Home Insurance Vancouver: Rates, Quotes, Consumer Tips


Panorama-Vancouver

Home Insurance Vancouver: Intro

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

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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 Vancouver. 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 Vancouver?

  • Direct insurers: Have you always dealt with insurance brokers or agents? Getting a policy from a direct insurer, also called a captive agent, may save you money. A captured agent only sells products from one company.
  • 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.
  • Pipes: Insurers prefer copper or plastic plumbing. Consider upgrading your galvanized/lead pipes during your next renovation cycle.
  • Hydrants and fire-station: Ask if your proximity to a hydrant or fire station will save you money.
  • Stop smoking: Some insurers increase their premiums for the homes with smokers since this means an increased risk of fire.
  • Stability of residence: Lived in the same residence for years?  You may be eligible for a stability discount.  A few insurers offers one.
  • Mortgage-free home: When you pay off your home, some insurers will reward you with lower premiums.
  • Mortgage insurance: Do you have life insurance?  If so, you may have enough coverage to forgo mortgage insurance.  Mortgage insurance is another name for a life/critical illness and disability insurance that pays off your outstanding debt on your home in case of a tragic event. For example, a term life policy large enough to pay off your home is usually cheaper.
  • Annual vs. monthly payments: Annual payments save insurers administrative costs such as time, postage and billing.  Therefore, you are rewarded with lower premiums.
  • Interested in more saving tips for Home Insurance in Vancouver? Get an insurance quote below and connect with an experienced insurance professional to get more tips

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