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Vancouver Home Insurance

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Home insurance = peace of mind 

Vancouver, located on the west coast of Canada, is a coastal seaport city on the mainland of BC. It frequently ranks high as one of the most liveable cities, but, is also one of the most expensive to live in. It is renowned for its natural beauty, surrounded by the sea and the mountains giving the residents the best of both worlds and makes it an ideal base for year-round exploration. The city’s coastline offers amazing views and great beaches, while the mountains offer hiking trails and snow sports. The urban, downtown core of Vancouver is located on a peninsula and is very residential, with over 500,00 people living in a small area. It is surrounded by water on all three sides, so building up is the only option to expand. Vancouver is famous for Stanley Park, one of the largest urban parks in North America, which boasts over 1,000 acres of park to explore and enjoy.

Home insurance is not legally required in Canada, especially for those who have paid off their home. But, it is mandatory for those who need to get a mortgage. Since buying a home is one of the biggest investments people make, it's important to consider getting homeowners insurance to protect the place they live, raise a family and keep their belongings. These are all things that a homeowners insurance policy can cover and we can help with that.

Comparing rates from Canada's leading Home Insurance Providers
Wawanesa Insurance
Pembridge Insurance
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Jevco Insurance

Home Insurance in Vancouver

Home insurance in Canada 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 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 $600-1500 annually for home insurance costs, but again this will vary from person to person.

There are four basic types of homeowners insurance available 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 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 home insurance quotes for you 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!

Things to do in Vancouver
  1. Stanley Park
  2. Capilano Suspension Bridge Park
  3. Granville Island
Best landmarks in Vancouver
  1. Grouse Mountain
  2. Queen Elizabeth Park
  3. Vancouver Aquarium
Best Shopping Sites in Vacouver
  1. CF Pacific Centre
  2. Hudson Mall
  3. Burrard Landing

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Have questions? We’ve got answers:

There are many factors that influence the cost of your home insurance and these are the things that 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 save on your home insurance in Vancouver:

  • Bundle your home + 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
  • Shop around and compare quotes before purchasing

Insurance carriers will notify the client if the policy is automatically renewing by sending out policy documents usually 30-60 prior to the renewal date.

The cheapest home insurance provider depends on how your situation fits into the formula companies create to evaluate policyholders. Comparing quotes with Surex 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 # 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 coverage for your 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, 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.

Your home insurance coverage will typically include the following risks:

  • Fire
  • Lightning
  • Smoke damage (excluding fireplaces)
  • Theft
  • Wind and hail
  • Electrical current
  • Explosion
  • Vandalism
  • Water damage
  • Broken windows
  • Falling objects (unless propelled by a landslide, avalanche, or earthquake)

Of course, every insurance provider is 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 wanted to be protected from these things happening. Here are the things that are not covered:

  • Flooding (most commonly salt water in Vancouver)
  • Sewer backup
  • Landslides
  • 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)
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