Home Insurance Surrey: Rates, Quotes, Consumer Tips

Home Insurance Surrey: Intro

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

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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 Surrey. 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 Surrey?

  • 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?
  • Plumbing insulation: Insulate your pipes to prevent them from freezing in the winter. This may reduce or even avoid insurance claims.
  • 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.
  • 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.
  • Annual vs. monthly payments: Annual payments save insurers administrative costs such as time, postage and billing. Therefore, you are rewarded with lower premiums.
  • Pool: Add a pool and you add value to your home as well as increased liability. Naturally, this comes with an increase in your insurance rates.
  • Bundle: Most companies offer a discount if you bundle polices, such as home and auto.
  • Bicycle: Insuring your bike for theft? Your home insurance might be covering it already. Check your policy.
  • 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.
  • Interested in more saving tips for Home Insurance in Surrey? Get an insurance quote below and connect with an experienced insurance professional to get more tips

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