Matt Hands, VP, Insurance and MoneySense
In British Columbia, home insurance isn't required by law. While it's highly recommended that you protect your property with the right coverage in place, it's also entirely up to you.
The exception, however, is if you have a mortgage on the home. Most mortgage lenders will require you to carry insurance on the property as part of the lending agreement.
A home insurance policy doesn't just protect the physical build of your home. It can also protect you financially from the loss and damage of your items, as well as pay out expenses related to legal liability. To learn more about all things home insurance BC, be sure to read on.
Home insurance policies can differ greatly, depending on the type of plan you choose. Here, we cover the three main types of plans, so you can select the right one for your needs. Keep in mind that most homeowners go for a comprehensive policy as it provides the highest level of coverage.
Additional living expenses coverage
In British Columbia, you also have the option to customize your home insurance plan further with add-ons (also known as policy endorsements). While these may differ depending on the insurance company you select, here are some popular options you can consider.
Home-based business insurance
Identity theft insurance
Extended contents insurance
Get the best home insurance quotes in BC.
According to an article from InsureBC, the average cost of home insurance in the province is about $1,200 to $1,700 per year. Keep in mind, however, that rates can differ greatly on a case-to-case basis – you won't know the exact price you'll be paying until you compare personalized quotes with us.
Home replacement cost
Renovations & betterments
Pools & acessory dwellings
While insurance providers are the ones that ultimately set your rate, there are a few steps you could be taking to ensure you're getting the best offer possible. Here, we cover eight different ways to get home insurance in BC for less.
Shop and compare
With Ratehub.ca, you can compare customized home insurance quotes from BC providers all in one instance. You won't know which one offers the best rate until you shop around.
P&C providers offer discounts to customers who bundle multiple policies under them. This can include auto insurance, tenant insurance, and more.
Insurance companies may offer policy discounts to those that have stayed with them long-term. If you're renewing your policy, be sure to ask your provider if you're eligble for a discount.
Improve your credit
Did you know that insurers can may factor in your credit score when calculating your home insurance quote? The best rates go to those who opt-in (and have good credit).
Upgrade your property
Some upgrades, such as a full kitchen remodel, can lead to higher insurance rates. Others, like a roof replacement, can lead to lower premiums because you're reducing your risk.
Install safety systems
Having certain safety measures in place (such as a centrally monitored fire alarm) can lead to cheaper home insurance rates as it reduces your risk of making a claim.
Increase your deductible
Your deductible is the agreed-upon amount of money that you're in charge of before your insurance company pays out the rest. Setting a higher one will lead to a lower premium.
You won't know what discounts you may be eligible for until you ask. For instance, you may be able to get a group rate for being part of a professional association.