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Home Insurance In Vancouver

Finding home insurance in Vancouver that’s affordable and provides maximum coverage is vital. The last thing you want is an unexpected event to occur and your insurance policy to provide inadequate coverage.

Looking for home insurance in Vancouver? Discover insurance providers in your area & learn about the coverage available for your property.

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Home insurance isn’t legally required in Canada. However, many lenders make home insurance a mortgage requirement. Knowing the ins and outs of home insurance is vital. Look into insurance providers in your area like Aviva and Square One. In addition, the type of coverage they provide. Consider what an insurance policy covers and factors that influence the cost, like climate change.

This article covers the basics of home insurance in Vancouver. Read on to learn about insurance providers in Vancouver and the vital details in insurance policies.

Home Insurance in Vancouver

Find a home insurance provider as soon as you have a contract accepted to buy a home. Below are some providers of home insurance in Vancouver.

Square One Insurance

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Square One Insurance

Square One offers competitive home insurance in Vancouver to homeowners, condo owners, and tenants. With a Square One insurance policy, you’ll get the highest level of protection currently available in Canada.

Their service operates entirely online. This means you can get a quote, buy a policy, and submit a claim without having to visit any offices. If you need help, you can easily chat with one of their licensed insurance agents through web chat or phone.

Flexibility is Square One’s greatest strength. Insurance policies are entirely customizable, allowing you to choose the type of coverage, limits, and deductibles. Therefore, you only pay for what you need.

Square One doesn’t operate with fixed-term contracts either. You can choose between paying monthly or annual premiums.

The benefits you’ll receive with Square One make their policies even more valuable. All policies include free protection against fires, windstorms, and break-ins. Also, they cover the cost of rebuilding your home to meet the latest bylaw or code changes.

According to Square One, they pay out 90% of submitted claims. They have a 24/7 emergency claims line with a guaranteed 2-hour response time.

The cost of home insurance in Vancouver through Square One is relatively competitive. Insurance policies start from $12/month if you rent a home.

If you own a home, the lowest you’ll pay is $40 per month. The final cost depends on the amount of coverage you need and several other factors.

APOLLO Insurance

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APOLLO Insurance

APOLLO Insurance is a digital coverage provider offering home insurance in Vancouver. You can get a quote online and receive a policy in around 5 minutes.

They provide protection for homeowners, condo owners, and tenants. Insurance policies are highly customizable. Therefore, you pay only for the coverage and amounts you need.

Homeowner’s insurance has a coverage limit of up to $1.2 million. Also, an APOLLO insurance policy covers up to one rental unit per home.

If the fire department damages your property during an emergency entry, APOLLO covers up to $20,000. Personal liability coverage is up to $3 million. In addition, earthquake coverage is available for British Columbia residents.

Whether you rent or live on the property as the owner, you can get condo insurance. The building must be a Registered Condominium Corporation to qualify for insurance in both cases.

Aviva

Aviva Canada is a leading provider of home insurance in Vancouver. They provide coverage for homeowners, tenants, cottage owners, and condo owners.

Their comprehensive home insurance policies protect you against fire damage, explosion, theft, and vandalism. They provide standard coverage. This includes additional living expenses and protection for other structures on your property.

In addition, their personal liability protection can cover you up to $2 million. This depends on how much coverage you want. If you choose a cheaper policy, you get up to $1 million in personal liability protection.

Aviva stands out from other insurance companies with its standard earthquake insurance coverage. This insurer provides earthquake insurance coverage without restrictions in all risk zones. And you can get this protection at no extra cost.

Get a quote online to determine if they’re the right fit for you. There are two ways to purchase Aviva insurance. You can buy a policy directly from Aviva Canada or one of their approved insurance brokerages.

Aviva offers a discount if you bundle your insurance policies. In other words, if you combine your auto and home insurance policies, you will save money. In addition, if you have no claims, they will reduce the cost of your insurance.

They have a 24/7 claim service. You can make a claim online, by phone, or through your broker.

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Lowest Rates

Lowest Rates make it easier to shop around for the best home insurance in Vancouver. All this is done for free through their comparison website.

Their service runs entirely online. They act as the intermediary between you, the insurance seeker, and licensed brokers.

Instead of going from one company to another for rate comparisons, you can get them in one place. Lowest Rates provides quotes from over 75 providers of home insurance in Canada.

This can save you lots of time and money. Also, their unbiased recommendations ensure you get a quote that’s best for your needs.

You can get as many quotes as possible through Lowest Rates in as little as three minutes. All you’ll need to do is fill out a form and provide a few personal details.

They will complete any information about your property you aren’t aware of, such as the distance to a fire hydrant, square footage, and age. Once you get your results, you can compare the offerings of different insurance providers on the website.

Upon choosing a quote, a broker will contact you to start the process. They will lock in your rate and set up your home insurance policy.

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Tips for Choosing a Home Insurance Provider

1.  Get Multiple Quotes

When you consider getting home insurance in Vancouver, you must look into more than one insurer. Get quotes from at least four insurance companies.

The easiest way to do this is by using a comparison website. They gather quotes from different insurers, allowing you to compare them in one place.

2.  Buy Direct

Instead of using an agency, get your insurance directly from the insurance company. That way, they can pass savings to you. It also eliminates the tedious back and forth involved with using an agent.

3.  Assess Their Claim Handling Practices

While getting a massive discount from an insurance company is great, it won’t help you if they’re slow at processing claims. Look into their claim handling history before signing any documents.

If you don’t know how to go about this, ask a representative how long the insurer takes to pay out a claim. A short turnaround time is a good sign.

4.  Review the Service Quality

The experiences customers have with an insurance company are essential. It’ll help you decide if a company is worth betting on.

Read customer reviews on Trip Advisor, Google My Business, or Facebook. These will not only inform you about customer experiences, but you may also discover red flags.

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Types of Home Insurance Coverage

When looking into getting home insurance in Vancouver, you must understand the ins and outs. This includes the type of coverage you’ll receive with a home insurance policy.

Insurers typically cover specific categories in home insurance policies. These standard damages and losses are granted automatically to the policyholder at no additional charge.

This includes incidents in which you or your property causes injury to someone who isn’t a family member. Or where an insured event causes damage to your home.

Below are more details about the types of home insurance coverage.

Dwelling coverage

This coverage compensates you for the cost of rebuilding your home when an insured event results in damage or loss. You won’t have to pay for most of the resultant costs out of your own pocket.

An insurer will cover the cost of rebuilding. Depending on your policy, they will cover your property’s actual cash value or replacement cost.

Personal Property

This coverage applies to all your personal property, including appliances, electronics, and furniture. If your belongings are damaged in a fire or stolen from your home, your insurer will cover you.

Also, you receive protection if someone steals your belongings while you’re on vacation. Some items, such as rare art and fine jewelry, may require you to purchase additional protection.

Additional Living Expenses

Covers any costs you incur when displaced from your home because of damage or loss caused by a peril. For instance, a hotel room for your family and other associated expenses.

Liability

This includes coverage for third-party injuries sustained on your property. In addition, liability coverage will apply if you cause damage to someone else’s property.

For example, if someone slips and falls on the icy sidewalk in front of your property, they may sue you. Your insurer will cover any associated legal expenses. And if there are damages to pay, your insurer will cover them as well.

Liability coverage also protects you and your family while you’re away from your insured property. If you or your child unintentionally damages someone else’s property, your insurer can reimburse the owner.

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Medical Costs

This coverage pays for medical expenses incurred because of a third-party injury caused by your property. You’ll receive this coverage regardless of who is at fault.

Your insurer will typically cover the injured party’s medical expenses for up to one year following the incident. As a condition, they must have been injured on your property, and it must be unintentional on your part.

Other Structures

Besides an insurer covering a dwelling building, they also protect structures attached to the main property. This includes swimming pools, sun decks, garden sheds, and more. The coverage amount will be a percentage of the replacement cost.

What Typically Isn’t Covered

There are standard damages and losses covered by an insurance policy. However, there are incidents where an insurer won’t cover you.

These are equally vital to understand when you consider getting home insurance in Vancouver. The following are some scenarios where you won’t receive coverage:

Intentional Damage

If you intentionally damage someone else’s property, liability coverage won’t apply. The same is true if you intentionally cause harm to another person.

Unoccupied Properties

A property left vacant for a specific period (typically 30 days) loses the protection of a home insurance policy.

Damage From Lack of Maintenance

Insurance doesn’t cover damages or losses caused by a lack of property maintenance. If you don’t maintain your property and mould grows and causes damage, your insurer won’t cover the cost of rebuilding.

Damage From Pests

Much like damage from a lack of maintenance, most insurers don’t cover any damage caused by pests. Insurers consider rat or termite destruction to be gradual damage.

Natural Disasters

If your property lies in an earthquake or hurricane zone, most insurance policies won’t provide coverage for damages or losses. You’ll need to purchase an add-on instead.

Certain Expensive Valuables

Most home insurance policies limit the amount of coverage provided for expensive valuables. This includes rare artwork and heirlooms. Anything you need to insure above the flat coverage of your policy will require an add-on.

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Factors Affecting the Cost of Home Insurance

The type of property you intend to insure determines your home insurance premium. A premium is an amount you will pay for coverage monthly or yearly.

There are also several other factors insurance companies consider. When calculating your premium, they predict the type and size of a future claim based on those factors. Some criteria they consider are discussed further below.

Named Belongings Covered and Limits

One major factor influencing the cost of home insurance in Vancouver is the coverage you need for your personal belongings. A comprehensive insurance policy costs more. This is because you’re covered for every risk to your property, other structures, and your possessions.

A named-perils policy is the opposite. Your premiums will be lower because you’re only covered for select risks and not everything under the sun. In addition, if you want coverage beyond the limits set on an insurance policy, you will have a higher premium.

Property Value, Age, and Location

Insurance companies assess your dwelling property’s value and age to calculate your premium. They perform this assessment regardless of whether you live in a mansion or a condo.

The amount an insurer covers for rebuilding and repairing your home forms a large part of your home insurance policy. That’s why high-priced homes cost more to insure. The rebuilding and repairing costs are much higher.

Old homes raise red flags for insurers. This is because the chance of structural damage occurring is higher. Also, they may have features like original siding or ornate trim that are costly to replace.

They predict that more claims would be filed for an older home. Therefore, your premium may be higher.

Your property’s location is another factor insurers consider. This includes your zip code and city. They also look at your property’s proximity to fire hydrants. In addition, if the crime rate in your neighbourhood is high, you may pay more for insurance.

Age and Condition of Roof

The age and condition of your property’s roof are also factors insurance companies pay close attention to. This is because leaks can cause expensive damage inside your home.

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Type of Electrical System

Insurers look out for specific high-risk electrical systems when determining your premium. Knob-and-tube wiring, aluminum wiring, and fuse boxes increase the risk of fires and damage to appliances.

In addition, malfunctioning circuit breaker panels are a hazard. These old-fashioned and faulty electrical systems make home insurance more costly.

Type of Plumbing

Much like old-fashioned electrical systems, outdated plumbing can also raise your premiums. Insurers consider lead, galvanized steel, and clay pipes high-risk.

The reason being they can easily crack or add toxins to your water supply. These outdated systems also clog more often, resulting in costly plumbing costs.

Home Security and Safety Features

If your property has a security or safety system, you may pay less for insurance. This is because home security and safety features reduce the chance of claims.

Fire alarms and security systems that alert local authorities are best. Additionally, securing your doors with deadbolts and windows with burglar bars looks good in the eyes of insurers.

Insurance companies may reward you for these features with a lower premium. However, not all insurers offer a discount if you have a security or safety system in place.

Completed Renovations

Any additions you make to your home that reduce the risk of claims will be favourable for you. Therefore, renovating your home to update the electrical system or plumbing can lower your insurance premiums.

However, there is a catch. Adding new high-value elements to your home means you’ll need more coverage. This, in turn, increases your insurance premiums.

Therefore, be cautious about your renovations because they could have the opposite effect. Always weigh the cost and the benefit before starting any work on your property.

Climate Change

Climate change has an adverse impact on premiums. According to a recent RATESDOTCA study, extreme weather events contribute to an increase in Canadian home insurance costs.

Since insurance providers need to factor in the additional costs of rebuilding and repairing homes each year, rates must increase. Claims have become more frequent as well since the late 1990s.

Your Deductible

The amount a policyholder pays before their insurance kicks in can affect the cost of home insurance in Vancouver. This amount is known as a deductible. The higher your deductible, the lower your premium will be.

Set your deductible at a realistic amount. Since you pay it out of pocket, the last thing you need is an amount you can’t account for. Ensure you have it saved in case of an unexpected event requiring an insurance claim.

Claims History

The more insurance claims on your record, the higher your insurance premium. This is because insurers are concerned that you will file multiple claims in a short period.

When you get home insurance in Vancouver, it’s important to only make a claim when it’s absolutely necessary. A minor leak that you can easily repair won’t require a claim. However, a burst pipe will.

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How to Get the Lowest Home Insurance Rate

It’s possible to get home insurance in Vancouver that’s affordable. As long as you pay attention to a few aspects, you can get a good deal. These are some ways to get a lower home insurance rate:

  1. Compare quotes: If you settle on the first insurance provider you find, you may rob yourself of a good deal. Therefore, it’s best to take some time to research insurers in your area. Shop around and get quotes from different insurance providers.
  2. Bundle policies: Consider getting your home and auto insurance from the same insurer. Many insurance companies offer a discount when you do this.
  3. Ask about discounts: Find out if an insurance provider has any discounts applicable to you. This includes age, new home, loyalty, and corporate discounts.
  4. Change your payment frequency: Sometimes, choosing to pay your insurance premium annually over monthly can benefit you.
  5. Increase your deductible: Set the amount you’ll pay out of pocket for an insured event higher than the minimum $500. Your insurer may decrease your premium in this case.
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Home Insurance in Vanouver Conclusion

When you’re on your way to becoming a homeowner, one of the first things to think about is home insurance. Having your home insured is just as crucial as getting coverage for your vehicle. It’ll protect you when the unexpected happens.

Finding home insurance in Vancouver isn’t much different from the rest of Canada. Several insurance companies serve Vancouver residents. They can set you up with a policy that meets your needs and provides as much coverage as possible.

Ensure you look into at least four insurance companies. Also, understand every aspect of your insurance policy before signing on.

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FAQs about
Home Insurance in Vancouver

What is homeowner's insurance?

Homeowner's insurance is a policy that provides coverage for a home, townhouse, condo, or apartment that you own. Coverage can be customized to include things like theft, fire, flood, earthquakes, and more.

What is renter's insurance?

Renter's insurance is a policy that cover's your rented home, apartment, townhouse, or condo. Renter's insurance policies can be customized to include your furniture and belongings in addition to the home you rent.

Do I need renter's insurance?

Most landlords require a renter's insurance policy to be in place when you move in. So generally, renter's insurance is something you're required to buy.

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