Home Insurance in Vancouver - What You Need to Know
Surex can help you save up to 25% on affordable home insurance in Vancouver
Living in Vancouver can feel like a double-edged sword; for one, it’s a gorgeous city with countless attractions and amenities to offer. That being said, Vancouver is one of the most expensive cities to live in, with home insurance rates being no exception. Finding cheap home insurance in Vancouver can feel like a challenge if you don’t know where to start. That’s where Surex steps in!
At Surex, helping policyholder find affordable home insurance is kind of “our thing”. So, when you contact one of our advisors with questions about finding quotes for home insurance in Vancouver, we know just how to help. If you want to get insurance online or over the phone, contact us today to receive a collection of quality home insurance quotes and learn how you can save up to 25% when you bundle multiple policies with one one of the top Canadian home insurance companies in Vancouver.
Home insurance in Vancouver is not legally required if you’ve paid your house in full. However, you should purchase home insurance prior to getting a mortgage, as it is mandatory for those who need to get a mortgage. Home insurance provides the protection you need no matter what kind of home you have.
The cost of home insurance in Vancouver typically depends on a number of factors including the construction of the home, updates to heating, electrical, plumbing, and roofing, chances of water damage, prior claims, and more. It’s best to budget approximately $600 to 1500 annually for home insurance costs, but again this will vary from person to person.
There are four basic types of home insurance in Vancouver:
Comprehensive or All Perils: this is the most comprehensive level of home insurance in Canada. This includes coverage for all perils with broad insurance in addition to unintentional damage and disappearance of home contents.
Basic or Named Perils: This covers your home and its contents against perils that are listed in your insurance policy. Check with your advisor for a full list.
Broad: This coverage is somewhere between comprehensive and basic policies. It covers some high-value items - such as the structure of your home- as well as certain named perils (like water, lightning, hail, windstorm, fire, smoke, explosion, falling objects, vandalism, theft, and impact to vehicles or aircraft).
No-Frills: This is basic coverage for properties that cannot normally be underwritten, meaning it does not meet normal insurance standards.
In Vancouver, it is highly recommended that homeowners get an insurance add-on for earthquake damage. Others you may want to consider: for flood damage, replacement cost coverage (i.e to rebuild your home after total loss), or coverage for other structures on your property. The type of home insurance you want depends on your specific needs and you can work with your advisor to see what is right for you.
A licensed insurance advisor can offer quotes for home insurance in Vancouver. If you contact the broker channel they can provide you with more than one option, so you can see comparables in price and insurance coverage!
There are many factors that influence the cost of your home insurance in Vancouver. These are some of the things that the top Canadian home insurance companies look at when calculating your premium:
- The square footage of your home
- The age of your home
- Number of residents
- Cost of replacement
- Contents and quality of construction
- The location of your home
- Distance to a fire hydrant
- Proximity to local services such as fire and police stations
- Your insurance claims history
- The age of your roof
- Your home’s plumbing
- Your home’s electrical system
It's no secret that the cost of living in Vancouver is one of the highest in Canada, so once you purchase your home, you have to remember the added cost of insurance, to protect your largest asset. Here are some tips to help you obtain affordable home insurance in Vancouver:
- Bundle your home and auto insurance policies with the same provider to save
- Raise your credit score
- Avoid making claims
- Purchase a claims protector (once you make a claim, this product will prevent your premium from going up)
- Install a home sprinkler system for fires
- Install a home alarm system for added security
- Don't smoke
- Always compare insurance companies and quotes with the best insurance broker before purchasing
The top Canadian home insurance companies in Vancouver will notify the client if the policy is automatically renewing by sending out policy documents usually 30 to 60 prior to the renewal date.
The most affordable home insurance provider in Vancouver depends on how your situation fits into the formula companies create to evaluate policyholders. Comparing online insurance quotes with your Surex insurance broker will allow you to get the cheapest price on home insurance and get you the best insurance coverage for your situation.
You can contact your assigned Surex broker/advisor or contact the insurance company directly. Make sure you have your policy number and details of the claim prepared when you call.
Vancouver does have some risks to be aware of and consider when choosing and purchasing your home insurance coverage, and two of the major ones are earthquakes and tsunamis. Earthquakes are a very high risk for this province and experts have been warning of one that could hit the west coast now for decades and predict it could reach a magnitude of 9.0 on the richer scale. Tsunamis are also of concern because an earthquake could trigger one and with Vancouver's close proximity to the ocean, it would be disastrous.
Talk to your insurance advisor about certain add-ons and they can assist you in selecting what is best for your situation and get you the best and most affordable home insurance in Vancouver for your personal needs.
Home insurance in Vancouver provides the protection you need no matter what kind of home you have. When you need to make a claim, having affordable home insurance will help you keep peace of mind if anything comes up. Home insurance will generally cover your personal belongings, additional living expenses and personal liability. And, it will provide coverage for the building itself, any upgrades you make to your home, your belongings, your personal liability (for damages incurred if anyone is injured on your property), living expenses (if you have to suddenly evacuate your property due to certain perils such as wildfires). If you feel you need more coverage, you can always talk to your insurance advisor about endorsements, or optional add-ons to tailor your coverage to your specific needs.
Home insurance in Vancouver typically includes the following risks:
- Smoke damage (excluding fireplaces)
- Wind and hail
- Electrical current
- Water damage
- Broken windows
- Falling objects (unless propelled by a landslide, avalanche, or earthquake)
Of course, the top Canadian home insurance companies are all different and may not cover the same risks, so be sure to do your research and talk to your insurance advisor to see what risks the insurance company will cover.
Along with high-risk natural disasters such as earthquakes and tsunamis, there are a host of other risks that are not covered by most insurance companies and you will most likely be required to add these as optional add-ons to your coverage if you want to be protected from these things happening. Here are the things that are not covered by home insurance in Vancouver:
- Flooding (most commonly salt water in Vancouver)
- Sewer backup
- Damage from freezing outside the home
- Pollution damage
- Damage from insects and rodents
- Water damage caused by frozen or burst pipes in the winter
- Damage to property acquired illegally
- Earthquakes (and the trigger effect of a tsunami)
- Stanley Park
- Capilano Suspension Bridge Park
- Granville Island
- Grouse Mountain
- Queen Elizabeth Park
- Vancouver Aquarium
- CF Pacific Centre
- Hudson Mall
- Burrard Landing