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The Best Home Insurance Quotes in Vancouver

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Written by Katie Rook

Home insurance in Vancouver

Vancouver, on Canada’s west coast, is home to more than 2.4-million residents. According to the Real Estate Board of Greater Vancouver, the MLS® Home Price Index composite benchmark price of a home is more than $1.2 million in August 2022.

It’s considered an expensive city to live in, leaving many Vancouverites with an appetite for savings. For homeowners looking to manage their costs, we recommend home insurance, including policies secured at a competitive rate.

While having home insurance is not mandatory anywhere in Canada, having coverage is an easy way for people to protect their real estate investment. Coverage also has the benefit of providing liability protection. This means that homeowners in Vancouver with home insurance will be compensated financially if someone is injured while visiting their home and/or the homeowner themself unintentionally damages someone else’s property. In other words, the trade-off for paying a monthly premium for home insurance coverage is being protected financially in the event of a claim.

To make an informed decision about what type of coverage to purchase, homeowners should be aware of how home insurance policies are structured. Most policies include four key elements:

  • Property: Protects the home and buildings on the property (such as a garage) against common perils such as fire and wind.
  • Contents: Protects the contents of the home, including furniture, appliances, clothing and other personal belongings. Homeowners seeking coverage for especially valuable belongings such as jewelry or specialty sports equipment can add what’s called a ‘rider’ to their policy for more contents coverage than is included in most policies. (A rider is an insurance industry term that refers to a provision that alters the terms of a policy).
  • Additional living expenses: Refers to financial compensation the homeowner receives to cover living expenses if they’re forced to leave the home while it’s being repaired, following a covered peril.
  • Liability: Protects the homeowner financially if someone not named in the policy is injured at the home. Also protects the homeowner if they unintentionally cause damage to someone else’s home.

Package types

Most home insurance providers package their coverage in a similar way, though they may name and market their products differently. Here, we highlight the most common home insurance package types:

  • Basic: Offers protection against common perils named in the policy. For this reason, this policy type is also sometimes called a ‘named perils’ policy. It is the most modest amount of protection available.
  • Broad: Offers protection against all perils and for the contents of the home. It is sometimes referred to as a ‘standard’ policy.
  • Comprehensive: Offers the most significant amount of protection, including all perils coverage to the home and its contents – though not for exclusions listed in the policy. It is also sometimes called an ‘all perils’ policy.

Additional coverage

Regardless of what packaged type the homeowner purchases, they may want protection for perils not covered and/or explicitly excluded from the policy. In order to be protected, more coverage must be added to the policy.

Common add-ons include:

  • Overland water: Protects against damage by water from a nearby river, stream, lake and/or thawing snow.
  • Sewer back-up: Protects against damage from water that has backed up through a drain or toilet.
  • Earthquake: Protects against damage from an earthquake or landslide – both relevant to Vancouver homeowners because these perils are more common in the region.
  • Mass evacuation: Covers costs associated with being away from home in the event of a government-issued evacuation.
  • Identity theft: Covers replacement costs for documents such as a passport or identity cards.
  • Lock replacement: Covers the cost of replacing locks on a home.

How RATESDOTCA finds the best home insurance in Vancouver

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

The RATESDOTCA online tool provides free quotes for home insurance in Vancouver from dozens of the most trusted providers in the country.

It takes less than three minutes to secure big savings on home insurance.

Which companies offer home insurance quotes in Vancouver?

Company Company type Phone number Address
Allwest Insurance Brokerage (604) 736-1969 1855 Burrard St #2, Vancouver, BC V6J 3G9
AMC Insurance Services Brokerage (604) 239-3164 4075 Cambie St, Vancouver, BC V5Z 2X9
Insurance Hotline Quotes comparison 1 (855) 821-7312 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
LowestRates.ca Quotes comparison (604) 829-3714 730 Alexander St. Unit #1, Vancouver, BC V6A 1E3
Main Street Insurance Services Brokerage (604) 323-8100 4435 Main St, Vancouver, BC V5V 0A2
RATESDOTCA Quotes comparison 1 (844) 726-0907 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
Scoop Insurance Brokerage 1 (866) 456-6620 300 Lincoln St. Unit 22, Welland, ON L3B 4N4
Western Coast Insurance Services Ltd. Brokerage +1 844-802-7628 445 W Broadway, Vancouver, BC V5Y 1R4

How to get the cheapest home insurance in Vancouver

Homeowners in Vancouver who would like to bring down the cost of the insurance coverage can rely on some or all of the following tactics:

  • Pay annually: Homeowners may be able to reduce their insurance costs by paying upfront for the full amount of a 1-year policy.
  • Bundle: Homeowners who have more than one insurance policy with a provider will be able to save 5-15%. Bundling is the single most effective way to bring down insurance costs because providers are often willing to come down on price when they hold more of a client’s business.
  • Comparison shop: Comparing available rates every time a policy is up for renewal is a crucial step to managing insurance costs. When a homeowner shops around each year when their policy is up for renewal, they’ll be able to secure a better rate and customize their policy – either adding more coverage or taking some away – without being subject to any penalty for breaking the terms of the policy.
  • Increase deductible: When a homeowner is likely to have the cash available to pay a larger deductible in the event of a claim, the insurance provider may be willing to offer them a lower premium when they agree to have a bigger deductible.
  • Agree to a credit check: Homeowners who consent to have their credit score considered may be eligible for cheaper Vancouver home insurance. While some provinces forbid the practice, in British Columbia, a good credit score can have a favourable impact on insurance premiums. By law, a bad score cannot be used to penalize a policyholder with a more expensive premium.
  • Maintain a clean record: Homeowners who have no history of having filed a home insurance claim may be able to secure a better premium. Providers are always trying to gauge how likely a homeowner in Vancouver is to make an insurance claim. They tend to consider past claims as an indication that future claims are more likely and may adjust the premium accordingly. 

How to get your Vancouver home insurance quotes on RATESDOTCA

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What risks do homeowners face in Vancouver?

Vancouver is a beautiful city with homes overlooking the Pacific Ocean as well as the Coast Mountains. Unique perils are associated with such extreme terrain. We recommend that homeowners in the Vancouver region seriously consider adding coverage to their policies for protection against the following perils:

  • Earthquake: Vancouver’s location near the fault line between the North American Plate and the Juan de Fuca Plate mean it is vulnerable to earthquake. For protection against damage from earthquake coverage must be added to home insurance policies.
  • Landslide: Adding earthquake protection to a home insurance policy will also cover damage from landslides which are more likely to occur in mountainous areas such as that of the Vancouver region.
  • Water damage from flooding: Home insurance policies do not include protection from water damage. For a home in Vancouver to be protected against damage from flooding, overland water protection and sewer back-up coverage must be added to the policy. The former protects against damage from a nearby waterway while the latter protects against damage from water that backs up through an indoor drain or toilet.

Frequently asked questions about home insurance in Vancouver

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

How much does house insurance cost in Vancouver?

It’s very difficult to pinpoint the exact cost of any home insurance in Vancouver, BC policy because of how many factors go into determining a premium. Location is one important consideration as well as the type of coverage, coverage limits and the policy holder’s claims history. Insurance policies are easy to customize. Homeowners who take the time to consider what coverage they need and to shop around will be able to find the best coverage at the lowest rate.

Which company offers the cheapest Vancouver home insurance?

There’s no single company that offers the cheapest home insurance in Vancouver. The rate that any homeowner secures is determined by factors that are unique to them. For example, two homeowners with identical homes beside each other may receive different home insurance quotes in Vancouver because of the amount of coverage they’re seeking, the coverage limits they’ve selected as well as their individual claims histories. We recommend that homeowners in Vancouver compare available insurance rates every year when their policy is up for renewal.

What is not covered by most Vancouver home insurance policies?

Home insurance policies include neither water damage protection nor earthquake protection. We encourage Vancouver homeowners to add each coverage to their policies to be protected financially against such perils – which are more common in Vancouver than other Canadian cities given its location along a fault line and the overall mountainous terrain.

How do I save on Vancouver home insurance?

To bring down insurance costs, Vancouver homeowners can bundle their policies, increase their deductible, pay the full amount of an annual policy up front and customize their policies to make sure they’re only paying for the coverage they need, nothing more. Another way to save on home insurance in Vancouver is to agree to a soft credit check. Homeowners with good credit may be able to secure a discount. Finally, when a homeowner has no history of making claims, they may also be eligible for a lower premium because the provider considers their history indicative of future behaviour. In other words, if they haven’t made a claim in the past, they’re considered less likely to do so in the future.

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

The amount of home insurance and coverage limits required for homes in Vancouver is unique to every homeowner. Those who prefer a lower premium may be willing to forgo some of the security that comes with having more than basic coverage. Those with many valuable belongings may prefer coverage that includes protection for their contents as well as riders added to a policy acknowledging the value of specialty items such as jewelry, fine art, a wine collection or sports equipment.

We strongly encourage homeowners in Vancouver to consider adding water damage protection and earthquake protection to their policies. They must be added and are not included in a basic, broad or comprehensive home insurance policy. While additional coverage will increase the overall cost of a policy, the cost of protection is likely to be far less than replacing a home if it’s damaged by a peril.

What is a loss settlement option?

Loss settlement refers to how a homeowner has decided they will be compensated in the event of a claim. When purchasing a home insurance policy, the homeowner must choose between actual cash value or replacement cost. Those who go with actual cash value will receive back the value of the item at the time it was damaged. Those who go with replacement cost will be compensated for the current value of a damaged item or its modern equivalent (make and model).

Is fire covered under my Vancouver home insurance policy?

Yes, fire coverage is a peril included in most home insurance policies, including basic, broad and comprehensive policies.

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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