Home Insurance Maple Ridge: Intro
Welcome to your Home Insurance Guide for Maple Ridge. 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 Maple Ridge.
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 Maple Ridge. 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 Maple Ridge?
- Stop smoking: Some insurers increase their premiums for the homes with smokers since this means an increased risk of fire
- 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.
- Stability of residence: Lived in the same residence for years? You may be eligible for a stability discount. A few insurers offers one. (e.g. Grey Power Insurance)
- Claims-free discount: You can get rewarded for being claim free. Terms and conditions vary and not all insurers offer this discount, so ask around if you have been claim free for a long time.
- 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.
- 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.
- Students: Some carriers provide discounts for students. (e.g.State Farm)
- 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.
- Loyalty: Some insurers reward clients for long-term loyalty. (e.g. Desjardins Insurance)
- Interested in more saving tips for Home Insurance in Maple Ridge? Get an insurance quote below and connect with an experienced insurance professional to get more tips
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