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How does home insurance in Burnaby work?
Matt Hands, VP, Insurance and MoneySense
Home insurance isn't required by law in Burnaby – as well as the rest of Canada. While it's highly recommended that you carry some form of coverage to protect such as large asset, it's also entirely up to you as the homeowner.
The one exception, however, is if you have a mortgage on the property. It's no surprise that most lenders will require you to carry home insurance as part of the lending agreement to safeguard their investment.
A home insurance policy doesn't just pay for the repair and replacement of your property in the event of physical damage. It can also cover all the personal belongings within it and act as a financial safeguard against liability claims. To learn more about all things home insurance in Burnaby, be sure to read on.
Types of Burnaby home insurance policies
There are various different home insurance policies you can choose from – here, we cover three common types of plans, so you can choose the best one for your needs. It's important to note, however, that most homeowners will opt for the comprehensive choice as it offers the highest level of coverage.
Standard home insurance coverages in Burnaby
While the type of home insurance plan you select will determine the risks you're insured against (e.g. theft, fire), most Burnaby home insurance policies will offer these standard coverages.
Dwelling coverage
Contents coverage
Liability coverage
Additional living expenses coverage
Common home insurance add-ons in Burnaby
You can also customize your Burnaby home insurance policy further with optional add-ons (also known as endorsements). While the available options will differ depending on the insurer you choose, here are some common ones you can ask your insurance representative about.
Home-based business insurance
If you run a business from home, you may want coverage agaisnt commercial-related risks (e.g. damaged stock).
Umbrella insurance
These policies are typically sold separately. They offer an extension to your auto or home insurance's liability limit – plus cover additional forms of liability.
Identity theft insurance
If your information is stolen with the intent to commit crime, this coverage can help you with the recovery process financially.
Extended contents insurance
Some items (e.g. art, jewelry) have set coverage limits. With this add-on, you can increase the limit for peace of mind.
Flood insurance
This covers you for flood damage (which can include overland water and sewer backup) – highly recommended for homes in flood-prone areas.
Earthquake insurance
Earthquakes are usually an uninsured peril unless you add the coverage to your policy. Consider doing so if you live in an area that could be impacted.
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In just a few minutes, view customized home insurance quotes from top providers across Burnaby – find your best rate with us today.
How much is home insurance in Burnaby?
The cost of home insurance in Burnaby will differ case-to-case as it's calculated based on various individualized factors – generally speaking, the more risk you and your property bring, the higher your rate will be. To find the exact cost you’ll be paying, be sure to compare personalized home insurance quotes with us. Below are three sample quotes our Burnaby users received from us in June 2024.
- $79/month
1,076 square-foot detached home
for one family, under MAX Insurance
- $86/month
1,991 square-foot semi-detached home
for one family, under MAX Insurance
- $95/month
2,000 square-foot townhouse
for one couple, under MAX Insurance
Factors that impact your Burnaby home insurance quote
Home insurance companies look at many factors to determine your personalized quote – here are a few key ones that help indicate the level of risk you bring as a policyholder.
Property type
Home replacement cost
Location
Internal construction
Roof
Renovations & betterments
Pets
Pools & acessory dwellings
Special use
Credit score
Insurance history
How to get the cheapest home insurance in Burnaby
While insurers are the ones that ultimately determine the price you'll be paying, there are many steps you can take to ensure you're getting the best possible premium – here, we cover eight different ways to get cheap home insurance in Burnaby.
- Shop and compare
With Ratehub.ca, you can compare personalized home insurance quotes from top Burnaby companies, all in one instance. You won't know which insurer offers the best rate until you shop the market.
- Bundle policies
By securing your home insurance policy plus other coverage needs (e.g. auto, condo, tenant) under one provider, you'll be eligible for a multi-policy bundle discount.
- Stay loyal
It's no surprise that insurers value customers who stay with them long-term. If you're renewing a home insurance policy with your current insurer, be sure to ask about loyalty discounts.
- Upgrade your property
While some upgrades (e.g. remodelled kitchen) can increase your premium, others (e.g. new roofing) can help lower it instead.
- Improve your credit
Many home insurance companies look at your credit score as an indicator of the risk you bring. Opting in for a soft credit check (and having a good score) will lead to the cheapest insurance rates.
- Install safety systems
Certain safety systems, such as a centrally monitored alarm system, can lead to a discount – insurers like to see you lower your risk of having to make a claim.
- Increase your deductible
Your deductible is the amount of money you agree to pay for a claim before your insurer meets the rest. Choosing a higher may leave you with more risk, but it will also lead to lower rates.
- Just ask
You never know what discounts you can qualify for unless you ask. For example, you may be eligible alumni group rates.
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Frequently asked questions about home insurance in Burnaby
How much is home insurance in Burnaby?
The cost of home insurance varies by property type and location. In Burnaby, an average house is about $75 per month, insurance for a condo is about $30 per month, and apartment insurance will be about $15 per month. However, condo insurance, especially in BC, is on the rise with more buildings being built and rising claim volumes in older buildings leading the charge.
What is not covered by Burnaby home insurance?
In all of the different coverages, there are some things that are excluded from policies. They are mostly due to wear and tear that gets worse due to negligence. For instance, Mold is seen as a lack of maintenance from a homeowner. If a home insurance claim could have been avoided with regular maintenance, you can expect it to not be covered.
Other common exclusions include infestations from termites or rats, dangerous pets, and floods. If you run a business out of your home, you may need business insurance.
Earthquake insurance may be required in BC, depending on your area, but is typically an add-on.
Can you cancel Burnaby home insurance?
Yes, if you’re unhappy with your rate or customer service, feel free to move on. However, before you do, it’s important to compare home insurance quotes, select your new provider, inform your old provider and ensure there are no coverage gaps while you transfer.
What factors aren't used to calculate Burnaby home insurance rates?
Unlike car insurance, where age and gender can play a role in determining your rate, home insurance only cares about the home itself. You can get married, share the home with your new spouse, and even add children if you want to and it won’t affect the rate you pay.
What is a home insurance peril?
A home insurance peril is an unknown or accidental event. For instance, if your home is struck and damaged by lightning, creating a hole in your roof, there is no way you could have prevented it. But a home insurance policy is not a maintenance plan so if your roof has slowly degraded over time and now needs replacing, it is not a peril since its eventual replacement is expected.
How do Burnaby home insurance claims work?
Begin by making a complete list of damaged or stolen items. Call your insurance provider as soon as you can and ask about what you’re entitled to, especially if you can’t currently live in your home as you may be entitled to hotel and food expenses. A claims adjuster will be in contact with you to fill out a proof of loss form. Ask about using your own contractor or if you’re required to use one they supply to repair the property.
What is a home insurance deductible?
A deductible is the portion of the claim you’re responsible for paying before the insurance company will pay the rest. The higher your deductible, the cheaper your insurance premiums.