Cheap Kamloops, B.C. Home Insurance Quotes

Home insurance in Kamloops 

Hiking trails, mountains, skiing and the chance to see animals in their natural habitat: Kamloops and the surrounding area is an outdoorsy person's dream.

Getting the right amount of property insurance is extremely important if you're fortunate enough to call Kamloops home. While having home insurance isn't mandatory (unlike car insurance), it protects your largest investment — your home — and your peace of mind.

Besides, most mortgage lenders will only finance a home purchase if you take out property insurance.

Another under-discussed benefit of home insurance is the personal liability protection it provides. You're covered if someone injures themselves in your home and if you unintentionally cause damage to someone else's property.

Types of home insurance in Kamloops

Insurance companies may market them under different names, but there are three primary home insurance plans:

• Basic: A basic or named perils insurance policy only covers losses incurred to your property from events or risks named on the plan. Kamloops homeowners may purchase a named perils insurance policy and only declare coverage against hazards like theft or fire.
• Broad: Protects the home against all perils and protection for some contents. Broad insurance may sometimes be called a ‘standard’ policy.
• Comprehensive: Your home and its contents are covered against every insurable hazard. Comprehensive insurance is sometimes called an “all perils” policy.

Home insurance coverage 

Home insurance protects three things: your home's structure, your contents, and your liability. Below is the coverage included in the most popular policy plans for your home's physical structure and your personal effects:

• Property and building: This protects your home and the property it sits on. Most insurance companies cover fire, theft and accidental water damage.
• Contents and personal property: This protects your possessions, such as furniture, clothing and other household items, against theft and vandalism. Some expensive items, like fine art and antique jewelry, may not be protected under standard contents insurance. Excluded items can be protected with additional coverage or add-ons.
• Additional living expenses: When flooding, natural disasters or fires strike, you may be forced to evacuate. For example, if damage to your home forces you to spend a week at a hotel, additional living expenses protection will cover the cost of food and shelter up to a certain amount.

Liability coverage 

Here are some scenarios under which you could be found liable but which home insurance protects you against:

• Personal liability: This will protect your liability if someone is injured on your property by accident.
• Voluntary medical payments: If you unintentionally injure someone, or someone accidentally injures themselves on your property,
• Voluntary property damage: If you unintentionally cause damage to someone else’s property, this portion of your policy will cover your expenses. It also covers unintentional loss or damage to someone else's property by a minor (12 years or under) in your care.

Add-ons to home insurance coverage in Kamloops

For insurance needs outside the basic policy coverages, there are additional coverages you can purchase for even greater protection.

These are some of the most common home insurance add-ons, also known as 'riders,' that you can add to your home insurance policy:

• Overland water: This will cover property damage and costs from overflowing water from rivers, lakes and melting snow.
• Sewer back-up: Protects your home when a main sewer backs up and causes damage.
• Earthquake: This will help cover losses or damage caused by an earthquake. This rider is especially useful if your home is in an area vulnerable to earthquakes like Kamloops.
• Mass evacuation: If a natural disaster or other event forces you to leave your home, this add-on pays for some of the expenses you might incur while away.
• Identity theft: Covers the cost of replacing important documents, such as your passport or IDs.
• Lock replacement: If you need to replace the locks on your house, this add-on provides coverage.

What types of risks do homeowners face in Kamloops? 

Many consider Kamloops a great place to live due to its year-round temperate climate.  

However, there are still some risks that current and future homeowners should gird themselves against. 

• Theft: Break-ins can happen anywhere at any time. Property crimes in Kamloops exceeded the provincial average by about 30%, according to the 2021 census.  
• Earthquakes: These can occur given Kamloops' proximity to fault lines more common on the West Coast. 
• Landslides: Added protection for landslides should be considered near mountainous areas. 
• Flooding: To be covered for flooding, overland water and sewer backup coverages, you must buy additional insurance. 

How to get cheap Kamloops home insurance 

• Shop around – Checking and comparing Kamloops home insurance rates on sites like RATESDOTCA sets you up to make an informed choice about which insurance company to choose.
  
• Bundle – If you bundle multiple home insurance policies (like cottage or landlord insurance) with one company, they will provide a discount. They appreciate your business and will reward you for choosing them.
  
• Get an alarm – Securing a home and its contents with a third-party monitored alarm system will lower risks and keep thieves away. Fewer risks and claims could mean lower home insurance rates.
  
• Get a credit check – Some Kamloops home insurance providers will offer discounts if you agree to a credit check and your score meets their criteria. By law, insurance providers in BC cannot raise rates for a bad score, so there's no downside to trying.
  
• Maintain a claims-free record - An insurance record free of claims signals to home insurance providers in Kamloops that you are low risk to insure. They often look at past claim histories as an indicator of future behaviour.
  
• Pay annually - Paying a lump sum each year gives your insurance provider the capital they require to pay other potential claims. It can result in a slightly discounted rate.
  
• Increase your deductible – Home insurance providers in Kamloops offer discounts if you agree to pay more upfront for damages or replacement items before policy benefits kick in.
  
• Update your policy – An excellent time to look at your policy is at renewal. You may be over-insured or paying for services you don't need.