Here’s How to Get the Best Home Insurance in Victoria, British Columbia

Home insurance (or property insurance, house insurance, etc.) is not mandatory in the province of Victoria, British Columbia, nor anywhere else in Canada. However, as most homeowners have purchased a home with the accompaniment of a mortgage from a lender, and lenders tend to want some form of protection for their own investment, many home buyers will find that some level of coverage is necessary. Even without the necessity of home insurance from a lender, it’s still highly recommended you purchase even a bare minimum to protect yourself if any uncontrollable event occurs.

No one wants to spend extra money, and unfortunately, home insurance costs can fluctuate for any number of reasons – many of which are out of our control. How do you get the best possible home insurance without having to cut down on the coverage that you need? Is it even possible?

Here’s a guide on how to get Home Insurance in Victoria, BC by Megson Fitzpatrick with tips, suggestions, and a guide on how to decrease your rates without slashing critical coverage!

Here’s how home insurance rates are calculated.

There are too many factors that go into home insurance to fully break down the exact percentages and stress that is put on each individual risk factor. Different insurance companies weigh risk differently. An insurance company will get to know you and your unique circumstances in order to determine how to ensure you and your property are correct. When determining your rates, your home insurance provider may look at the following factors:

• Property type – age it was built, materials, etc.
• Home systems – their age and materials
• Your credit scores.
• Overall replacement cost
• The age/condition of your roof
• Any modifications or renovations
• Your geographical location
• Your insurance history
• Any pets you own.
• Special use – i.e., a small daycare, home-based business, renting, etc.
• Luxury features like pools, hot tubs, etc.

Here’s how home insurance policies work.

Most standard home insurance policies will all cover the same thing, but there are different levels of coverage. There’s comprehensive, there’s broad, and there’s basic. As the names might imply, comprehensive coverage is the most inclusive coverage, ensuring the building and its contents for all risks (apart from optional coverages which necessitate a separate purchase), broad is second best, and covers your physical building from common perils with some exclusions, and basic – which is the cheapest, but may only cover you for specific risks.

You may choose different levels of coverage depending on your budget/needs. If you don’t have a lot of money to put aside for insurance, basic coverage will still give you some peace of mind but be sure to familiarize yourself with all your policy’s exclusions.

A guide to reducing your home insurance rates.

Okay, so how do you get the best home insurance rates? The first and foremost best way is to shop around. Rather than going solo about the process yourself, you can opt to work one-on-one with an insurance broker and take the guesswork out of undergoing dozens of quote processes on your own. You enter your own information, and a broker can give you several home insurance quotes from BC’s top home insurance providers in a matter of minutes.

Invest in smoke detectors and alarm systems. A monitored alarm system may qualify you for an insurance reduction. Ask your provider about which systems are improved to ensure that your investment is worth the deduction.

Bundle multiple policies through one provider. Do you also have a car? Purchase your home insurance through your auto insurance provider to qualify for a bundling discount.

Update your home’s older systems. Upgrading your electrical systems from their original knot and tube to copper writing can land you a significant reduction in your premiums. Not all renovations will qualify for discounts though, so be sure to work with your broker directly if the reason you are doing the renovation is solely for the insurance reduction.

Talk with your provider about discounts. Group discounts, loyalty discounts, paperless discounts, etc. are all commonplace among insurance providers. Even going mortgage-free or retiring can land you a hefty discount! Staying loyal to your current insurance provider will also pay off, as home insurance providers will reward you both with staying insured through them and for remaining claims-free.

Hopefully, this guide gave you some insights on how to get the best home insurance in British Columbia without needing to sacrifice anything!