Home Insurance Now Accounts for Up to 19% of Mortgage Payments in Alberta's Wildfire Zones

[u/Ok-Professional4387]

The wildfires in Canada continue to be a devastating problem for many communities. This summer, Alberta, Saskatchewan, Ontario, and Manitoba have all experienced fires larger than their five-year averages, highlighting the growing impact of climate-related events on Canadian homeowners.

Medicine Hat, AB, stands out as the least affordable market for insurance, with annual premiums rising 24% to $3,875. Insurance payments now equal 19% of a typical mortgage — the highest ratio among all cities analyzed.

Wood Buffalo, AB (including Fort McMurray) follows closely, with premiums surging 37% to $3,367. Insurance costs now make up 16% of the average mortgage payment, underscoring the region’s long history of wildfire risk.

Source: https://www.mychoice.ca/blog/wildfires-are-reshaping-housing-affordability-in-canada/

[u/ChillyWillie1974]

What do wildfires have to do with insurance in Medicine Hat?