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The Best Home Insurance Quotes in Surrey

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Written by Katie Rook

Home insurance in Surrey

Surrey, a city directly beside Vancouver, on the southeast side of the Fraser River, is home to more than 568,000, according to the most recent census data (2021).

Residents enjoy all the benefits that Vancouver offers and can often find less expensive housing.

As the cost-of-living increases around the world, homeowners everywhere are keen to reduce living expenses. One way to manage such costs includes securing home insurance coverage and competitively priced premiums.

Here, we breakdown the details that any homeowner in Surrey, BC needs to make an informed decision around what sort of home insurance coverage to purchase.

Most home insurance policies have four key components, including:

  • Additional living expenses: Covers expenses that a homeowner assumes when they’re forced to live away from their home while it’s being repaired following a covered peril such as fire.
  • Contents: Provides financial compensation for belongings that are damaged by a covered peril. Often applies to things like electronics and clothing. Homeowners who have particularly expensive belongings such as jewelry, a fine art collection or specialty sports equipment can add a rider to their policy that names these items and an associated coverage limit. Homeowners in Surrey, BC with expensive ski, snowboard and/or biking and surfing equipment may consider such a rider.
  • Liability: One important benefit of home insurance coverage is that it includes liability protection. This means that the homeowner will be financially protected if someone is injured at their home and successfully sues them. Liability protection also means that the homeowner will be protected financially if they unintentionally damage someone else’s property.
  • Property: Protects the home and buildings on the property (such as a garage) in the event of a covered peril.

Homeowners must decide on what home insurance package type they’ll purchase. Though there’s some variation in how different providers market their offerings, they’re typically described in the following terms:

  • Comprehensive: This package type, which is often called an ‘all perils policy’, offers the greatest amount of coverage to the home and its contents.
  • Broad: Also known as a ‘standard policy’, this package type protects the home against all perils, but only some of its contents.
  • Basic: Sometimes referred to as a ‘named perils’ policy, this package type protects the home against common perils like wind damage and fire. It provides the least amount of coverage but also has the benefit of often being the least expensive.

Regardless of package type, homeowners looking for more specific forms of protection can also add coverage to their policy. Doing so is an especially good idea for those living in Surrey, BC – a region prone to earthquakes, landslides and rising sea levels that could lead to overland flooding. Each peril is listed as an exclusion in most policies, so needs to be added for the home to be protected against it.

Some of the most popular add-ons include:

  • Home-based business: With so many Canadians now working from home more often, some have seized the opportunity to launch their own businesses. Whether they be sales- or service-based, some aspects of a home-based business can be protected with the addition of an endorsement to the home insurance policy. Even if they opt not to get it, we recommend that homeowners with home-based businesses should inform their provider of the business to avoid having a claim denied.
  • Earthquake/landslide: Homes in Surrey are located in one of the most active earthquake regions of North America. The nearby mountains also mean that landslides are a possibility. To be protected against each, homeowners in Surrey must add earthquake coverage to their policies. The endorsement also covers damage from landslides.
  • Overland flooding: Home insurance providers categorize different types of flooding. On their own, most policies don’t cover any type of flooding. To be protected against damage from water that overflows from a river or lake, the homeowner must add an endorsement for overland water protection.
  • Sewer back-up: Similarly, to be protected against water that enters the home from a drain or toilet, the homeowner must add sewer back-up to the policy. When a lot of rain has fallen in a short amount of time, it’s common for municipal sewers to be overwhelmed. As a result, sewer water can back up through drains and toilets.

Though the Canadian government doesn’t require any homeowner in the country to have home insurance coverage, we recommend that they seriously consider getting it to protect their most valuable assets. Replacing the home and its contents is likely going to be more costly than paying a monthly premium – whatever it might be.

How RATESDOTCA finds the best home insurance in Surrey

Finding the best quotes for home insurance in Surrey, BC is easy with access to a free, online tool that surveys premiums from dozens of the most-trusted providers in the country. It takes less than three minutes to fill out the form and discover hundreds of dollars in potential savings.

Which companies offer home insurance quotes in Surrey?

Insurance Companies Company Type Phone Address
Allwest Insurance Insurance agency (604) 367-5555 15135 101 Ave. #200a, Surrey, BC V3R 7Z1
Insurance Hotline Quotes comparison 1 (855) 821-7312 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
Johnston Meier Insurance Agencies Group Insurance agency (604) 588-3001 12852 96 Ave., Surrey, BC V3V 6A8
LowestRates.ca Quotes comparison (604) 829-3714 730 Alexander St. Unit #1, Vancouver, BC V6A 1E3
Prime Insurance Centre Ltd. Insurance agency (604) 582-0557 8888 152a St. #150, Surrey, BC V3R 0V7
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
Westland Insurance Insurance agency (604) 531-6901 3041 152 St. #800, Surrey, BC V4P 3K1

How to get the cheapest home insurance in Surrey

There are many ways to bring down home insurance costs. They have to do with how the homeowner structures the policy. Some details on how to get the cheapest home insurance in Surrey include:

  • Payment: Homeowners who can afford to either pay a higher deductible or pay for the full-year term upfront may be able to secure a lower home insurance premium. However, we recommend that they only agree to do so if they have the cashflow available, avoiding a scenario where they’re taking on debt in order to cover an insurance claim.
  • Coverage amount and limits: Insurance costs increase as coverage and coverage limits increase. Homeowners looking to manage costs should carefully consider what coverage they need and what they can do without. However, they must be realistic about what sort of protection they’ll need in the event of a claim. For example, skimping on liability coverage limit could create difficulty if the homeowner is sued. Those with only the minimum required $200,000 liability protection will have to pay the difference out-of-pocket if they’re successfully sued for $1 million. Legal and medical costs can add up quickly.
  • Bundling: When more than one insurance policy is held by a single provider, the homeowner is likely to save 5-15%. The specific amount is up to the individual provider.
  • Safety: By taking steps to reduce risks within the home, the homeowner may be able to secure savings on their policy. Installing burglar and smoke alarms, a carbon monoxide detector as well as a sump pump are easy ways to signal to a home insurance provider that risks have been mitigated. In general, it’s also a good idea to make sure the home is in good repair as an insurance policy will not protect against damage from negligence or disrepair.
  • Clean claims history: Homeowners who have no history of making an insurance claim may be able to secure a lower home insurance premium. Providers consider history to be an indication of future behaviour.

How to get your Surrey home insurance quotes on RATESDOTCA

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What risks do homeowners face in Surrey?

The natural beauty of the Surrey, BC region is balanced by the unique risks that come with living in a city on the shore of the Pacific Ocean and at the foot of the Coast Mountain range.

  • Flooding: Surrey homes are vulnerable to damage from flooding, including overland water and sewer back-up. Not only must homeowners consider the risks of rising sea levels, but they must also examine the likelihood of extreme weather events causing damage to their home. In June 2022, an atmospheric river caused record-breaking rainfall in the area and resulted in about $675 million in insured damage in British Columbia, according to the Insurance Bureau of Canada.
  • Earthquakes: Surrey is in one of the most active earthquake regions in the world, along a fault line. Many experts believe it's inevitable that a major earthquake will affect the region, though timing is impossible to determine. Surrey homeowners should seriously consider adding earthquake protection to their policies.
  • Landslides: The endorsement added to home insurance policies to protect against damage from earthquake also provides protection against landslides because each is considered ‘earth movement’.

Frequently asked questions about home insurance in Surrey

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

How much does house insurance cost in Surrey?

The key to securing a low home insurance premium is being able to reflect to the home insurance provider that the homeowner is at low risk of making a claim.

When figuring out an applicant's premiums, providers consider several variables – though, the most significant tend to be coverage amount, claims history and location of the home.

The homeowner will pay more for more coverage. If the home is in an area prone to flooding and/or earthquake, or, in an area that’s considered unsafe due to high crime, they should expect to pay more. Homeowners who have a history of making claims are also likely to pay more.

Which company offers the cheapest Surrey home insurance?

There isn’t one company that’s more likely to offer cheap home insurance for a home in Surrey. Instead, coverage cost is determined by a range of factors. When a homeowner can reflect to a provider that they’re at low risk of filing a claim, they’re likely to receive a lower premium.

British Columbia residents have a unique savings opportunity when they allow the provider to consider their credit. While this isn’t allowed in all provinces, in Surrey, BC home insurance applicants with a good credit score may receive a discount. (By law, those with a bad score can’t be penalized with a more expensive premium).

What is not covered by most Surrey home insurance policies?

Perils that are commonly covered by a home insurance policy include fire, lightning strike, explosion, smoke damage from a faulty appliance, damage from a failing object, water damage, vandalism, windstorm, hail, theft and electricity surge.

Some perils that are commonly excluded from home insurance, including flood, earthquake and landslide protection as well as sump pump failure, water seepage and damage from mold or rotting wood.

The protection that most policies offer for the water damage peril should not be considered protection against damage from a flood. Instead, water damage refers to damage from a sudden or accidental escape of water from elsewhere such as a burst pipe or water main.

How do I save on Surrey home insurance?

There are many steps a homeowner can take to bring down their insurance costs. Aside from tailoring the policy to make sure they’re only paying for coverage they need; a homeowner can bundle their policies so that each is held by a single provider, increase their deductible, pay upfront for the full-year term of the policy. Homeowners may also be able to secure a lower premium when they take steps to mitigate risks within the home such as installing smoke and burglar alarms as well as carbon monoxide detectors. It also helps when the home is kept in good repair and when the homeowner doesn’t smoke.

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

The amount of coverage secured is up to the homeowner who must access their own needs and risk threshold. Some aspects of the decision are simpler than others. For example, if the homeowner is unlikely to care if their belongings are damaged by a peril, they may be able to go without contents coverage. Less coverage is less expensive.

In general, we recommend that homeowners in Surrey add flood protection and earthquake protection to their policies so that they’re financially protected against the impacts of a severe weather event, earthquake or landslide which is covered by an earthquake endorsement. Though more coverage will be more expensive, a monthly premium is likely to be more cost effective than repairing damage to a home that is not protected by any insurance.

What is a loss settlement option?

A loss settlement describes the compensation a homeowner receives following a claim. If they’ve opted for actual cash value, they’ll be compensated for the current value less depreciation of their belongings. If they’ve opted for replacement cost, they’ll be compensated for the amount that it would cost to replace the item (current make and model).

Is fire covered under my Surrey home insurance policy?

Protection against fire, which is a peril covered by most insurance policies, includes protection against wildfire. Surrey residents can take comfort in this as forest fires are increasingly causing damage in many parts of British Columbia.

A home insurance policy can, however, exclude fire if it results from a riot, war, civil commotion and/or by a fire started by the policyholder.

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.

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