Having home insurance in British Columbia is not mandatory. However, if you want to purchase a home using a mortgage, you will need to have enough home insurance coverage to protect your collateral. Therefore, leveraging an opportunity to use home insurance is a very smart choice. This is because acquiring your home is most likely one of your biggest financial investments. 

With home insurance, you are always ready for any home-related costs that might come up due to several factors. These factors include fire disasters, injuries, theft, natural disasters, etc. 

Managing these costs can be expensive, especially dealing with lawsuits and recurrent bills. Therefore, it is always advisable not to take the sole financial responsibility of catering the cost of repairs, bills, and liability claims when an insurance company can handle them. However, the premiums you have to pay to the insurance companies are just a little sacrifice compared to the amount of coverage you enjoy. Also, you can modify the policies to suit your personal home insurance needs. 

Continue reading to learn the answer to the question, “what is the best home insurance in BC for homeowners?”.

Before diving deeper, homeowners that are looking for home insurance quotes in BC should contact this company — Surex is a reputable insurance brokerage that helps homeowners find quality insurance quotes from a variety of providers.

Common risk factors that homeowners face in British Columbia

Homeowners in British Columbia are well aware that they are in an earthquake-prone zone. Furthermore, earthquakes can cause property damage. Even very weak tremors can severely impact the structure and content of a home. When such damages occur, you must repair them to avoid further risks of building collapse.

Having earthquake coverage is therefore important.

It is important to note that earthquake coverage is commonly offered as an add-on by most insurance companies. Therefore, you will need to speak to a qualified Dedicated Insurance Assistant to get more details.

Another common risk factor in British Columbia is forest fires. Forest fires are quite common in the zone. Most insurance policies made a coverage policy for unintentional fire outbreak damages.

Places like Kelowna, Penticton, and Vancouver Island face more risks with forest fires. Insurance companies have made available adequate fire coverage with their home insurance policies. You can speak to a qualified insurance advisor to learn which policy is best for you. 

Types of home insurance in B.C.

There are different types of home insurance in British Columbia. They are:

Property coverages in BC

1. Property coverage in BC:

A property coverage insurance policy is predicated on the overall replacement value of the home’s main dwelling. It protects the home from common disasters such as thefts, storms, and fire. It is important to note that this coverage is not based on the home’s overall market value. Rather it is based on the replacement value of the home. Other parts of the house, such as the driveway, will require another form of coverage.

2. Contents and personal property in BC: 

Contents and personal property coverages include the content of the home, such as the furniture, the gadgets, appliances, etc. If any of these items get stolen, the content and personal property coverage cover these expenses. 

Be sure that the policy figure is proportional to the value of the content of your home. 

3. Additional living expenses in BC: 

Suppose you need to find a temporary place to stay because your home was temporarily displaced due to extensive damages. In that case, you’ll need to claim your additional living expenses coverage. The additional living expense covers your food and shelter while repairing your home.

Liability coverages

1. Personal liability  coverage in BC: 

Most home insurance policies come with liability protection, e.g., personal liability protection. Personal liability protection guards against lawsuits that may ensue because an individual suffered an injury on your property. 

2. Voluntary medical payments coverage in BC: 

This coverage takes care of the medical costs incurred when an individual suffers an injury on your property and needs medical help. 

3. Voluntary property damage coverage in BC: 

This covers the unintentional loss you might cause to someone else’s property even when you cannot cover such damages legally. An example would be when you accidentally destroyed your neighbour’s fence while mowing your lawn. 

Add-ons to home insurance coverage in British Columbia

There are certain privileges that individuals have when stipulating the terms of their homeowners insurance. They can modify the coverage by including other things called “add-ons.” Here are examples of home insurance add-ons that home insurance companies offer: 

1. Overland water coverage in BC: 

This add-on takes care of damages that may occur when water overflows from water bodies such as rivers, streams, lakes, etc., flowing into your home. 

2. Sewer backup coverage in BC: 

The sewer backup add-on covers the cost it takes to repair your home if the main sewer backs up and then damages your home. To prevent this, you can install a backflow preventer. 

3. Earthquake coverage in BC: 

If you live in an earthquake-prone region, you must have this coverage. This is because it is very expensive to repair property after an earthquake, as such damages can greatly affect the property’s structure. Hence, the need to add it to your standard insurance policy. 

How is the cost of home insurance determined in B.C.?

British Columbia insurance companies consider many factors to determine how much you will pay as a premium. These factors include the type of the property, your credit score, the replacement costs, the location of your property, and the internal construction of the property, among many others. When these factors are considered, the best policy will be determined and the amount of premium to be paid.

What is the best home insurance in BC?

The best way to determine the best home insurance in BC is to find an insurance broker that provides a platform for homeowners to enjoy the best of services, rates, premiums, and prompt response when reached out to. Companies like this embolden these advantages by allowing homeowners to leverage its expertise and wealth of knowledge.

These companies created a platform where homeowners can speak to their advisors directly, making sure homeowners are well aware of the technicalities in the different policies available.