Home Insurance Coquitlam: Intro
Welcome to your Home Insurance Guide for Coquitlam. This page will give you an idea of Home Insurance Premiums in British Columbia, will inform about savings opportunities and also provide number of other useful tips for choosing Home Insurance protection in Coquitlam.
What Are Typical Home Insurance Premiums In British Columbia?
This chart illustrates the average Renters and Homeowners Insurance premiums in British Columbia and other provinces including Home Insurance in Coquitlam. Renters insurance rates are typically lower than home owners premiums due to the nature of insurance: Renters insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself since it is covered under the insurance property of the homeowner. Overall consumers spend more on Home Insurance in British Columbia because of the several reasons:
- Earthquake protection: Seismic activity of the region often results in additional coverage (insurance riders) against earthquakes that customers prefer to purchase to have a peace of mind. It is especially important along the coast.
- High rebuilding costs: High share of more expensive real estate indirectly impacts home insurance premiums. Though home insurance is driven by rebuilding costs as opposed to market value of a property, British Columbia has a high share of premium, more expensive properties that are more expensive to rebuild. In addition to that construction of the buildings is sometimes more complicated than in other provinces since these should be build considering seismic hazards (e.g. special structure, lateral bracing requirements)
How Can You Save on Home Insurance in Coquitlam?
- Heating: Insurers like forced-air gas furnaces or electric heat installations. If you have an oil-heated home, you could be paying more for insurance. Keep this in mind when you are house hunting.
- Professional Memberships: Are you a member of a professional organization such as Certified Management Accountants of Canada? Some companies offer discounts to professional members, and some organizations offer their members insurance policies. (e.g. Meloche Monnex Insurance)
- Business Insurance: If you work from home but do not have significant assets in the residence, home vs. business insurance may be the better option.
- Wood stoves: Wood stoves increase your risk and could subject you to higher premiums and an inspection.
- Look around and do your research: There are many insurance providers and their prices for the same policies can be very different. Take advantage of online tools and talk to several brokers, since each will cover a select number of insurance companies.
- Leverage inflation: Many insurers increase your dwelling limit every year by considering the inflation of the house rebuilding costs. Follow up to ensure this adjustment is in line with reality and that you are not overpaying.
- Home Insurance deductibles: Raise your deductible to lower your premium.
- Change your content coverage: Do you rent an apartment or condo? You can often lower your content coverage. No need to insure your belongings to up to $250,000 if you only have a laptop and some IKEA furniture!
- Welcome discount: Switching providers? There may be a welcome discount. Don’t be afraid to ask about it. (e.g. Grey Power Insurance)
- Interested in more saving tips for Home Insurance in Coquitlam? Get an insurance quote below and connect with an experienced insurance professional to get more tips
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