How Much is Home Insurance in BC?
There is so much to love about BC — the people are friendly, the landscapes are gorgeous, and there are countless activities to try (skateboarding and snowboarding on the same day, anyone?).
These are just some of the reasons why more and more homeowners are packing their bags and moving to BC.
If you’re thinking about buying a home in BC, then you’ve likely started to think about shopping for home insurance. If you’re just starting your search, you’re likely asking yourself questions like, “how much is home insurance in BC?” and “where can you find home insurance quotes in BC?”.
We answer these questions, and many more, below.
How much is house insurance BC?
The home insurance BC average cost is roughly $,1500 to $1,700 per year ($125 to $142 per month).
This puts BC near the middle of the provincial average home insurance rates list, sitting behind Alberta, Manitoba, Saskatchewan and Ontario.
If you’re planning on renting a home or apartment in BC and want to financially protect your belongings, you can speak with your Surex insurance advisor about investing in tenant insurance. The average cost of tenant insurance in BC is roughly $300 per year ($25 per month).
What influences the average house insurance cost BC homeowners pay?
There are numerous factors that influence the price of home insurance rates in BC.
For starters, BC is prone to a wide variety of natural disasters, including forest fires and high winds. Additionally, BC is a high-risk zone for both earthquakes and overland floods, which further adds to the risk of owning a home in the province. Please note that both earthquake and overland flood coverage are home insurance add-ons (optional forms of coverage) that can be included in your policy for an additional fee.
Home insurance companies take the high rate of natural disasters into consideration while determining home insurance rates in BC.
However, the high rate of natural disasters is far from the only thing that affects your home insurance rates. Home insurance companies also use the following factors while calculating your rates:
- Size of your deductible
- Location of your home
- Value of your home
- Condition of your home
- Level of coverage and presence of add-ons
- Presence of security features
Size of your deductible
Homeowners that want to save on their monthly or annual insurance expenses can do so by increasing their deductible. Please note that if you increase your deductible, you’ll need to pay more when you make a home insurance claim.
Location of your home
Home insurance companies take location-based details, like theft and vandalism rates, into consideration while determining your rates.
Value of your home
The value of your home directly influences the repair and replacement cost of the property. High-value homes tend to cost more to insure.
Condition of your home
Homes that are in good condition are less prone to physical damage and structural issues, which can positively impact your home insurance rates.
Level of coverage and presence of add-ons
If you have extensive home insurance coverage with a number of add-ons, you’ll likely pay more than a homeowner with a less-significant level of coverage.
Presence of security features
If you don’t have home security systems (like a burglar alarm) installed on your property, it is easier for someone to steal from or vandalize your house. A lack of security systems can negatively impact your home insurance rates.
How can you lower your home insurance cost BC?
Even though home insurance in BC can be expensive, it doesn’t have to be! Homeowners in BC can utilize the following tips if they’d like to reduce their home insurance rates:
Bundle your policies
Bundling multiple policies is a common technique that policyholders use to reduce their rates. Some insurance providers offer extremely generous discounts to policyholders that bundle their coverage, some being high as 25%!
Consider buying a new home
Although buying a brand-new home isn’t feasible for everyone, it’s a fantastic way to lower your home insurance rates. New homes are less prone to internal or structural incidents, making them less of a risk than a home that was built several decades ago.
Install an alarm system in your home
As mentioned earlier, not installing a security device on your property not only makes it easier for burglars to target your house, but it can also negatively impact your home insurance rates. Many home insurance providers, like Economical, offer discounts to policyholders that install security systems, so it’s best to take advantage of the savings.
If possible, we suggest paying for your home insurance annually, as opposed to paying monthly. Paying annually comes with a handful of perks, like reduced premiums and peace of mind (you know you won’t accidentally forget to make payments a few months down the line).
Avoid filing small home insurance claims
As a rule of thumb, homeowners should only make home insurance claims if something severe happens to their home (fire, damage from a wind storm, etc.). Even though it may be tempting to file small claims, it can negatively impact your home insurance rates. Each time you make a claim, it’s added to your insurance history. Home insurance carriers assess the number of claims you’ve made while determining your home insurance rates.
Want to save on home insurance in BC? Shop around with Surex!
If your home insurance renewal period is approaching, it’s the perfect time to shop around for quality insurance quotes with your Surex insurance advisor.
What’s an insurance advisor? We’re glad you asked!
An insurance advisor (also known as an insurance broker) works with several home insurance carriers. This gives them the ability to offer policyholders a variety of quotes, allowing them to compare products until they’ve found one that meets their needs and budget.
Getting several quotes at once makes the home insurance shopping process quicker, easier and less stressful for homeowners.
Call or click to receive a collection of high-quality home insurance quotes from some of the top carriers in BC!