Yes, absolutely, and protecting your vacation home is important. You can often add vacation property coverage to your main homeowner’s insurance policy to save money. You can also take out a separate policy.
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British Columbia is home to some of the country’s most expensive properties - particularly along the coast - so having the right property insurance is critically important for the province’s residents. But choosing the right insurance requires homeowners to understand the market and their options, and this is where we can help. In this article we have broken down everything you need to know about insuring your home in B.C. Get started by taking a browse through the table of providers shown below; these are some of the most trusted insurance companies in B.C., able to help you with all of your property insurance needs.
Unlike auto insurance, home insurance is not a legal requirement in B.C.; technically this means that all homeowners and renters can choose not to purchase insurance, and simply risk being unprotected. However, if you have a mortgage on your home, your mortgage provider will almost certainly mandate a minimum level of home insurance coverage. And even if you don't have a mortgage, or if you are renting, having home insurance is by far the safest and most responsible route.
There are a couple of different types of property insurance available in B.C.; although all three are colloquially known as "home insurance", they are actually distinct. They are:
However, some (potentially common) issues are not covered by basic homeowner's insurance policies. Coverage for these less likely events (like flooding, wildfires and earthquakes) is sometimes available as an add-on, or as part of more comprehensive policies (also known as "all perils" policies). For example, 65% of British Columbians have chosen to add earthquake insurance to their home insurance policy, because of the high risk of earthquakes locally.
Many condo boards have requirements for occupant's condo insurance, and you should check these before purchasing a policy. It's also wise to ask to see the condo building insurance policy, so you know how far this goes and any exclusions you need to be aware of.
If you don't have a lot of valuable possessions, this may feel unnecessary, but the liability portion matters; imagine if you had a cooking fire in your kitchen, and it damaged the property itself. Without insurance, you'd be liable for the repairs. This level of protection is valuable and costs much less than homeowner's insurance.
British Columbians pay a lot for their home insurance compared to other provinces. The average homeowner's insurance policy costs around $100 a month, though the range can be quite broad, depending on your exact location and property details. Tenant's insurance is understandably cheaper, averaging $26 a month.
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Can I get home insurance for a B.C. vacation home?
Yes, absolutely, and protecting your vacation home is important. You can often add vacation property coverage to your main homeowner’s insurance policy to save money. You can also take out a separate policy.
Do I need home insurance if I rent my B.C. property out?
You can use standard homeowner’s insurance if you choose to rent your property out, but you need to be clear with your policy provider about who will be living in the home. And remember that homeowner’s coverage does not cover loss of income from the home, if something happens that prevents you from renting it out. This is why many landlords choose rental property insurance instead.
Who regulates home insurers in B.C.?
The Insurance Council of British Columbia licenses and regulates insurance agents and adjusters in the province, but formal oversight and rate approvals come from the Financial Institutions Commission.
What are the biggest property insurance risk factors in B.C.?
B.C. is home to the country’s most active seismic zone, so earthquakes are a major risk factor in the province. The province is also known for wildfires.
Can I use my home insurance to cover my home business?
No; those running a B.C. home-based business need to have a separate insurance policy to cover their business activities, as homeowner’s insurance does not cover business-related claims. You may be able to get home-based business insurance as an add-on to your existing home insurance policy.
Can a B.C. insurance company deny coverage?
Technically, yes, any individual insurance company can deny you coverage, but this is very rare. If you are denied, you can ask why, and potentially solve the problem or find another provider.
Does performing renovations on my property affect my homeowner’s insurance?
Performing renovations on your home will not affect your insurance coverage, but you must inform your insurer of any changes you make to the home. Improvements may decrease or increase your insurance rates, but in the event of a claim the insurer has room to deny you if you’ve failed to give them accurate and up-to-date information on the home’s condition.
