For British Columbian property owners, wildfire and earthquake damage are two potential losses that are handled differently on many insurance policies. For example, fire coverage is typically included in a homeowner’s policy, but earthquake coverage is an add-on option with its own high deductible.
Check the terms of earthquake, additional living expenses for wildfire, restrictions on properties in some locations and rebuilding costs with the sections about coverage and the following tables. The tables show provincial benchmark values and the effects that your house’s size, year built, and the age of the roof have on these values.
All home insurance rates shown on our British Columbia webpage are based on MyChoice internal data collected since January 2026.
British Columbia Home Insurance Premiums at a Glance
The second highest price in the provincial table is the $2,334 median in British Columbia. With high rebuilding costs, earthquake exposure and wildfire risk, the policy structure is as crucial as the price. Homeowners need to know the deductible for earthquake damage in dollars and how much additional living expenses will cover following a major event in the region.
| Median Annual Home Insurance Premium | $2,334 |
| Median Monthly Home Insurance Premium | $194 |
| British Columbia Premium vs. Median of Included Provinces | 68.2% more expensive |
Is Home Insurance More Expensive in British Columbia Than in Other Provinces?
However, since BC, Alberta, Ontario, etc. do not have similar catastrophe risks, this should not be considered a ranking of the best insurance. To determine the value of an insurance policy, one should ensure that the policies have the same earthquake, wildfire, water, etc. coverage, and should convert the percentage deductibles into actual dollar values before comparing policies.
| Province | Median Annual Home Insurance Premium |
|---|---|
| Ontario | $2,250 |
| Alberta | $2,521 |
| New Brunswick | $1,264 |
| Nova Scotia | $1,311 |
| Newfoundland | $1,223 |
| British Columbia | $2,334 |
| Saskatchewan | $1,447 |
| Manitoba | $1,329 |
Read More: When Properties in British Columbia May Need High-Value Home Insurance
Home Insurance Rates by Square Footage in British Columbia
Take a look at the $703 jump from 2,000-2,499 sq. ft. to 3,000+ sq. ft. Larger homes in BC can be especially susceptible to local labour costs, complicated designs and high-end finishes. It’s important to look at your rebuild estimate on a room-by-room basis instead of simply looking at square footage or market value.
| Home Size | Median Annual Home Insurance Premium |
|---|---|
| Under 1,000 sq. ft. | $1,860 |
| 1,000-1,499 sq. ft. | $1,968 |
| 1,500-1,999 sq. ft. | $2,129 |
| 2,000-2,499 sq. ft. | $2,334 |
| 2,500-2,999 sq. ft. | $2,719 |
| 3,000+ sq. ft. | $3,037 |
Home Insurance Costs by Year Built in British Columbia
The premium difference between the oldest and newest home profiles is $579, a relatively large spread. For an older BC home, review electrical, plumbing, foundation and seismic upgrades, keep engineering reports and permits current, and check the eligibility requirements for an earthquake endorsement.
| Year Constructed | Median Annual Home Insurance Premium |
|---|---|
| Before 1940 | $2,565 |
| 1940–1959 | $2,495 |
| 1960–1979 | $2,404 |
| 1980–1999 | $2,334 |
| 2000–2009 | $2,173 |
| 2010–2019 | $2,080 |
| 2020 or newer | $1,986 |
What Does Home Insurance Cover in British Columbia?
For example, in British Columbia, 85% of the representative premium is allocated to the core home policy and 15% is allocated to enhanced water protection. These numbers can be found in the last column, which represents the actual dollar value.
The water split does not address earthquake or wildfire readiness. Earthquake coverage is often a separate choice, while wildfire-prone properties need adequate rebuild values and enough additional-living-expense coverage for a lengthy evacuation.
| Coverage Type | What’s Included? | Median Annual Home Insurance Premium |
|---|---|---|
| Base Residence / Dwelling (Core Policy) | Typically includes the home, detached structures, belongings, eligible additional living expenses, personal liability and standard comprehensive protection. | $1,986 |
| Enhanced Water Protection (Separately Priced) | May include Sewer Backup Coverage, Overland Water Coverage, Ground Water Coverage or an insurer’s combined enhanced-water package. | $348 |
| Coverage Total | MyChoice standard home profile | $2,334 |
*A comprehensive policy generally covers the home and contents against insured risks unless they are excluded. Examples may include fire, smoke, wind, hail, lightning, some sudden water damage, falling objects, theft and vandalism. Coverage remains subject to the policy’s limits, deductibles, conditions and exclusions.
What British Columbia Homeowners Should Check
When receiving a quote for water coverage in British Columbia, it’s important to look beyond the price.
- whether any major water peril is missing from the enhanced-water package.
- whether the stated limit applies per endorsement or to the entire water package.
- the deductible that applies to an enhanced-water claim.
- the exclusions for seepage, repeated leakage, maintenance and wear and tear.
- if previous water claims or the home’s location reduce the available protection.
If you’re in British Columbia, read the coverage wording before deciding on the dollar amount.
Home Insurance Premiums by Roof Age in British Columbia
The oldest and newest roof bands are $345 apart. In wildfire- and wind-prone areas, material, condition and maintenance may matter more than age. Check for cosmetic-damage exclusions, depreciation and wildfire-mitigation requirements, and keep replacement and maintenance records.
| Roof Age | Median Annual Home Insurance Premium |
|---|---|
| 0–5 yrs | $2,150 |
| 6–10 yrs | $2,241 |
| 11–20 yrs | $2,334 |
| 21+ yrs | $2,495 |
Read More: What British Columbia Homeowners Should Know About Poly-B Plumbing
Which Local Risks Matter for Homeowners in British Columbia?
Every region of Canada has its own set of risks. Two common ones homeowners in British Columbia might face include:
Read More: Where British Columbia Sits in Canada’s Earthquake-Risk Landscape
Understanding Home Insurance Risk Indicators in British Columbia
Of the six insurance claim categories listed, wildfire (Medium-High) is the highest in BC. The flood rating is Medium, while tornado, crime, and hurricane claims are Low. Note that earthquake risk, a significant factor, is not included in this list. Earthquake risk should be evaluated separately.
Also review wildfire restrictions, optional earthquake coverage, debris removal and additional living expenses. Slope, drainage and rebuilding access can affect how well the property is insured beyond the province-wide label.
These probabilities aren’t actuarial. They are not intended to calculate the likelihood of a claim at any given address. Rather, the probabilities help you know which quotes to ask questions about first.
- Flood-related Claim Probability: Medium
- Crime-related Claim Probability: Low
- Wildfire-related Claim Probability: Medium-High
- Tornado-related Claim Probability: Low
- Hurricane-related Claim Probability: Low
- Snowstorm-related Claim Probability: Low-Medium
Which Extra Home Protections Matter in British Columbia?
Select protections that match the property’s actual risk: wildfire-resistant vents and defensible space in fire zones, earthquake bracing for non-structural hazards, and an automatic water cutoff valve for potential internal leaks. Check on local code and insurance company eligibility first.
Read More: What British Columbia Homeowners Should Check in Their Wildfire Coverage
FAQs About Home Insurance in British Columbia
How much is home insurance in British Columbia?
The average cost of home insurance in British Columbia is about $2,334 annually depending on the type of dwelling, location, and other factors. Home insurance costs differ between home insurance providers. Note that several considerations can increase or decrease the cost of your British Columbia home insurance, such as your home’s value and the property’s condition.
For a better overview of the cost of home insurance in British Columbia, talk to an insurance broker or look up quotes on MyChoice.
Is home insurance mandatory in British Columbia?
No, home insurance isn’t mandatory in British Columbia. However, if you take out a mortgage on your home, your lender may require you to get coverage as a condition of getting a loan.
It’s also highly recommended that you get home insurance even if it’s not mandatory, so you can protect your house and personal property in case of unforeseen events like fires and hailstorms.
Do I need home construction insurance in British Columbia for my renovation?
Yes, if you’re planning a major home construction or renovation project in British Columbia, home construction insurance will protect you and your home during the process.
Also known as builder’s risk insurance, home construction insurance provides coverage in the event of damage or loss to your home and construction materials during the construction process. Some companies that offer this policy type even have liability coverage in case someone gets injured on your property during construction.
What is the home insurance claims process in British Columbia?
The home insurance claims process in British Columbia varies between insurers, but it generally consists of the following steps:
– Report the claim: Contact your insurer and inform them about the damage or loss, including relevant details and evidence like videos or photos.
– Claim evaluation: Your insurer will assign an adjuster, who will schedule an assessment of the value of any loss or damage.
– Approval or denial: After the home inspection and evaluating your documentation, your insurer will either deny your claim or approve it, offering a settlement for repairs or replacement of damaged property.
– Claim resolution: If you accept the offer, the payment will be made. If you disagree with the insurer’s decision, request its final position and complete the insurer’s complaint process. Eligible unresolved disputes may be taken to the General Insurance OmbudService. BCFSA handles complaints about insurance companies, while the Insurance Council of BC regulates agents, salespeople and adjusters.
Can you cancel home insurance in British Columbia?
Yes, you can cancel your home insurance policy in British Columbia. The process may vary depending on your insurer and policy terms.
Generally, you’ll need to contact your insurance provider to let them know. Some insurers may require written notice of cancellation by mail or email.
Keep in mind that if you cancel your policy before its expiry date, you may be subject to penalties or cancellation fees.
Do I need home insurance for Airbnb in British Columbia?
Yes, you may need home insurance for Airbnb in British Columbia. While Airbnb has some host protection insurance, its coverage is limited and may not cover all types of liabilities or damages if you’re using your home for short-term rentals. Having a home insurance policy can provide additional protection and peace of mind.
Note that renting out your property as an Airbnb without telling your insurer may void your policy, and not all home insurance policies include coverage for short-term rentals. Check with your home insurance company to see if your policy has this protection or if you need to get additional coverage.
I have a vacation home in another city in British Columbia. Can I insure that home too even if I don’t always live there?
Yes, you can insure your vacation home in another city in British Columbia even if you don’t always live there. There are insurance policies specially tailored to cover seasonal or vacation homes to protect your property, belongings, and other liabilities from damage or loss.
Typically, these policies offer coverage for damages due to risks like fire, theft, and water damage. They may also have coverage for additional situations such as temporary living expenses if a covered risk makes your vacation home uninhabitable.
Home insurance companies have different requirements and limitations for vacation home insurance. In some cases, you may be required to take out additional coverage or accept different terms and conditions.
Is fire insurance mandatory in British Columbia?
No, fire insurance is not mandatory in British Columbia. However, it’s highly recommended that property owners get it to cover damages or loss to their property caused by fire, smoke, and other related perils.
Note that some British Columbia mortgage lenders may require borrowers to have fire insurance coverage as a loan condition. This is because the property is collateral for the loan, and the mortgage lender may require coverage to protect the property from loss or damage.
Can I bundle home insurance with auto insurance in British Columbia?
Yes, you can bundle home insurance with auto insurance in British Columbia. Insurance companies typically offer bundled packages, and getting one can lead to big cost savings. It can also be more convenient for managing your insurance policies and premium payments, so you should compare bundles between insurers to see what discounts and levels of coverage they offer.
It’s my first time owning a house in British Columbia. What type of home insurance should I get?
Before choosing a home insurance policy, first-time homeowners should consider the following factors:
-Financial capability
– Risk of exposure to specific risks in their area, such as flooding or earthquakes
– Home value and condition
If you’re on a low budget and live in an area that isn’t prone to natural disasters or crime, a basic policy may be enough for your needs. But if you want to cover all your bases, comprehensive home insurance will help you rest easy.
Talk to your insurance provider to find the best option for your budget and the coverage you need.
Who has the best home insurance rates in British Columbia?
There’s no definitive company that offers the “best” home insurance rates in British Columbia. This is because different providers will have their own processes for assessing the cost of providing coverage, so premiums vary from company to company for the same homeowner-applicant.
To find the best British Columbia home insurance rates, compare offers through MyChoice’s home insurance calculator. We can help you find the most affordable options on the market.
Will I be charged if I switch home insurance providers in British Columbia?
Yes, you may be charged if you switch home insurance providers in British Columbia. Depending on the terms of your current policy, your provider may charge a fee for cancelling your policy before its expiration, while others don’t. Review your policy and talk to your provider to prepare for potential penalties.
What companies offer high-risk home insurance in British Columbia?
Most insurance companies in British Columbia offer high-risk home insurance. However, the rates that they’ll present will vary depending on their assessed risk of insuring your property in your area, as well as the factors that make you “high-risk”.
High-risk home insurance can be much more expensive than a standard policy, so compare rates through MyChoice to find affordable coverage for your home.
What is a home insurance peril?
A home insurance peril is a risk or event that may cause damage or loss to your home, covered by your home insurance policy. Examples of perils typically covered by standard home insurance policies in British Columbia are:
– Hail and ice damage
– Fire and smoke
– Damage from lightning strikes
– Theft
– Vandalism
Do I need home insurance before closing in British Columbia?
You need home insurance before closing in British Columbia if your mortgage lender requires it. Lenders require you to get home insurance because they have a stake in your property as well.
What factors aren’t used to calculate British Columbia home insurance rates?
Factors that aren’t used to calculate British Columbia home insurance rates include:
– Disability
– Marital status
– Political affiliation
– Race
– Religion
– Sexual orientation and gender
How is home insurance regulated in British Columbia?
Home insurance in British Columbia is regulated by the British Columbia Financial Services Authority, which oversees and regulates the daily operations of insurers in the province.
