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How we find you the best home insurance in Red Deer.

Located about halfway between Calgary and Edmonton, Red Deer is the third most populous city in Alberta.

Whether you are new to the area, downsizing, low or high income, if you have a mortgage, you'll need home insurance.

A home insurance policy usually covers four incidents on the insured property — interior damage, exterior damage, loss or damage of personal assets or belongings, and injury that arises while on the property.

Read your policy carefully and make sure you understand what is and isn't covered and be sure to shop around for the lowest rate.

Your home insurance questions, answered.

How much does home insurance cost in Red Deer?

Every homeowner's insurance policy will be different. Prospective homeowners should use online tools such as comparison sites to apply for an insurance quote for a general sense of the potential cost and shop for the best deal.

Insurers weigh a multitude of risk factors to determine your premium, that’s why when you compare quotes, you’ll see some variation in price.

Insurers analyze risks to figure out how likely it is that you – and others in the same circumstances – will need to make a claim.

For example, where you live has a big impact on your premium. Insurers track the number, type and cost of claims by neighbourhood. By referencing past experiences, they understand your neighbourhood’s unique circumstances and how likely it is that you may have to file a claim.

Another example is your personal claims history. Past claims are often an insurers’ best predictor of future claims activity.

What risks are specific to Red Deer?

Severe storms have caused millions of dollars worth of damage in Red Deer and its surrounding areas, so it’s important to understand the area’s weather risks to ensure you have adequate coverage.

  • Flooding. Red Deer officials declared a local state of emergency after a thunderstorm in 2017 resulted in more than $30-million in insurable damage. Massive floods in Alberta that affected Red Deer and surrounding areas in 2013 were the second most costly disasters in Canadian history for insurers, resulting in $1.8 billion in insured damage.
  • Wildfire. Wildfires in Alberta have burned more land in 2019 than any year in the past four decades, according to data from Alberta Wildfire. If residents have to leave because of a mandatory evacuation order, most home insurance policies will provide coverage for additional living expenses for a specified period of time.
  • Wildfire smoke. Smoke from the wildfires causes poor air quality and reduced visibility. Furniture, walls, and windows in your home can also be damaged, so some insurance to protect your contents might be valuable.
  • Storms. Instances of severe weather such as tornadoes, windstorms and hailstorms were also up in 2019. Home insurance covers damage to the structure of the building, broken windows, damaged contents and cleaning up debris from the wind.
  • Snow and ice. In Red Deer, the winters are freezing, dry, and windy. Heavy snow and freezing weather can cause damage to property from falling ice and flying debris, and potentially to contents, from burst water pipes. As insurance guidelines vary between insurers, Red Deer residents are advised to check with their provider on their current level of coverage or limitations.

What risks does home insurance cover in Red Deer?

Generally speaking, home insurance covers the following risks:

  • Fire is covered, but only if it was accidental or caused by external elements.
  • Water damage coverage includes protection against sudden and accidental water damage caused by events, such as (but not limited to) the escape of water from a waterbed, aquarium or appliances or heating, plumbing, sprinkling, and ruptured air conditioners. Water damage is generally not covered when it's the result of overland flooding. However, some insurers are now offering overland flooding coverage, but you have to pay extra for this coverage.
  • Home insurance policies offer personal liability which can protect you if you’re robbed while out and about.
  • Vandalism coverage applies to unoccupied homes but not to vacant homes. An unoccupied home still contains the personal property of the policy owner, but the property owner is absent.

What risks won’t home insurance cover in Red Deer?

Unfortunately, events that your insurance company considers predictable and related to the maintenance of your home aren't covered.

  • Water damage isn't covered if its from a source outside your home, such as overland flooding.
  • Sewer backup isn’t typically covered. Sewers can backup during periods of heavy rainfall, when the city sewer system can simply not handle excess water, causing it to overflow into your home. Installing a sewer backwater valve to prevent sewer backup from flowing into your basement.
  • Internal water damage from burst pipes due to the very cold winters. Occasionally, burst pipes are covered when it’s sudden and accidental.
  • Earthquakes and other natural movements of the earth are not typically covered by insurance policies.

What kind of home insurance do you need in Red Deer?

The following are the four basic types of home insurance:

Comprehensive - Also referred to as a special or all-perils policy. A comprehensive policy provides the most coverage. It covers all risks to your home and contents except for any risks named in your policy as exclusions.

Basic or Named Perils - Also known as a standard policy it only covers the risks to your home and contents that are named in your policy.

Broad - Also referred to as a broad-form policy. A broad policy covers the structure of your home against all insurable risks, minus all the standard exclusions (e.g., overland flooding, earthquakes, intentionally-set fires, etc.). Your contents, however, are only covered against risks that you specify. A broad policy is a cross between comprehensive and named perils policies.

No-Frills - A no-frills policy provides the least amount of coverage. It offers very basic coverage for homes that don’t meet the usual standards for insurance. For example, if your home has physical issues or is being remodelled an insurance company may only offer you a very limited no-frills policy.

Red Deer residents can use the following insurance endorsements to manage risks that are not covered as an add-on to their policy at an extra cost:

  • Overland flood insurance. Overland flooding happens when rivers or lakes overflow their banks due to heavy rainfall or melting snow and ice.
  • Earthquake insurance covers loss and damage to your home and contents. It may also cover additional living expenses if you can’t live in your home after an earthquake.
  • Guaranteed replacement cost ensures that you receive the full amount needed to repair your home or replace contents, without any reduction for depreciation, to the limit insured. For example, if someone steals your old TV, your insurance provider will pay for a new one of similar make and quality.

What can you do to save on home insurance in Red Deer?

Insurance premiums vary depending on your age, the type of coverage, the amount of coverage, your insurance history, and other factors.

Insurance companies are all about risk assessment. The higher the risk a client presents, the higher their premiums will be. Still, there are ways to lower your premiums.

  • Bundling home and auto insurance.
  • Installing and maintaining a security system and smoke alarms.
  • Seniors’ discount or other discounts based on age
  • Membership or employment with particular organizations, like unions or post-secondary institutions, can get special lower rates for group coverage.
  • Loyalty discounts for existing insured clients.
  • Shopping around and comparing quotes.

What are the best insurance companies in Red Deer?

There are a number of factors to consider when picking your insurer.

Every insurance company sets up its own claim-paying process so it’s best to do your own research and choose a reputable company and broker to review the right policy for your property, location, and financial needs.

These are some other things to consider to vet insurers:

  • Contact the Alberta Superintendent of Insurance to verify that a company or agent is licensed and in good standing.
  • Verify whether complaints have been made against them with the Alberta Insurance Council.
  • Pick an agent or broker that takes the time to answer you questions and doesn’t try to pressure you into signing right away.

Here’s a list of some of the major home insurance companies operating in Red Deer:

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