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The Best Home Insurance in Richmond

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Compare Richmond, B.C. home insurance quotes from providers you trust

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Written by Joel Kranc

Home insurance in Richmond 

There are three types of home insurance packages. 

  • Comprehensive or all-perils: The most extensive package available. This policy protects your home's structure and contents from all insurable perils (events that the insurer has agreed to cover). Some perils, like overland flooding, sewer backup, and earthquakes, are excluded, but you can purchase coverage separately.  
  • Broad or named perils: This coverage protects your home's structure against all insurable perils. However, your contents are only protected against the perils you specifically call out in your policy. It's not covered if it's not included in the contract.  
  • Basic: This policy offers baseline coverage for properties that fail to meet the usual underwriting standards. Speak with your broker or provider for details. 

Property coverages 

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

  • Property: This coverage is based on the overall replacement value of your home’s main dwelling and protects from common perils such as fire, theft, and storms. Note that this amount is not the total market value of your home but the replacement value. Exterior parts 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 laptops, furniture, and appliances, in case they get damaged, lost or stolen. Make sure the amount of this coverage matches the value of your belongings. You want to have a reasonable policy benefit. 
  • 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. 
  • 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. 
  • 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. 

Add-ons to home insurance coverage in Richmond. 

Homeowners in Richmond can customize their home insurance coverage by including add-ons to increase their coverage. Here are the most common home insurance add-ons Richmond insurers provide: 

  • Overland water: This add-on covers damage occurring from overflowing water stemming from rivers, streams, lakes, and thawing snow which enters your home, most commonly through your basement. Please note that not all insurers may offer this add-on. 
  • Sewer backup: This will protect you if a sewer backs up and damages your home. You can install a backflow preventer in your home to prevent such issues. 
  • Earthquake: If your home is situated in an earthquake-prone zone, having this coverage is crucial because earthquake damage can be very costly to repair as it can affect your property’s structure. Usually, earthquake damage is not always covered by a standard home insurance policy, so make sure you add it to your policy. 
  • Mass evacuation: This add-on covers mass evacuation when disasters, like wildfires or floods, occur in your area. It will help pay for temporary displacement costs when you are evacuated from your home due to a disaster. 
  • Identity theft: Identity theft coverage covers the cost of replacing important personal identification, such as your driver's license and passport, when lost, stolen, or misused. 
  • Lock replacement: This add-on covers the cost of replacing your house locks if damaged. 

Recent home insurance quotes in Richmond

Shopper from Teeswater, ON
Detached 2,691 sq ft February 08, 2023
$ 1,676
Per year
Cheapest Rate
$ 5,882
Per year
Average Rate
$ 4,206
or
72 %
in savings
Shopper from Brampton, ON
Detached 1,995 sq ft February 07, 2023
$ 1,328
Per year
Cheapest Rate
$ 2,612
Per year
Average Rate
$ 1,284
or
49 %
in savings

How RATESDOTCA finds the best home insurance in Richmond

Comparing insurance rates from a wide range of providers can help homeowners in Richmond save hundreds of dollars each year.

The RATESDOTCA online tool provides free quotes for home insurance in Richmond from dozens of the most trusted providers in the country. It takes less than three minutes to secure significant savings on home insurance.

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Which companies offer home insurance quotes in Richmond?

Insurance Companies Company Type Phone Address
Aviva Canada Insurance agency 604-669-3212 1125 Howe St. Vancouver, BC V6Z 2Y6
BCAA Insurance agency 604-268-5850 5300 No. 3 Road #618 Richmond, BC V6X 2X9
Economical Insurance Insurance company 1-800-951-6665 1055 W. Georgia St. #1900, Vancouver, BC V6E 3P3
InsureBC Insurance agency 604-683-3552 855 W. Georgia St. #2, Vancouver, BC V6C 2G2
Insurance Hotline Quotes comparison 1 (855) 821-7312 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
LowestRates.ca Quotes comparison 1 (855) 487-6911 1910 Yonge St. Suite 401, Toronto, ON M4S 3B2
RATESDOTCA Quotes comparison 1 (844) 726-0907 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
Scoop Insurance Insurance brokers 1 (866) 456-6620 300 Lincoln St. Unit 22, Welland, ON L3B 4N4
Square One Insurance Services Insurance agency 1-855-331-6933 650 W. Georgia St. #1410, Vancouver BC, V6B 4N8
Western Coast Insurance Services Insurance agency 1-844-802-7613 1075 W. Georgia St. #6, Vancouver, BC V6E 3C9

How to get the cheapest home insurance in Richmond 

There are a few things you can do to reduce the cost of insurance on your Richmond home.

  • Comparison shop: Every year before your home insurance renews, take a few minutes to see the rates other insurance companies offer. Renewal time is the best time to switch home insurers, and your insurer will give you a heads-up 30 days before it happens. During this time, you can change home insurance companies without penalty and without having your coverage cancelled.
  • Bundle: Purchasing auto and home insurance from the same insurer can save you between 5-15%. Beyond comparison shopping, insurance bundling is the next most effective way to reduce your insurance costs. Providers are often willing to come down on price when they hold more of a client's business.
  • Increase your deductible: Your insurance company will lower your premium if you volunteer to pay a higher deductible. You are helping reduce the insurer's costs and signalling that you're a responsible policyholder; you're less likely to file a claim if you have additional skin in the game.
  • Agree to a credit check: In B.C., home insurance companies are allowed to perform a soft credit check with your consent. An excellent score will result in a premium reduction. However, a bad score cannot be used to penalize you.
  • Maintain a claims-free record: The fewer claims you file, the better it is for your insurance premiums. Insurers look to the past to predict your future behaviour. They will adjust your premium accordingly if they view you as someone likely to file a bunch of claims in the future.
  • Pay annually: Paying the total amount of a one-year policy will result in savings since you're saving the insurer money on administrative costs.

How to get Richmond home insurance quotes on RATESDOTCA

1

Tell us about your home

Answer a few basic questions about your home.

2

Find your quote

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3

Choose the right coverage

Find the right protection for your home.

Secure your rate

Connect with the provider and secure your rate.

What risks do homeowners face in Richmond? 

Homeowners in Richmond face threats of theft, fire, and other general home construction issues. 

However, Richmond homeowners also have the additional burden of preparing for flood hazards from coastal storm surges, snowmelt flooding and extreme weather events — perhaps more so than in other places in Canada. Being on the West Coast, Richmond is also in an earthquake zone, and homeowners may want to consider adding earthquake protection to their policies.

Frequently asked questions about home insurance in Richmond

Still have questions about how home insurance works in Richmond, B.C.? We'll answer them.

How much does house insurance cost in Richmond?

Applying for quotes is the best way to estimate the insurance price. Given how many factors go into determining a premium, home insurance is truly a custom product. Location is one important consideration, but so are the type of coverage, coverage limits and the policyholder's claims history.

Why is home insurance in Richmond so expensive?

Richmond has seen a tremendous rise in the number of people that call the city home ever since the expansion of the Canada Line ahead of the 2010 Olympics. The city features a nice balance between high-rise condominium buildings, detached homes, and some farmland.

Richmond, because of its West Coast location, is also prone to earthquakes, flooding and high-risk weather patterns that drive up the risk factor and cost of home insurance. As a suburb of Vancouver, there are densely populated areas in detached, semi-detached homes and condos. A dense population means a greater risk of other hazards (theft, vandalism, etc.) Also, the proximity of an insured home to other houses affects premiums because if a fire breaks out at your neighbour's house, it could spread to your home.

Do high Richmond real estate prices affect the cost of home insurance?

Richmond is a wealthy suburb, indirectly impacting home insurance premiums. Though home insurance is driven by rebuilding costs as opposed to the market value of a property, Richmond has a high share of premium properties that are more expensive to rebuild. In addition, reconstruction of these dwellings is sometimes more complicated since they are designed to withstand seismic hazards (e.g. unique structures, lateral bracing requirements, etc.)

Which company offers the cheapest Richmond home insurance?

The cost of home insurance in Richmond depends on your property, claims history and coverage. Because insurance companies weigh each factor differently, there is no uniformly cheapest home insurance provider.

The most important thing is to find a policy that best suits your needs and is within your budget. Take the time to shop around and compare house insurance policies.

What is not covered by most Richmond home insurance policies?

  • Income from guests (renting part or all of your home requires additional coverage).
  • Criminal activity and purposeful damage to property (filing a claim for intentional damage is considered insurance fraud).
  • Intentional injuries to guests are not covered by liability.
  • Home-based business assets and injuries suffered by clients/customers (this requires additional coverage).
  • Natural disasters
  • Certain water damage, such as sewer backup and flooding from overland water.
  • Certain weather issues in winter, such as damage to the outside of your home caused by freezing.
  • Damage from insects and rodents.

Though standard home insurance policies may not cover these perils, add-on coverages are available to expand your protection. Tacking on additional protection is advised if your home faces any hazards not included under standard coverage.

How do I save on Richmond home insurance?

Saving on home insurance in Richmond begins with using comparison sites like RATESDOTCA. We work with home insurance providers in Toronto to offer you the city's best quotes. RATESDOTCA will collect your information and use it to generate the top offers from our partners. It is fast, reliable, and free to use.

By comparing Richmond home insurance quotes from several insurance providers in a single place, you can instantly assess the market and find the best policy to protect your Richmond home.

Other ways to save on Richmond home insurance are to bundle your home insurance policy with your auto insurance, for example. Agencies will give cheaper rates to customers who use them for more than one service.

Increasing the deductible can also help save on upfront costs (however, it means you pay out-of-pocket for some of your damaged property should a claim be made). If the repair cost is close to your deductible, it's better not to file a claim as it may increase your premiums.

Installing a high-level safety and security system in your home could also help reduce the cost of insurance as risks are lowered with greater security (and safety features).

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

The amount of home insurance you need in Richmond is a personal choice and need. If you live in a higher-risk neighbourhood with no security features, you may need more insurance than someone who lives in a less risky area with a state-of-the-art security system.

The size of your home, how much it costs to rebuild it, and its contents could also determine how much home insurance in Richmond you will need. Talk to your broker or agent about how much coverage is right for your situation.

What is a loss settlement option?

A loss settlement refers to how insurance companies determine the amount of money you will receive after an insured loss.

Let's say you bought an expensive new entertainment system. If it is damaged or stolen, the insurance company does not necessarily pay you the exact amount of money you paid for it at the store. It depends on which loss settlement option you chose when you insured the object. There are two types:

Replacements cost: The replacement cost takes into account the cost of replacing a damaged asset at today's cost (i.e., you can purchase a brand-new item).

Actual cash value:  The actual cash value (also known as the ‘market value’) loss settlement option is determined by the current value (worth) of your property, not how much it would cost to replace it with a brand new one.

Is fire covered under my Richmond home insurance policy? 

The amount of coverage you need is determined by the value of your home, its contents, location and age, and the risk you pose to the insurer. Home insurance policies typically offer three or more types of coverage, including dwelling, contents, and personal liability. Standard policies usually cover common risks like fire and theft. Still, you may have unique needs or valuables that require extra coverage. Check with your insurance agent or broker to ensure you have enough coverage.

*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.

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