HOME INSURANCE BRITISH COLUMBIA
Make It Your Choice By Choosing Your Home Insurance With Us Today!
Whether You’re a First Time Buyer or Need a New Policy, Finding Home Insurance in B.C. with Us is Easy
At Mychoice.ca, we offer a wide variety of home insurance coverage options to homeowners in British Columbia. We have the knowledge and expertise needed to help you find the right policy for you! Read on to find out more about how Mychoice.ca can help you with your insurance needs, and how you can speak to one of our friendly agents today!
Is Home Insurance Required in B.C?
Oddly enough, you’re not actually required to have home insurance in British Columbia. With that said, almost no homeowner is going to want to take any risk on such a significant investment, and it's even recommended that people renting get renter's insurance to cover their belongings.
When looking at the benefits of home insurance, you might be wondering what it covers and why it’s worth it. At the core, most people get it to protect four main things:
- The dwelling itself; the structure of your home
- Other structures on the property, such as sheds or detached garages
- Personal property that you own; all of your belongings
- Liability in case of accidents or other mishaps
Dwelling Protection
This is what comes to mind first when people think of homeowner’s insurance and for good reason: it is one of the most essential facets of your policy. You invested a lot into your home and you want to make sure that if a disaster were to strike, it will be built back to its original state.
Other Structures
Besides the home itself, there might be other structures on the property. Perhaps your garage is detached, or you decided to build a new shed in the back yard. Did you know that these are also covered under most policies?
Personal Property
Not only is your home itself protected, but also everything you own inside of it. From your clothing to your electronics and valuables, you’ll never have to worry about losing your most valued possessions. What’s even better is that most policies will cover your possessions no matter where you go - so whether you’re on vacation or just out and about, you can have confidence that your stuff is covered too.
Liability
Liability coverage is perhaps the most essential facet to any insurance policy and something that you'll want to know the details about. If someone who is not living with you becomes injured on your property - and successfully sues you - the liability portion of your homeowner’s insurance policy will have you covered. Liability coverage will protect your assets and savings if anything were to happen.
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*Actual Quoting Data. Based On A Clean Driving Record.
3 Reasons Why You Should Get Home Insurance for Your B.C. Property
Beyond the obvious of wanting to protect your home, your savings, and your property inside, there are a few other things to keep in mind if you’re planning on owning a home in British Columbia.
- Lender requirement: If you finance your home with a mortgage, there’s a good chance that your lender will require it. This is important because a lender can require proof of homeowner’s insurance at any time; it makes sense to be covered not only for their sake but for your own as well.
- Frequent Earthquakes: If you’ve lived in B.C. before, you’ll probably be aware of the number of earthquakes the area gets due to its proximity to tectonic plates. Every decade or so comes along an earthquake that could be capable of dealing structural damage to any building or house unlucky enough to be in the wrong place at the wrong time, so having this coverage can give you peace of mind.
- Forest Fires: Unfortunately, British Columbia is prone to wildfires wreaking havoc on the area. In 2018 alone there were 560 such fires, leading to hundreds of families losing their homes. The recent years have been among the worst in history, so make sure you have homeowner’s insurance to be protected against this all-too-common threat.
Important Factors Influencing Your Rate
Whether you’re still shopping for a new home and are doing research on insurance ahead of time, or you’re shopping around to save money, here are some factors to consider when it comes time to determining your overall rate.
Square Footage: The bigger your home, the greater the cost it will be to make it whole again if something were to happen, which is why the square footage is one of the biggest reasons influencing the total cost of your homeowner’s insurance.
Claims History: Limited use of your homeowner’s insurance in the past, or none at all, can lead to a better overall rate.
Location within B.C.: Some areas are more prone to wildfires and other natural disasters than others. Expect to pay more if you’re close to the coast (not only because of the ocean & associated risks but offshore seismic activity). It is best to do your research.
Proximity to a Fire Hydrant: Living close to a fire hydrant can help reduce the risk of a catastrophic fire damaging your house before the local fire department can take care of it.
How Can You Save More on Your B.C. Home Insurance?
There are a few ways to make your policy more affordable if you need to. After all, the most important thing is that you are covered. Consider the following factors that could help you save on your monthly or yearly payment.
Increase your deductible: Insurance policies in B.C. can lean towards the more expensive side due to the high cost to rebuild properties as well as the various hazards in the area that you need protection against. One way to offset that is to have a higher deductible in case something were to happen. Many people explore the range between $1000 to $2500, so consider discussing your options with an agent.
Installing a theft and smoke alarm: These can help reduce overall risk, which can give a discount on your policy.
Stay renovated: Make sure your electrical, heating, and plumbing systems are in good standings and up to date.
Annualize: If you can, choose to pay the annual premium rather than monthly.
Choose Your BC Home Insurance With Us Today
The bottom line is that if you own a home, especially in British Columbia, you should protect it with home insurance. For many people, their home is one of their greatest assets, and it should be treated as such. Homeowners insurance is so versatile and covers so many different scenarios, that there is always a policy for everyone.
Remember: home insurance doesn’t just cover the structure of your home itself, but also other structures on your property, all of your personal property inside, and liability in case there is an incident on the premises. You’ll be able to sleep well at night knowing that your home will be protected in case of a covered incident.
Whether you’re a first time home buyer trying to satisfy lender requirements or you are shopping around to find the best rate possible, you can be confident that our agents will work with you every step of the way to ensure you have the coverages you need. It’ll only take you a few minutes, and we’ll help you get a quote and insured so that you are all set.
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