Home Insurance Companies in Vancouver

Considerations when looking for a home insurance provider in Vancouver

Broker or Agent

An insurance broker will work with a number of insurers while an agent will work with one insurer. Either will be able to walk you through the premiums and applicable insurance for your home.

Necessity

Home insurance is a must. It’s not legally required, but it protects your home and the possessions within it from damage or theft. Even if you’re renting, it’s just plain smart to have it.

Buying a Home

If you’re buying a home your lender will require you to have home insurance. This is to protect the lender as they have a vested interest in the future of the home as well.

Different Types of Home Insurance Policies

There are generally 3 big factors when choosing home insurance.

1. Liability. Personal liability insurance protects you from someone getting hurt on your property and pursuing legal action. Depending on the policy, this can extend further than just your property and can be applied wherever you go.
2. Damage to the house. This is the obvious reason for home insurance. Fire, smoke damage, severe weather and vandalism can all be covered.
3. Personal property damage. If your home is damaged or broken into, your personal property within can be covered. You’ll have to decide on the amount you’d like covered.

Condo Insurance

Condo insurance works in the same way house insurance does, but it only protects your condo, the contents within, and the storage locker. The exterior and the main building will be covered separately by the building owner.

Factors that Affect the Premium

The premium (the amount you pay for an insurance policy) will be affected by:

1. The replacement cost of your home and contents
2. Whether it’s a rental or mixed business use
3. Your neighbourhood
4. The age of your roof
5. Closeness to water
6. Your claims history
7. Electric wiring of your house
8. Type of piping in your home
9. Wood stoves
10. Security system
11. Whether you have a pool

For more details on buying home insurance, visit the Insurance Bureau of Canada website.

Other types of insurance:

• Business Insurance in Vancouver
• Car Insurance Companies in Vancouver
• Life Insurance Companies in Vancouver
• Specialty Insurance Companies in Vancouver