Home Insurance Nanaimo: Rates, Quotes, Consumer Tips

Home Insurance Nanaimo: Intro

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

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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 Nanaimo. 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 Nanaimo?

  • Pipes: Insurers prefer copper or plastic plumbing. Consider upgrading your galvanized/lead pipes during your next renovation cycle.
  • Bundle: Most companies offer a discount if you bundle polices, such as home and auto.
  • Benchmark your costs: Use price comparison tools to know how much other companies are charging for similar policies, and check with your peer group to see if these comparisons are similar within your demographic.
  • Seniors: Many seniors can benefit from senior pricing.
  • Neighbourhood: For your personal safety and possible lower premiums, live in a low-crime, safe neighbourhood.
  • Decrease liability risk: Decrease your liability with a common-sense approach to hazards. Fence off your pool. Keep aggressive dogs on a leash. Shovel the snow and ice from your walkway.
  • Renovations: Renovating your house can result in lower home insurance premiums, as home insurance premiums for older, poorly maintained homes are usually higher. Also, updating only parts of your house, such as the basement or kitchen, may lead to savings on your insurance.
  • Monitoring: Is there other security like a doorman or security guard on the premises? This may mean an additional discount.
  • Mortgage-free home: When you pay off your home, some insurers will reward you with lower premiums (e.g. RBC Insurance, Cooperators)
  • Interested in more saving tips for Home Insurance in Nanaimo? Get an insurance quote below and connect with an experienced insurance professional to get more tips

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