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RATESDOTCA works with a top insurance provider in B.C. to get the best home insurance quote for your property. We quickly collect key information about your home and use it to generate the best offers from our partner. Our service is fast, easy and free to use.
In B.C., having home insurance coverage is not mandatory. But if you purchase your home with the help of a mortgage, your lender may require you to have adequate home insurance coverage to protect the collateral. Having home insurance coverage in general is a smart choice, as your home is most likely going to be one of your biggest investments.
Home insurance allows you to be ready for any sudden home-related costs caused by a variety of factors such as natural disasters, fire, theft, injuries etc. which can be expensive and may put your assets at risk when lawsuits and bills pile on. You don’t want to be solely responsible for the cost of repairs, displacement bills and liability claims, when they can be easily covered by an insurer. Your premiums are a small price to pay for such coverage, as you’ll be covered for a variety of risks. Best of all, you can choose to customize your policy according to your personal home insurance needs.
Most B.C. homeowners are aware that the province is an earthquake prone zone, with Victoria and Vancouver being densely populated cities situated on two major tectonic plates. Offshore earthquakes also occur frequently.
Earthquakes can cause extensive property damage. Even weak tremors can severely impact the structure of your home, as well as damage its contents. Damage to the structure of your home is a very dangerous problem and you cannot avoid repairing it after it occurs. A weakened structure can lead to potential injuries or deaths. Having earthquake coverage is crucial if you are living within or near an earthquake prone area. Please note, earthquake coverage is usually offered as an add-on by most home insurance companies. Ask your insurer for more details on earthquake coverage.
Forest fires are also quite common in the province which is why most home insurance policies will cover such forms of unintentional fire damage. Vancouver Island, Kelowna and Penticton face a high risk from forest fires because of the close proximity to dense forest areas. If you reside in an area that faces a risk from frequent forest fires, check if your home insurance policy includes adequate fire coverage. You can always ask your home insurance provider about the most optimal policy coverage for your home.
A standard home insurance policy in B.C. will include the following:
Homeowners in B.C. can customize their home insurance coverage by including add-ons to increase their coverage. Here are the most common home insurance add-ons B.C. insurers provide:
Your standard home insurance policy will not cover any of your property dues such as taxes or mortgage payments. Some insurance companies will also exclude coverage for natural disasters and/or outer structures built on your property. Carefully read your home insurance policy and ask your insurer for more information on policy exclusions.
B.C. insurance providers will look at the following factors to determine your insurance premium:
Frequently asked questions about home insurance in B.C.
Here’s everything you need to know about home insurance in B.C.
If you want to save money on home insurance, you shouldn’t go with the first rate you find. Try using an online marketplace like RATESDOTCA to find the best rate possible. You will also receive a discount if you bundle your home insurance policy with your auto insurance policy. Bundling can save you anywhere from 10-15% on your overall insurance premium. Ask your insurance provider for more details on insurance bundles.
If you decide to switch home insurance providers to reduce your premium or extend your coverage, you may be charged a cancellation fee by your existing provider. If you want to avoid paying such charges, try switching providers after your existing policy expires.
In B.C., home insurance is regulated by the BC Financial Services Authority (BCFSA). The BCFSA regulates both insurance companies and rate changes.
More and more people are now renting their home, or parts of their home out as a short-term Airbnb. If you decide to do so, ask your home insurance provider if your policy coverage applies to such rental use. Some policies become void when you use your home for such commercial purposes. You’ll be most likely required to purchase additional coverage for Airbnb usage. Please consult your insurance provider to learn the coverage options.
As a B.C. homeowner, having home insurance coverage is not mandatory. But if your mortgage lender requires you to have home insurance as a condition for the loan, you will need to have a policy in place. Home insurance is highly recommended to have as its advantages outweigh the costs.