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Home Insurance In British Columbia

What You Need to Know About BC Home Insurance

Happy to hear that you just bought your first home. You're living an exciting life right now. Being a homeowner makes you feel safe and happy. But if you want to keep the happiness and safety that come with owning a home, you need to make sure that your home is insured in BC.

Given the amount of paperwork you had to go through to buy your home, you most likely don't want to do any more work any time soon. That being said, insurance is very important. To help move things along faster, let's look at the basics of home insurance in Vancouver, BC.

How much does BC home insurance cost?

British Columbia is great because the people are nice, the scenery is beautiful, and there are lots of fun things to do (skateboarding and skiing on the same day, anyone?).

Here are some of the reasons why more and more people are leaving their homes and moving to BC.

Perhaps you've already begun to look for home insurance if you want to buy a house in British Columbia. You may be wondering things like "How much is home insurance in BC?" and "Where can you find home insurance quotes in BC?" as you begin your search.

How much does House Insurance in BC cost?

Most people in British Columbia pay between $1,500 and $1,700 a year for home insurance. That's about $125 to $142 a month.

This means that BC's average home insurance rates are about in the middle of the list of provinces. They are behind Alberta, Manitoba, Saskatchewan, and Ontario.

In British Columbia, renters insurance costs about $300 a year, or $25 a month.

How does the average cost of home insurance in British Columbia change?

There are a lot of things that affect how much BC home insurance costs.

To begin, BC is prone to many types of natural disasters, such as bushfires and strong winds. Being in BC also makes having a home more dangerous because it is a high-risk area for both earthquakes and overland floods. Please keep in mind that both earthquake and inland flood coverage are "add-ons" to your home insurance policy that you can choose to include for an extra cost.

The high number of natural disasters in BC is something that home insurance companies think about when they set rates.

On the other hand, the high number of natural disasters is not the only thing that can change your home insurance rates. When figuring out your rates, home insurance companies also look at the following:

  • Size of Your Deductible

  • The Location of Your Home

  • Value of Your Home

  • The Condition of Your Home

  • Coverage level and the number of add-ons

  • The presence of safety features

Size of Your Deductible

If a homeowner wants to lower their monthly or yearly insurance costs, they can raise their deductible. Please keep in mind that if you raise your deductible, you'll have to pay more when you file a claim on your home insurance.

The Location of Your Home

Home insurance companies consider factors like theft and damage rates in your area when figuring out your rates.

Value of Your Home

How much it costs to fix up or replace your home is directly related to its value. It usually costs more to cover homes that are worth a lot of money.

The Condition of Your Home

When your home is in good shape, it's less likely to get physical damage or building problems. This can make your home insurance rates go down.

Coverage level and the number of add-ons

You'll probably pay more for home insurance if you have a lot of extras and a lot of coverage.

The presence of safety features

Burglar alarms and other types of home security systems make it easier for people to break into your home and steal things or damage it. Your home insurance rates may go up if you don't have any security systems.

How can you get BC home insurance for less money?

In BC, home insurance can be pricey, but it doesn't have to be! If homeowners in BC want to lower their home insurance rates, they can use these tips:

Bundle your policies to save money.

People who have more than one policy often bundle them together to get lower rates. When you bundle your insurance policies with the same company, some companies give you huge discounts—some as much as 25%!

Consider purchasing a new home.

Some people can't afford to buy a new home, but if you can, it's a great way to lower your home insurance rates. Because they are less likely to have problems inside or on the outside, new homes are safer than homes that were built several decades ago.

Install a home alarm system.

As we already said, not putting up a security system on your property can make it easier for thieves to target your home and can also raise your home insurance rates. Installing a protection system can save you money on your home insurance. At Economical, we offer discounts to policyholders who do this.

Annual Pay

If you can, you should pay your home insurance once a year instead of every month. When you pay once a year, you get a discount on your premiums and peace of mind that you won't forget to make payments a few months from now.

Avoid filing minor home insurance claims.

Most of the time, people should only file a claim on their home insurance if something very bad happens to them, like a fire or damage from a wind storm. You might want to file small claims, but doing so can make your home insurance rates go up. Every time you file a claim, it gets added to your record. When figuring out your rates, home insurance companies look at how many claims you've made in the past.

Frequently Asked Questions (FAQs) about BC Home Insurance

What is home insurance, and why do I need it in BC? 

Home insurance in BC is a financial safeguard for homeowners that protects against various risks, such as damage to their property or its contents. It's essential in BC due to the prevalence of natural disasters like earthquakes, floods, and wildfires in the region.

How much does home insurance typically cost in British Columbia? 

On average, homeowners in BC pay between $1,500 and $1,700 annually for home insurance, which equates to approximately $125 to $142 per month. However, the actual cost can vary based on several factors, including your location, the value of your home, coverage level, and more.

What factors can impact the cost of home insurance in BC? 

The cost of home insurance in BC can be influenced by factors like the location of your home, its value, condition, coverage level, deductible size, the presence of safety features, and the number of add-ons you choose. Natural disaster risks in BC, such as earthquakes and floods, can also affect insurance rates.

How can I reduce the cost of home insurance in BC? 

You can lower your home insurance rates in BC by bundling your policies, considering a new home purchase, installing a home alarm system, opting for annual payments, and avoiding filing minor insurance claims. These strategies can help you save on your premiums.

What are common add-ons to home insurance in BC? 

In BC, you may need to consider add-ons like earthquake and flood coverage, which are not included in standard policies. These add-ons cost extra but are essential for protecting your home in a high-risk area.

Do renters in BC need insurance, and how much does it cost? 

Yes, renters in BC should consider tenant insurance, which typically costs around $300 per year or $25 per month. This insurance protects your belongings and provides liability coverage in case of unforeseen events.

Can I adjust my deductible to lower my home insurance premiums? 

Yes, you can raise your deductible to reduce your monthly or yearly insurance costs. However, keep in mind that a higher deductible means you'll have to pay more out of pocket when filing a claim.

How do I find home insurance quotes in BC? 

You can obtain home insurance quotes in BC by contacting local insurance providers or using online insurance comparison tools. Working with an insurance expert can help you find the most suitable coverage for your specific needs.

What safety features can help lower home insurance rates in BC? 

Installing security systems, such as burglar alarms and home security devices, can reduce the risk of theft or damage to your home, which may result in lower home insurance rates.

Should I file a home insurance claim for minor incidents in BC? 

It's generally advisable to only file a claim for significant damage or catastrophic events, like fires or severe storms. Filing minor claims can lead to increased insurance rates, as insurers consider your claims history when setting rates.