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How does home insurance in Vancouver work?
Matt Hands, VP, Insurance
Home insurance isn't required by law in Vancouver – 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 Vancouver, be sure to read on.
Types of Vancouver 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 Vancouver
While the type of home insurance plan you select will determine the risks you're insured against (e.g. theft, fire), most Vancouver home insurance policies will offer these standard coverages.
Dwelling coverage
Contents coverage
Liability coverage
Additional living expenses coverage
Common home insurance add-ons in Vancouver
You can also customize your Vancouver 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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How much is home insurance in Vancouver?
The cost of home insurance in Vancouver 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 Vancouver users received from us in June 2024.
- $62/month
1,084 square-foot side-duplex home
for one person, under MAX Insurance
- $72/month
1,095 square-foot townhouse
for one family, under MAX Insurance
- $86/month
2,174 square-foot detached home
for one family, under MAX Insurance
Factors that impact your Vancouver 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 Vancouver
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 Vancouver.
- Shop and compare
With Ratehub.ca, you can compare personalized home insurance quotes from top Vancouver 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 Vancouver
How much does home insurance cost in Vancouver?
The cost of home insurance varies by property type and location. In Vancouver, an average house is about $80 per month, condo insurance costs about $40 per month, and a renter's insurance policy will be about $15 per month. However, condo insurance is on the rise with more buildings being built and rising claim volumes in older buildings leading the charge.
Who's the best home insurance broker in Vancouver?
Finding a broker is a personal choice, so it's hard to say which one is best. However, you can view our preferred brokers on our page dedicated to insurance brokers. Alternatively, use our Vancouver home insurance calculator to find which company will give you the best rate. We'll connect you with a broker to help finalize the deal and answer any questions you may have about home insurance.
What are the best home insurance companies in Vancouver, BC?
Intact is a major insurance provider, but Square One, a mid-tier provider offers great solutions, too. The best home insurance company for you will depend on your unique situation and which company is best or will give you the lowest rate, depends on many factors. Find the best home insurance in Vancouver by letting the machines and algorithms do the work for you. Based on your profile, each insurance company will provide a quote. It's much easier to make your decision knowing some of the details first, price is one of the most important ones.
How do I get cheap home insurance in Vancouver?
To get cheap insurance, the best advice is to bundle it with your auto insurance, which can result in a 25% savings. Other ways to save on home insurance, without moving to a cheaper location and into a smaller house, include renovations to improve safety and reduce risk. For example, installing a sewer backup and waterproofing your foundation means you can maybe forgo flood insurance (depending on if you're close to a body of water). By installing a monitored alarm system, you could save 5%. You can increase your deductibles (the portion you pay before your insurer pays the rest). Finally, work to improve your credit score. If you allow your provider to check your credit score, and it's good, you can see some more savings.
How do I get home contents insurance in Vancouver?
Contents insurance is part of any home insurance policy. Generally speaking, you'll get 60-70% worth of the value, but an insurance company has to take your word for what you have in your home for them to give you money to replace it. A better solution is to take an inventory of your goods and store it in the cloud somewhere (yes, there are apps for this.) Knowing what you have, it's worth is good. Pictures and receipts as proof are even better.
Know that there are some limits to your valuables. If you have jewellery, rare art, or any collection worth more than $2,500, make sure the insurance company is aware of it. It may cost more to insure, but it'll be negligible compared to the cost of not owning it following an insurance event.
Can you cancel Vancouver 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 shop around for home insurance quotes, select your new provider, inform your old provider and ensure there are no coverage gaps while you transfer.
What is not covered by a typical Vancouver home insurance plan?
In all of the different coverages, there are some things that are excluded from policies. They're mostly due to wear and tear that gets worse due to negligence. For instance, mould 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, home businesses, dangerous dogs, and sewer backups. Water is a tricky peril and for some instances, it's included in your coverage, while for other scenarios it is not.
Be sure to check with your insurer about what is and isn’t covered. You may need to add coverage endorsements to your policy to customize your policy to meet your needs.
What factors aren't used to calculate Vancouver 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 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 Vancouver insurance premiums.
Do I need Vancouver home insurance for Airbnb?
Yes, is the simple answer. While Airbnb does provide host protection, it may not be enough. You should contact your insurance provider before any changes to your policy and that includes renting it out. If they’re not ok with you renting your property, you can move your policy to another provider who will.
How do home insurance claims work?
Make 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 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.
Is there a charge to switch Vancouver home insurance providers?
Depending on when you cancel, there should be no charges to switch at the end of your contract. If you’re switching mid-term, you may incur some cancellation and administrative fees. If you’ve paid your premium annually, you may be entitled to a refund.