Home Insurance in Coquitlam, BC

Further east of Burnaby, and past Port Moody, you’ll find the beautiful city of Coquitlam, BC. If you’re lucky enough to call this city home, you will benefit from slightly lower housing prices while still only having a 45-minute commute to downtown Vancouver.

Coquitlam is surrounded by massive green landmasses and nestled among mountains. The area has seen a surge in population, which has contributed to the increase in housing prices. The Coquitlam Centre and Lougheed areas highlight a number of high-rise apartments featuring one- to two-bedroom condominium units. Other parts, such as Burquitlam and Burke Mountain, feature family-friendly neighborhoods with larger homes, which feature insurance premiums into the thousands of dollars annually.

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What's the Price of Home Insurance in Coquitlam, BC?

The cost of home insurance in Coquitlam, BC depends on various factors, including the type of property, location, and specific insurance needs.

According to research conducted by J.D. Power, the average cost of homeowners insurance in British Columbia is $1,250 per year, which is just over a hundred dollars a month. This is slightly higher than the national average of $1,200.

‍→ Check out the average cost of home insurance in British Columbia

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Factors Affecting Home Insurance in Coquitlam

When determining the cost of home insurance in Coquitlam, BC, it’s essential to consider the property’s location, the value of the home, and the level of coverage required. The area's natural landscape, proximity to green spaces, and urban development all play a role in influencing insurance premiums.

Coquitlam residents can get a quick and customizable rate with InsureBC, ensuring they find the best coverage to meet their needs. By understanding these variables and working with a knowledgeable insurance provider, homeowners can secure comprehensive protection for their investments in Coquitlam.

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How to Lower Your Homeowners Insurance Premium in Coquitlam, BC

Finding the right insurance for your most valuable asset—your home—can be challenging. When you finally secure a reputable and knowledgeable broker, you might be surprised by the costs associated with your insurance policy.

Several factors contribute to the calculation of your homeowners insurance premium. Insurance companies are data-driven institutions that know exactly what loss history is associated with each postal code within BC. This data allows insurers to accurately calculate the likelihood of future losses in specific areas and set premiums accordingly.

Fortunately, some factors influencing your homeowners insurance premium are within your control. Let’s explore ways you can potentially lower your annual premium in Coquitlam, BC:

Your Age

Many insurance companies offer a ‘mature age discount’ for policyholders aged 65 or older. Depending on the company, this could save you up to 10%.

Your Deductible

The deductible you choose for your policy inversely affects your premium. Opting for a higher deductible, such as $5,000, will result in a lower annual premium. However, remember that you will be responsible for this higher amount if you file a claim.

Credit Score

Most insurance companies now use credit scores as a factor in calculating premiums. There appears to be a strong correlation between higher credit scores and a lower likelihood of filing a claim. Those willing to consent to a soft credit check may save up to 15% on their annual premium if they have a solid credit score. Insurance companies will not increase your premium if you have a lower credit score.

Claims History

Insurance companies prefer clients who do not frequently file claims. To attract these clients, many offer a “Claims-Free Discount.” If you have had property insurance for years without filing a claim, you could receive a discount ranging from 5% to 15%.

Mortgage-Free Discount

While most property owners in BC carry a mortgage, those who are mortgage-free can benefit from a discount of around 10% off the base premium. Insurers believe that individuals without a mortgage are more likely to be financially responsible, translating into more responsible homeownership.

Age of the House

If you have just purchased a brand-new home or renovated an existing one, you may qualify for a ‘new home discount’ of up to 10% off the base premium from several insurers. Newer homes tend to have fewer claims, making them more attractive to insurance companies.

Alarms, Detectors & Security Systems

A secure home is appealing to insurance companies. If your residence features active smoke detectors, a fire alarm, and/or a monitored security system, let your insurer know. Many companies offer a 5-10% discount off your base premium for these security features.

Location, Location, Location

The location of your home significantly affects the premium charged by insurance companies. Insurers use data to determine which postal codes in Coquitlam are prone to burglaries, flooding, or earthquake damage. Before making an offer on a new home, reach out to us to assess the insurability of the property and how insurance companies rate your potential new home.

Coverage Options

Another way to lower your annual premium is to remove unnecessary coverage options. For example, if you live in a part of Coquitlam that is far from an earthquake faultline, you might opt to remove earthquake coverage from your policy. Similarly, if you believe your home is not at risk for overland water damage, you can exclude this coverage. However, before making any changes, consult with one of our insurance advisors to ensure you are not leaving yourself vulnerable.

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Conclusion

By understanding and managing these factors, you can take proactive steps to lower your homeowners insurance premium while maintaining the coverage you need to protect your home in Coquitlam. If you haven't already, visit InsureBC and get your home insurance quote today! 

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