Wetaskiwin Home Insurance Rates
Owners of residential property in central Alberta need home insurance to cover the cost of damage due to covered perils. Wetaskiwin has a total crime rate that is 469% higher than the national average, and this area is also prone to severe storms and wildfires. Find out more about options for Wetaskiwin home insurance to discuss with a HUB International insurance broker.
Why Wetaskiwin Homeowners Need Coverage
Wetaskiwin has a population of 12,594 as of 2021 and is home to 3,020 single-detached houses and 405 semi-detached houses. The average home price in this area is around $200,000, which makes maintaining insurance coverage advisable, given the elevated risks of property damage in this region. There are three major reasons why Wetaskiwin home insurance is a good investment:
- Crime rate: As of 2020, the rate of total crime in Wetaskiwin was 24,036 per 100,000 people, compared to a rate of 6,391 per 100,000 people across Alberta. Property crime rates are significantly higher than violent crime rates, and the right home insurance policy can protect policyholders against damage and loss.
- Severe storms: In recent years, severe thunderstorms with heavy rainfall, strong winds and hail have damaged residences in Wetaskiwin County. Storms and tornadoes pose significant property damage risks that the right insurance policy can cover.
- Wildfire risk: An Alberta Emergency Alert was issued on May 5, 2023, for a wildfire near Range Road 70, which is close to the southern border of Wetaskiwin County. Home insurance can limit the financial consequences associated with the mounting risk of wildfires.
Customize Wetaskiwin Home Insurance
A HUB International insurance broker can help homeowners in Wetaskiwin get the right level of insurance coverage. In addition to helping property owners choose between comprehensive, broad or standard policies, we can also recommend options or endorsements to offer more peace of mind. Find out more about some of the most popular options for home insurance in central Alberta:
- Additional expenses: Some home insurance policies cover additional living expenses in the event that a policyholder has to temporarily relocate due to damage caused by a covered peril. Ask a HUB broker about policies that provide this benefit.
- Personal liability: Liability coverage offers protection from financial risk in lawsuits over injuries or property damage to third parties that occur on a policyholder’s property. Check the liability coverage limits under a home insurance policy to decide whether to obtain more coverage.
- Replacement cost: Many home insurance policies only cover actual cash value. After depreciation, payouts may not cover the full cost of replacing damaged or lost property. Guaranteed replacement cost coverage accounts for the full cost of repairing a home or replacing contents.
- Scheduled articles: Extra coverage for valuables in a Wetaskiwin home can justify slightly higher premiums. Home insurance policies often have low limits for contents that may not cover expensive items such as collectibles, electronics or jewellery.
- Umbrella policies: Additional liability coverage can provide more protection at home or on the road. Talk to a broker about policies that protect against third-party claims of injury or damage.
The average annual cost of insuring a home in Wetaskiwin is between $1,500 and $2,700, based on the property. Exposure to risks, especially with regard to crime, makes home insurance a smart investment in protecting property value.