home. It will cover the replacement value if your home is destroyed in an event such as a fire or windstorm, as well as protect the contents of your home. A comprehensive policy does not include the optional coverages mentioned above.

Basic or named perils: This will only cover you for very specific situations that you’ve stated in your policy. You won’t have coverage for anything you haven’t specifically asked for. While you’ll find fewer events covered than you would in a comprehensive policy, you’ll also pay less.

Broad: This policy aims to strike the sweet spot between comprehensive and basic. You’ll have more coverage than basic, but less than comprehensive. Your home’s structure is covered against every kind of insurable loss, while the contents of your home are only covered against perils that you specify. Check with your insurer to see what exactly will be covered with the broad policy they offer as each policy is different.

No-frills: This is the most basic level of coverage. If your home has serious issues, such as structural problems, it may be the only insurance you qualify for. While this policy will cover the cost of repairs for damages, you don’t have any, well, frills here. For instance, if you have to leave your home due to damage, don’t expect this coverage to pay for your nights at a hotel as other policies might.

As mentioned, you can buy additional coverage that may not be included in the four policy types mentioned above. These are often referred to as insurance endorsements. Make sure to speak to your agent or broker about endorsements such as sewer backup or overland flooding if you’re concerned about these issues.

What can you do to save on home insurance in Fort McMurray?

Living in a major city can be expensive, but finding cheap home insurance in Fort McMurray can help you cut costs. You can save a number of ways, including with applicable discounts or changes to your coverage. Here’s a look at potential ways to save:

  • Pay annually versus monthly.
  • Increase your deductible (this is the amount you must cover out of pocket before the insurance company pays the rest of your claim).
  • Bundle other insurance products together, such as home and auto.
  • Add security features such as cameras or intruder alarms.
  • Take advantage of alumni or professional discounts. You may receive a cheaper rate if your insurer offers favourable rates to graduates from your university or a union you belong to.
  • If you’re a senior, remember to ask if your insurer offers a discount for clients in your age range.

Finally, think carefully before filing a claim. If your claim will cost $800, weigh that against whether paying a deductible and making a claim is worth an increase in your home insurance. Insurance companies will eventually reward you with discounts for maintaining a claims-free record.

Finding affordable home insurance in Fort McMurray doesn’t have to be a struggle. Whatever your method of getting the best rate, comparison shop before you buy so you can compare current home insurance rates from Fort McMurray providers.

What are the best home insurance companies in Fort McMurray?

It’s hard to declare one company better than the others in Fort McMurray. Because home insurance can be so personalized, there’s no one insurance provider that provides the best home insurance rates to all Fort McMurray customers.

Of course, when speaking to an agent or broker, you have the right to ask questions about the advice they’re giving you. The Financial Consumer Agency of Canada recommends asking questions such as:

  • Can the agent provide references from other clients?
  • What are their training and qualifications?
  • Do they belong to a professional association?
  • How long have they been in business?
  • What services can they provide after they sell you the policy?

Finding a Fort McMurray home insurance quote online can be the fastest way to get in touch with the right provider. We ensure that every insurance provider in our marketplace is reliable. Plus, you can compare a number of home insurance providers on LowestRates.ca to see which one is offering you the best price and coverage for your needs.

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

You’re in luck. LowestRates.ca offers quote comparison services to renters and condo owners. If you’re in the market for either of these policies, just select the type of policy you want. . If you’re looking for more information about either of these products, visit our condo insurance and renters insurance pages.

Jessica Vomiero

Jessica Vomiero

About the Author

Jessica is the former Associate Editor for LowestRates.ca. Before joining the team, Jessica worked as a National Online Journalist with Globalnews.ca and previously spearheaded the launch of the Business Section at one of Canada's largest technology websites, MobileSyrup.

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*Shoppers in Alberta who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 36% 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 condo and tenant insurance.