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Home Insurance

Home insurance

In British Columbia when you get a mortgage to purchase a home, normally, having home insurance is a requirement from the lender.  Once your mortgage is paid off it becomes the decision home owner if they wish to have it.  From a financial aspect the benefits vastly out weigh the the cons.

What is Home Insurance?

Home insurance policies protect you from damage and losses to your home, possessions and your liability if someone is injured on your property.  Since each policy is different, your coverage is determined when you purchase your home insurance.  Some policies have perils that will be covered like theft, fire and storms.  There are perils that are not standard like earthquakes, wild fires and landslides but these can be purchased separately at the time you get your policy or even add them in at a later date.

What is covered?

Here is a summary of what is covered under the typical home insurance policy.

THE BUILDING

Coverage for your building and any listed detached structures like a garage,  shed, and pool house.+

THE CONTENTS

Coverage your belongings, including. clothes. furniture, electronics, and other personal property.  There are limits for some items like jewelry.  

LIVING EXPENSES

Helps cover expenses that would occur if you have to live away for a period of time, including hotels, meals, storage and more. 

LIABILITY ISSUES

Protect you financially from accidents that causes bodily injuries or property damage to others while they’re on your property.

** A typical home insurance policy does not cover your property taxes, mortgage payments or the land.

Factors that affect the price.

  • Replacement cost – The cost of rebuilding your home and replacing your contents is the number 1 factor in your insurance cost.
  • Location –If you live in an area that has a higher chance of flooding, wild fires, or illegal activity.
  • Claims history – If you have a history of making claims, the cost of your premium will be higher and stop you from getting a claims free discount.
  • Age of roof – If your roof is older than 2o years, it may be deemed not able to withstand the weather and could increase your premium.
  • Credit Score – Your credit score will be taken into account to determine your insurance rate. 
  • Fire Issues – Though most urban homes are close to a fire hydrant, rural homes may be too far to get a discount for being within a specified distance.

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