The Best Home Insurance in Abbotsford

Home Insurance in Abbotsford

Home insurance in Abbotsford, BC is not mandatory but is an essential tool in protecting one of your biggest investments – your home. Protection from things like fire, theft or vandalism can save you money and emotional stress should one of those events happen. Also, most financial lending providers will not offer a mortgage to homeowners who do not have home insurance in Abbotsford.

Here are the types of home insurance you’ll find in Abbotsford, BC:

• Comprehensive or all-perils: This is the most comprehensive home insurance package you can get in Abbotsford. By choosing a comprehensive or all perils policy your home's structure and contents are covered from all insurable perils (events that the insurer has agreed to cover).
• Broad or named perils: This package is a step down from the comprehensive package. While your home’s structure is covered from all perils, the content within your home is only protected against perils that you’ve specifically named in your policy. You won’t receive compensation for items that have not been specifically covered.
• Basic: This policy offers basic coverage for properties that fail to meet the usual underwriting standards. Speak with your broker or provider for details. This type of policy is the cheapest of the three because it covers fewer perils and is lower risk to the insurance provider.

Property coverages 

A standard home insurance policy in Abbotsford will include the following:

• Property: This coverage is based on the overall replacement value of your property’s main home structure and protects from common perils such as fire, theft, and weather. Keep in mind that this policy covers replacement value, which can be very different from the market value of your home. Other areas outside the main structure of your home, such as a fence or driveway, may require additional coverage. Ask your insurer for more information.
• Contents and personal property: This coverage includes your home's contents, such as houseware, computers, furniture, and appliances, in case they get damaged, lost or stolen. For the best protection, insure your items for the right value so that your protection matches your expenses.
• Additional living expenses: If you and your family are displaced from your home due to extensive damages, you can claim temporary accommodation and food costs for that period with additional living expenses coverage.

Liability coverages 

Home insurance protects your personal liability as well.

• Personal liability: Many home insurance policies, whether basic, broad, or comprehensive, come with personal liability protection. This protects you from lawsuits and claims that may occur after someone suffers an injury on your property.

The default on most home insurance plans for personal liability is $100,000 but it is recommended homeowners have coverage for as high as $1,000,000. Depending on your policy this can go as high as $5,000,000.

• Voluntary medical payments: Covers medical costs when a person suffers an injury on your property and requires necessary medical attention. Most insurers will pay out the specified amount for up to one year from the date of the accident.

Insurers in BC offer coverage for Voluntary Medical Payments that typically range between $5,000 – $10,000, and there is no deductible.

• Voluntary property damage: Voluntary property damage coverage covers losses you cause to someone else's property even though you are not legally liable for them. This includes situations like accidentally damaging a neighbour's fence while mowing your lawn.

Most insurance companies in BC set their limits for Voluntary Property Damage at $1,000; however, this will vary according to insurer and policy and often goes as high as $6,000.