Homeowners insurance in Burnaby, BC

Burnaby is a large city located directly to the east of Vancouver. From the highly sought-after area of Vancouver Heights to the Burnaby Mountain neighbourhood and the newly redeveloped area near Brentwood, Burnaby offers a tremendous variety of real estate opportunities.

‍

Home Insurance Costs in Burnaby

The cost of home insurance in Burnaby, BC varies widely depending on the type of property and its location. Some of the larger homes in the Heights and Burnaby Mountain areas will feature premiums in the $8,000 to $10,000 range, depending on specific postal code areas.

When considering the approximate cost of homeowners insurance, it's essential to factor in the property's location, the value of the home, and the coverage level required. Whether you're insuring a condo or a larger home, understanding these variables can help you find the best policy to meet your needs.

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

‍

How to Lower Your Homeowners Insurance Premium in Burnaby BC

Finding insurance for your most valuable asset isn't always straightforward, and the associated costs can sometimes be surprising. However, there are ways to manage and potentially lower your homeowners insurance premium in Burnaby.

Your Age

Many insurance companies offer a ‘mature age discount’ as part of their insurance application. Depending on the company, this could provide savings of up to 10% for those aged 65 or older.

Your Deductible

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

Credit Score

Nearly all insurance companies now use credit scores as a factor in calculating premiums. There is a strong correlation between a higher credit score and a lower likelihood of filing a claim. Individuals who 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

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

Age of the House

Purchasing a brand-new home or renovating an existing one can qualify you 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 attractive 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. With a heightened focus on data, insurers know which postal codes in Burnaby 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 the annual premium of your homeowners policy is to remove coverage options you don’t need. For instance, if you live in an area of Burnaby 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 to potential risks. Understanding the factors that influence home insurance costs and exploring ways to reduce your premium can help you secure the best coverage for your needs in Burnaby.

For personalized advice and to explore various coverage options, visit InsureBC Home Insurance and get a quote today.