Home Insurance Kelowna: Rates, Quotes, Consumer Tips

Home Insurance Kelowna: Intro

Home InsuranceWelcome to your Home Insurance Guide for Kelowna. 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 Kelowna.

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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 Kelowna. 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)

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How Can You Save on Home Insurance in Kelowna?

  • Anti-theft protection: Home alarm systems are recognized by some insurers in premiums (e.g. The Personal)
  • 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.
  • Stop smoking: Some insurers increase their premiums for the homes with smokers since this means an increased risk of fire
  • Water damages: Water damage can cause ongoing maintenance issues. Have an inspector check for water damage and learn if there has been a history of water damage before you buy a house.
  • Avoid living in dangerous locations: Steer clear of buying a house in earthquake or flood-prone zones.
  • Repair instead claims: Consider your deductible and your potential raise in premiums before placing small claims. Is it worth it, can you repair it yourself?
  • Earthquake insurance coverage: Don’t let earthquake insurance shake you up unless you actually live in an earthquake-prone zone. Dropping earthquake protection can save you money; for example, in BC earthquake coverage can account for as much as one-third of a policy’s premium but do you really need it in Ontario?
  • Rebuilding vs. market costs: Think about rebuilding costs when choosing insurance coverage, not the market price of your house. Market price can be significantly higher than rebuilding costs.
  • Employee / Union members: IBM Canada and Research in Motion offer discounts to union members. Check to see what your employer or union offers.
  • Interested in more saving tips for Home Insurance in Kelowna? Get an insurance quote below and connect with an experienced insurance professional to get more tips

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