The Best Home Insurance in Richmond

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. 

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.