Buying Home Insurance in BC

Widely considered as a person’s most expensive purchase is the home in which they live. Having the most comprehensive home insurance in place with the proper limits to rebuild and protect your home in the event of a total loss is therefore absolutely vital. 

As one of BC’s largest insurance broker networks specializing in house insurance, we calculate the current rebuilding cost of your home using various professional evaluation methods. These tools are based on costs obtained from contractors and appraisers and allow us to offer some of the best and most accurate home insurance policies available in British Columbia. Whether you live in Victoria, Vancouver, or a more remote area of BC, we offer competitive home insurance products for all British Columbians.

What's Covered by Homeowners Insurance?

home

Home

From your beautiful hardwood floors to your brand new granite countertops and everything in between, the insurance policy you buy is there to ensure that your home will be rebuilt or fixed as good as it was before your loss, if not better. This policy also provides coverage for things such as outhouses, garden sheds, patios, decks, and even that beautiful garage you just built.

personal content

Personal Belongings

We all have lots of stuff, so this part of the policy ensures that all of your belongings inside your home, such as furniture, appliances, electronics, books, clothing, and other personal items are covered. This also includes personal property temporarily held at other locations and in your vehicle. 

personal liability

Personal Liability

When certain situations occur that result in unintentional bodily injury or property damage to others arising from your actions, your insurance policy extends coverage to protect you against liability claims and possible resulting lawsuits.

additional living expense

Additional Living Expenses

If you get displaced from your home as a result of a covered loss, this element of your policy will provide coverage for costs such as hotel rooms, meals, storage costs, and other living expenses while you are forced to live away from your home.

 

Our Online Homeowners Coverage Details

Our online home insurance policy offers a comprehensive insurance solution that our BC home insurance customers love. It features a series of industry-leading coverages, elevated coverage limits, and it’s backed by superior, locally operated claims service. We have featured some of the key components of our online homeowners policy below:

Coverage Type Limit of Coverage
Dwelling
  • $250,000 to $1,200,000
  • Guaranteed Replacement Cost Included
Detached Private Structure
  • Up to 10% of Dwelling Limit
Personal Contents
  • Up to 70% of Dwelling Limit
Personal Liability
  • Up to $3,000,000
Additional Living Expenses
  • Up to 20% of Dwelling Limit
Identity Theft
  • Up to $15,000
Sewer Backup
  • Up to Dwelling Limit – If eligible
Bicycles
  • Up to $3,000 Each
Jewellery, Watches, Gems
  • Up to $10,000
And More!
- Coverages subject to eligibility and may change at any time.

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Enhance Your Coverage with Optional Add-Ons & Customizations

water-protection-coverage

Water protection

This coverage provides broader water damage protection in the case of loss or damage caused by and happening at the same time as surface water, groundwater or sewer back up event. The coverage limits are the same as those available for Sewer Backup but may not be available to all BC residents, and is subject to the policy deductible.

Earthquake

Earthquakes are common in BC, with an average of 3,000 reported each year. To cover any damage caused to your home as a direct result of a seismic event, you can add earthquake coverage to your house insurance policy.

earthquake-coverage
additional-coverage-items-final

Other Customizations

In addition to a number of important add-ons, our online Homeowners policy provides you with a number of flexible and customizable coverage options. For example, you can select your policy deductible, home deductible protection limit, personal property limit, and even schedule special items such as jewelry, bicycles, and other items.

Tips on Getting Cheap Home Insurance

Build your claims-free discount

Most insurance carriers provide discounts to those who have gone several years without experiencing an insurance claim.

Improve your home security

Make your home more secure with a monitored burglar alarm system and many insurance carriers will offer you a home security discount as a result. 

Pay annually

Paying for your insurance premiums annually typically offers significant savings over paying for your premiums on a monthly basis.

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Online Home insurance that meets your needs

Whether you want the basic package that covers the essential items or a more customized option for your special needs, we have you covered.

Choose from one of the bundled packages, especially designed for your needs, including:

•  Practical package: The essential & minimum coverages that get you basic coverage

•  Popular package: Ideal for nearly everyone as it features the most frequently selected coverages 

•  Premium package: The perfect option for those who require higher limits and enhanced coverage

Customize your policy further:

•  Increase your liability limit

•  Lower your premium by increasing your deductible

•  Schedule special items such as jewellery, bikes and more

•  Add earthquake coverage in case the “big one” hits

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Frequently Asked Questions

Home insurance is complicated. Below are a few answers to frequently asked questions about home insurance coverage, deductibles and premiums. 

The basic coverages included in any homeowners policy are coverage for your home and its contents, as well as your personal liability, anywhere in the world. More specifically, for those who live in their homes year-round, your homeowners insurance will typically cover:

  • The building (ie the dwelling)
  • Detached Structures on the premises, like a garage, shed outhouse, etc
  • The Personal Property you own, such as computers, books furniture, electronics, clothing, books, jewellery, etc
  • Any trees and shrubs located outside and on the premises
  • Your Additional living expenses, should you have to relocate as a result of a covered claim
  • The loss of any rental income after making a claim, if applicable.
  • Your homeowners insurance typically also covers the same things for your spouse and any relatives who are living with you in the same household.

Keep in mind that you can typically customize your insurance policy to get the right type and amount of insurance for your specific needs, such as adding a high-end bicycle or an expensive piece of jewelry. It’s always good to keep your policy current and up to date with the value of the personal possessions of everyone on the policy to ensure you’re adequately covered.
The amount of insurance you need is typically based on the value of the home you live in, and therefore want to insure. The insurance company considers every little thing required to rebuild your home to the same state it was, before experiencing the loss.

This includes items such as the number of stories of the home, the area covered by the dwelling, the possible presence of a garage, and even down to the basement, whether it was fully finished or not. It’s important to remember that the value you insure your home for is not necessarily a reflection of the current market value of your home or how much you think you could get for your home if you were to sell it today.
The cost of your homeowners insurance policy will depend on a number of factors and can differ greatly between insurance carriers. One of the main factors affecting your premium is the location of your home.

All major insurance companies use your postal code to determine the frequency and severity of the claims reported in your neighborhood, and they will use it to determine the risk, and therefore set the rate accordingly. For example, if you live in an area with a high likelihood of break-ins or vandalism, your rate could be higher than what you would pay in an area where those things are rare. The same can be sent for areas prone to flooding, forest fires, etc.

Other items that affect your premium are the age, structure and construction type of your home, as well as the heating system you use, the type (and age) of your electrical system and of course your insurance experience, and the various optional coverages you choose to add, such as coverage for Earthquake, overland flooding and others.
Absolutely! When you purchase a homeowners policy through our website, most of the coverage changes you need to make, such as changing your deductible, adding optional coverages or adding/removing someone to your policy can be done online. If you’re not entirely sure what to do, you can always contact one of our expert insurance advisors who can talk you through making any possible changes to your policy.

If you purchased your policy through one of our offices, please contact the office directly and one of our advisors can make any changes on your behalf. It’s that easy.
We understand that Homeowners insurance can be expensive so we have a few easy ways you can lower the cost of your annual home insurance.

By increasing your deductible, you typically lower your annual premium. It’s an effective way to reduce your cost, but keep in mind that you should not have a deductible that’s higher than what you can afford to be out of pocket. If you do have an emergency fund that could help you take on a sizable deductible hit you may wish to consider upping the deductible.

Make sure you look into all possible discounts you may be eligible for, and if you’re not entirely sure, don’t hesitate to ask one of our advisors. You may receive a discount for being mortgage-free, having a monitored alarm system, living in a new home, or even being claims-free for several years.
As part of your homeowners insurance policy, you (and other people covered by your policy) will have personal liability coverage. This part of the policy is there to protect you and your assets in the event someone is injured while in your home or due to an accident that you cause. This coverage can be a financial lifesaver as medical costs can quickly add up, as could costs associated with legal actions taken against you.
Within your homeowners insurance policy, the deductible is the amount that you agree to pay out of your own pocket before the insurance company gets involved to pay the remaining balance of a covered claim, up to the limit you have purchased in your policy.

Depending on the homeowners policy you purchase, your main policy deductible can range from $500 to $5,000. The deducible you select should reflect the amount of risk you are willing to take on yourself. Keep in mind, the higher your deductible, the lower your premium, and vice versa.
Since your home is one of the most significant things you own, you want to make sure it’s properly insured. While everyone has a different level of comfort around the type of insurance to purchase, we have listed some items that should aid you in finding the right type of homeowners insurance to buy:
    1. Insure your home for the full rebuilding costs (if you don’t, you’re on the hook for the shortage)
    2. Review your home inventory each year when you renew your policy
    3. Find the right combination between the amount of the deductible you’re comfortable paying and the
    4. premium you pay (don’t forget, you get what you pay for)
    5. For high-value jewellery or fine art, consider scheduling them separately
    6. Do your research and select the insurance carrier that has a positive reputation for solid claims service
Most homeowners insurance policies do not automatically extend coverage for a business that is being run out of the home. That doesn’t mean it cannot be added, however. Contact one of our insurance advisors if you’re unsure whether your home-based business can be added to your homeowners insurance policy.
Depending on the nature of your loss, the premium you pay for your homeowners insurance policy the subsequent year may see an increase, but that’s not a guarantee. Depending on the type of policy you have, you may lose your claims-free status or you may lose your claims-free discount leading to a small increase in your policy premium. Other factors will also come into play, including inflation, the overall performance of your insurance carrier, and even claims-related data within the same period in your postal code.
Some insurance carriers may offer discounts for having a monitored alarm system that features surveillance cameras. Don’t hesitate to ask one of our insurance advisors whether your system qualifies for any discounts.
Earthquake insurance is considered to be additional coverage that can be purchased on top of your basic homeowners insurance policies. It provides coverage for the repair of your home as well as the replacement of your belongings if they are damaged by an Earthquake. It also provides coverage should you be unable to reside in your home due to the damage caused by an Earthquake. With approximately 2,500 tremors in BC every year, we live in a highly seismic region. While we do not have a crystal ball to foresee when the next big Earthquake will hit our Province, our insurance advisors can help you assess your risk and the cost-benefit analysis on whether you should purchase Earthquake insurance.
A standard homeowners insurance policy does not automatically provide coverage for insureds who use part, or their entire homes for Airbnb. Not to worry though, as many insurance carriers can add an endorsement (add-on) to your policy that would extend coverage for homeowners to then utilize Airbnb to generate additional revenue for their homes.
We live in a beautiful, yet unique part of the world. Many areas in BC are exposed to some risks, including flooding, forest fires, and even Earthquakes. Make sure your homeowners insurance policy is one that can protect you from as many perils that exist in our Province as possible. Don’t hesitate to discuss these risks with one of our advisors.

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