icon

The Best Home Insurance Quotes in Burnaby

Shop and save an average of $566* on home insurance with RATESDOTCA. Get a better rate.

Compare Burnaby home insurance quotes from providers you trust

Square One - 2022.png
SGI - 2022.png
Pembridge - 2022.png
CAA - 2022.png
Economical - 2022.png
Aviva logo
Icon - Human
Written by Katie Rook

Home insurance in Burnaby

Burnaby is a suburb of Vancouver, located in a region of British Columbia known as the Lower Mainland.

Though visitors might find Burnaby indistinguishable from nearby Vancouver, traditionally locals have appreciated Burnaby for lower real estate costs.

For homeowners interested in managing their overall living expenses, we recommend home insurance coverage, including a policy secured at the lowest available rate.

While home insurance isn’t required by law anywhere in Canada, it’s a great tool that protects the homeowner financially – and in some cases legally – if their home is damaged, or, someone is injured on their property.

Most policies include liability protection which means that if the homeowner is successfully sued by someone who is hurt while visiting their home, the medical and legal costs will be covered. In addition, the homeowner will be similarly protected if they unintentionally damage someone else’s property.

To make an informed decision about what sort of home insurance to purchase, it helps to understand the basics about coverage. Most home insurance policies include the following four components:

  • Property: Protection if the home or nearby buildings are damaged by a covered peril.
  • Contents: Protection if the contents of the home are damaged by a covered peril.
  • Liability: Protection if someone not named on the policy is injured at the home; protection if the homeowner unintentionally damages someone else’s property.
  • Additional living expenses: Coverage for living expenses if the homeowner is forced to leave the home while it’s being repaired, following a covered peril.

Homeowners must also decide what sort of coverage they want and how much of it they need. This step requires that a decision be made around package type. Most home insurance companies package their products in a similar way. They’re typically referred to in the following terms:

  • Basic: Also known as a ‘named perils’ policy, covers damage from perils named in the policy. This package type offers the least amount of protection available but is also likely to be the least expensive.
  • Broad: Commonly referred to as a ‘standard’ policy, this package offers protection against damage from all perils as well as protection for the contents of the home.
  • Comprehensive: Sometimes also called an ‘all perils’ policy, protects against home and its contents from all perils except those named as exclusions. This type of policy offers the greatest amount of protection of the three package types.

Most home insurance policies name water damage from flooding as well as damage from earthquake as exclusions. To be protected, the homeowner must add coverage to the policy. Some of the most common add-ons are:

  • Earthquake: Covers the cost of repair if the home and its contents are damaged by an earthquake or landslide.
  • Overland water: Covers the cost of repair if the home and its contents are damaged by water that has overflowed from a river or nearby waterway.
  • Sewer back-up: Covers damage from water that has entered the home from a drain or toilet.

We recommend that homeowners in Burnaby seriously consider adding each of these to their policies. Flooding is becoming more and more common in cities across the country, including those in British Columbia. Burnaby has the additional challenge of being located on a fault line and in a mountainous region making it especially vulnerable to earthquakes and landslides.

Some other common add-ons are:

  • Home-based business: Depending on the nature of work being done in the home, there are a range of endorsements a homeowner can add to their policies to protect office equipment as well as business interruption in the event of damage from a covered peril.

    While a comprehensive policy is likely to protect contents such as a damaged computer, it offers no coverage for loss of income from a business interruption. Similarly, liability protection is not necessarily extended to cover business-related activities.

    If a homeowner is running a business from the home, we recommend that it be disclosed to the insurance provider to avoid a claim being denied.
  • Identity theft: Covers the homeowner’s expenses if they need to replace personal documents if their identity is compromised.
  • Lock replacement: Covers the cost of replacing locks following a break in.
  • Mass evacuation: Covers the homeowner’s expenses if they’re forced to leave the home following a government-ordered evacuation.

How RATESDOTCA finds the best home insurance in Burnaby

Comparison shopping is one of the most effective ways to bring down insurance costs.

Use the RATESDOTCA online tool and receive free home insurance quotes for Burnaby from dozens of the most-trusted providers in Canada.

It takes less than three minutes to fill out the online form and could result in hundreds of dollars in savings each year.

Which companies offer home insurance quotes in Burnaby?

Companies Company Type Phone Address
C & N Insurance ServicesInsurance agency(604) 759-31817010 Kingsway, Burnaby, BC V5E 1E7
Insurance HotlineQuotes comparison1 (855) 821-7312360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
IQ Insurance ServicesInsurance agency+1 844-467-47474710 Kingsway #1630, Burnaby, BC V5H 4M2
Johnston Meier Insurance Agencies GroupInsurance agency(604) 299-06514525 Lougheed Hwy. P2107, Burnaby, BC V5C 0K3
LowestRates.caQuotes comparison(604) 829-3714730 Alexander St. Unit #1, Vancouver, BC V6A 1E3
RATESDOTCAQuotes comparison1 (844) 726-0907360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
Reliance Insurance Agencies Ltd.Insurance agency(604) 255-46164853 Hastings St, Burnaby, BC V5C 2L1
Scoop InsuranceInsurance brokers1 (866) 456-6620300 Lincoln St. Unit 22, Welland, ON L3B 4N4

How to get the cheapest home insurance in Burnaby

Those who would like to reduce their overall insurance costs, including what they’re paying for home coverage, should consider the following tactics to get the cheapest home insurance in Burnaby:

  • Bundling: When a homeowner purchases more than one policy from an insurance provider they may be eligible for a discount. Home and auto insurance policies are most often bundled.
  • Comparison shopping: Homeowners who take the time every year to survey available insurance premiums can save hundreds of dollars each year. We recommend that homeowners do so when their policy is up for renewal so that they can avoid paying any penalties associated with breaking a policy term.
  • Credit check: Homeowners in Burnaby have a unique savings opportunity if they agree to have their credit checked when they apply for insurance coverage. While it’s not a legal practice in all provinces, in British Columbia, consumers with a good credit score can receive a discount. A bad credit score, however, cannot result in a penalty.
  • Don’t smoke: Homeowners who don’t smoke may be able to secure savings because insurance providers consider the risk of fire to be reduced.
  • Increase deductible: Among those who are confident that they’ll have the cash available if they need to file a claim, a higher deductible can result in a lower monthly home insurance premium.
  • Pay upfront: Homeowners willing and able to pay upfront for the annual cost of a policy may be able to secure a less expensive policy.
  • Safety: Those who take steps to ensure the safety of their home may be able to get a lower premium. This can include the installation of smoke and burglar alarms as well as carbon monoxide detectors. Similarly, keeping the home in good repair will signal to the provider that there’s a low risk of a claim being filed. While most insurance policies offer protection against common perils such as water damage, a claim may be denied if damage can be traced back to negligence or disrepair. For example, a homeowner may be covered for damage from a burst water pipe but won’t necessarily be covered if the home is damaged by water that leaked in from a broken roof.

How to get your Burnaby home insurance quotes on RATESDOTCA

Home Icon Transparent Red

Tell us about your home

Answer a few basic questions about your home.

Quote Icon.png

Compare your quotes

See quotes from top insurance companies side by side.

Click Here_Icon.png

Choose the right coverage

Find the right protection for your home and everything in it.

Complete Application_Icon.png

Secure your rate

Connect with the provider and secure your rate.

What people say about our quotes

Rating stars

Based on 5,171 reviews

 Trustpilot logo

What risks do homeowners face in Burnaby?

Homes in Burnaby are uniquely vulnerable to perils that are not included in most home insurance policies. As a result of the city’s location on a fault line as well as the extreme terrain of the overall region, we recommend that homeowners there add the following coverage:

  • Earthquake: This coverage will protect the homeowner financially if the home and its contents are damaged by an earthquake. Protection against landslides is typically included in this endorsement as well.
  • Overland water protection: Most home insurance policies don’t include protection against damage from flooding. Instead, additional coverage must be added to a policy. We recommend that Burnaby homeowners consider adding overland water protection, even if they have not been affected by flooding in the past. In June 2021, most of southern British Columbia was devastated by flooding which the Insurance Bureau of Canada estimates caused $675-million in insured damage.
  • Sewer back-up: Insurance providers distinguish several different types of flooding. A specific endorsement must be added to the policy for a home to be protected against damage from water that enters the home through a toilet or drain. During an intense rainfall such as the one that deluged the Vancouver region in June 2021, it’s common for municipal sewers to be overwhelmed with water. As a result, sewer water backs up through the drains and into homes.

Since many British Columbia residents are also fond of outdoor sports such as biking, hiking, sailing, skiing and snowboarding, they should consider purchasing a home insurance policy that includes contents protection as well as adding riders to the policy to protect valuable sports equipment.

Frequently asked questions about home insurance in Burnaby

Here's everything you need to know about home insurance in Burnaby.

How much does house insurance cost in Burnaby?

Home insurance costs consider many details making it difficult to suggest a specific price for coverage in Burnaby – or any city in Canada. In general, a homeowner will pay more for more coverage. They must decide for themselves if the security that comes from having coverage is worth the cost of a monthly premium. There are many ways to reduce overall costs, including customizing the policy so that it includes necessary coverage, but nothing more.

Which company offers the cheapest Burnaby home insurance?

The answer to this question is different for every homeowner. The best company is whichever one offers the best coverage at the lowest rate. To secure a great rate, homeowners are empowered to compare available rates. To avoid any penalty associated with breaking a policy, we suggest that homeowners comparison shop for a policy every time their policy is up for renewal.

What is not covered by most Burnaby home insurance policies?

Most home insurance policies exclude coverage for flooding and earthquakes. These happen to be two perils that are relevant to residents in Burnaby, which is located on a fault line in a mountainous region.

How do I save on Burnaby home insurance?

To bring down home insurance costs, homeowners in Burnaby should consider customizing their policies to make sure they’re only paying for coverage they need, agreeing to a credit check, increasing their deductible or even paying for the annual cost of the policy up front. Other ways to bring down home insurance costs include installing safety and burglar alarms, keeping the home in good repair to prevent damage and/or injury as well as quitting smoking. When an insurance provider sees that a homeowner has taken reasonable steps to manage risks, they may respond by offering a discount.

How much insurance coverage do I need for my home in Burnaby?

The amount of coverage required for home insurance in Burnaby, BC is entirely up to the homeowner. While they’ll end up paying more for more coverage, they could end up saving a considerable amount if the home and its contents are seriously damaged by a covered peril.

We recommend that homeowners in Burnaby add overland water, sewer back-up and earthquake coverage to their polices to ensure that they’re protected against perils that are common in that region. Earthquake endorsements typically include coverage for landslides.

What is a loss settlement option?

A loss settlement refers to how a homeowner is compensated after they’ve filed a claim. If they’ve decided to be compensated for actual cash value, they’ll receive back the value of an item at the time it was damaged. However, if they’ve opted to be compensated for the replacement cost, they get back the current value of the item or its modern equivalent. For example, a policy that specifies actual cash value will offer compensation for the value of the television at the time it was damaged. A policy that specifies replacement cost will offer compensation for the value of damaged television that’s a similar make and model as the original.

Is fire covered under my Burnaby home insurance policy?

Yes, most home insurance policies include protection against fire, including wildfire. Regardless of what type of policy – whether basic, broad or comprehensive – fire is a peril named in each.

Disclaimer

*Shoppers who obtained a quote on RATESDOTCA from January to December 2021 saved an average amount of $566. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.

Latest home insurance articles

32% of Canadians unaware their standard home insurance policy lacks flood protection: survey
If you want to protect your home, make sure you know what you’re covered for in order to avoid a denied claim and having to pay out of pocket for the damage.
Learn More
5 mins read
Don’t assume your home insurance covers working from home
As office workers return to a hybrid schedule or continue to work entirely from home, now is a good time to understand how this affects your home insurance.
Learn More
3 mins read
How safe is your self storage unit?
Do you have the right coverage for your stored-away valuables? Be sure to review your home, condo, or renters insurance policy.
Learn More
3 mins read

Subscribe to our newsletter

Stay on top of our latest offers, relevant news and tips!

Thanks for joining!

You'll be hearing from us shortly - stay tuned.