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Written by Joel Kranc

Updated October 20, 2026

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Is home insurance becoming costlier in B.C. in 2026?

Yes. Home insurance is becoming costlier in B.C. in 2026. The average premium in B.C. went up 1.9% YoY in Q2 and 1.9% versus Q1, as indicated by the Applied Rating Index. On the other hand, the national average went up only 5.8% YoY in Q2 and 0.8% versus Q1.

The outlook on B.C.'s home insurance premiums in 2026

Home insurance premiums in B.C. are up YoY in 2026 and are likely to continue to climb as we head into 2027.

Quarter	Alberta	Atlantic Provinces	Ontario	Quebec	B.C.	Sask. & Man.
Q2 2026	11.9%	8.9%	4.2%	0.7%	1.9%	10.8%
Q1 2026	16.2%	10.8%	6.6%	4.0%	1.6%	11.2%
Q4 2025	13.5%	9.4%	4.3%	6.4%	1.7%	9.0%
Q3 2025	13.1%	7.3%	4.7%	11.2%	4.6%	8.9%
Q2 2025	9.5%	7.0%	5.0%	10.1%	1.0%	9.4%
Q1 2025	3.4%	4.2%	5.7%	9.6%	-5.9%	4.0%
Q4 2024	7.0%	4.5%	8.9%	8.5%	4.7%	7.9%
Q3 2024	5.5%	5.4%	10.4%	5.0%	7.6%	7.7%
Q2 2024	5.9%	7.9%	12.5%	4.7%	10.7%	8.3%
Q1 2024	10.4%	9.2%	12.7%	3.7%	18.3%	12.0%

Note: The percentages listed above are derived from comparing rates from one quarter to the same quarter in the prior year (e.g., Q2 2026 is compared to Q2 2025).

Source: The Applied Rate Index (Q2 2026)

What's driving B.C. home insurance premium increases in 2026?

A recent study by Statistics Canada shows that intensification in extreme weather events in the last six years, combined with an increase in rebuilding costs, have led to significant challenges for insurers across Canada. Here are some highlights:

Factor #1: Extreme weather intensification

B.C. has felt the effects of extreme weather firsthand. In 2023, wildfires burned more than 2.84 million hectares, more than double any previous year on record, and evacuation orders affected roughly 24,000 properties. The two seasons since have also been significant: about 1.08 million hectares burned in 2024, and about 886,000 in 2025, which the Province says is well above its 10-year average.

As of now, there are no indications that this upward trend will reverse any time soon. Extreme weather is bound to only get worse in the future, with temperatures and precipitation continuing to increase at a rapid rate. The Province’s own climate risk assessment ranked severe wildfire seasons and heat waves among the greatest climate risks to B.C., and identified severe river flooding and coastal storm surge as other risks with significant consequences.

Factor #2: Surging rebuilding costs

As seen in the recent report by Verisk, residential rebuild costs in B.C. went up 23.8% from January 2021 to January 2026. As of 2026 Q1, YoY component costs are 3.8% higher across all of Canada, with B.C. in the lead at 4.7.% YoY and Ontario sitting in the second place at 4.4% YoY.

Furthermore, due to a growing skilled trades shortage — as job vacancies are expected to climb at a rate of 13% between 2026 and 2045 — there’s a high chance that home rebuilding costs will remain elevated as well.

Factor #3: Profitability concerns

All these issues have resulted in profitability concerns and pushed insurers to increase their premiums. According to the study, homeowners’ home and mortgage insurance increased 45% from December 2019 to December 2025, outpacing even the all-items Consumer Price Index (inflation), which went up 21% over that time span.

The outlook is grim, yes, but that doesn't mean that consumers have no options. Comparison shopping is still the best way, by far, to secure a cheap premium. And like all things financial, price shopping should be a habit rather than a once-in-a-blue-moon activity.

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Type of home	Location	Previous claims	Lowest rate	Average rate	Saved
Quote from October 30, 2026 Type of home Detached 936 sq ft	Location Mission	Previous claims None	Lowest Rate $103/mth $1,240/yr	Average rate $133/mth $1,592/yr	Saved $29/mth $348/yr (22.00%)
Quote from October 29, 2026 Type of home Detached 2,600 sq ft	Location Victoria	Previous claims None	Lowest Rate $134/mth $1,604/yr	Average rate $196/mth $2,355/yr	Saved $63/mth $756/yr (32.00%)
Quote from October 28, 2026 Type of home Detached 1,430 sq ft	Location Surrey	Previous claims None	Lowest Rate $151/mth $1,812/yr	Average rate $180/mth $2,155/yr	Saved $29/mth $348/yr (16.00%)

Home insurance quotes are compared from CAA, Dominion Insurance, Economical Insurance, Gore Mutual, Max Insurance, Pembridge, SGI, and Wawanesa Insurance.

Why you should get home insurance in B.C.

Home insurance is not a mandatory requirement for owning a home. However, most lenders require it as a condition of the mortgage application process. Lenders want to know their money is protected in case of catastrophic losses, and home insurance helps reduce their risk of losing money.

Of course, more than protecting your lender, home insurance in B.C. protects you. Buying a home is likely one of, if not the most expensive, assets you will own. You’ll want to protect it and the belongings you have collected from damage or loss. Home insurance also protects you from personal liability should someone get injured on your property or if you cause damage to another person’s property. Consider your B.C. home insurance as a peace of mind policy that lets you sleep at night.

Is the B.C. home insurance industry regulated?

Unlike auto insurance, the cost of home insurance prices isn’t regulated by any government body in B.C., or in the rest of Canada for that matter. However, there are bodies that regulate business practices and licensing.

The B.C. Financial Services Authority (BCFSA) is the government regulator overseeing financial institutions operating in B.C. While the Insurance Council of B.C. is responsible for licensing insurance agents and adjusters, BCFSA is the regulatory body for insurance companies that provides oversight and guidance, which ensures a fair and transparent process for the public. Its website offers a breadth of information and links related to the insurance industry and resolving disputes.

Types of home insurance in B.C.

There are four types of home insurance you can get in B.C.:

Comprehensive - The highest level or most coverage you can purchase. It protects the building and its contents against all risks or perils except those you expressly exclude.

Broad - Offers coverage for the building and some of its contents. Contents are only covered against named perils that you must select.

Basic - This type of policy provides minimal coverage for your home, covering only stated perils like fire, wind, theft and vandalism. Don't count on basic insurance to cover anything beyond the risks named in your policy.

No-frills - Offers basic coverage for properties that are hard to insure (e.g., homes with numerous structural issues).

Common optional coverages and endorsements - Also known as riders or add-ons, optional coverages protect you from additional events that can provide greater protection, usually at an additional cost. Some endorsements can include:

Sewer backup
Home-based business
Overland flooding
Guaranteed replacement costs
Valuable items (including jewelry or art)
Identity theft

Exclusions - Home insurance exclusions are specific types of damage or loss that your Alberta home insurance won't cover. Endorsements provide coverage for scenarios that are typically categorized as exclusions.

Factors that determine your B.C. home insurance quotes

No one factor will determine your B.C. home insurance quotes. Insurance companies determine premiums by looking at your home's risk factors, size and location, and dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies do this to estimate the kind and size of claim you might make.

Here are some of the criteria insurance companies look at when calculating your premium.

The square footage of your home: Larger homes generally cost more to repair if there is damage and possess more furnishings and belongings to replace.
Contents and quality of construction: A well-built home will likely have fewer problems and be cheaper to insure. An older home with shoddy wiring and out-of-date code specs may run into more problems and be more expensive to insure.
The location of your home: Neighbourhoods can increase the risk factor to insurance providers. A high-crime neighbourhood is more prone to theft or vandalism and therefore costs more to insure.
Distance to a fire hydrant: Should a fire break out in your home, the difference between severe and light damage is your proximity to a fire hydrant. The closer you are, the more quickly fire crews can extinguish flames and the less risk you present to the insurance company.
Your insurance claims history: B.C. home insurance providers will look at past claims histories to determine your future behaviour. The more claims you have, the higher the risk you are considered to be.
The age of your roof: Water damage costs a lot to fix. A new roof will last longer and keep the elements out, decreasing your premium.
Your home's plumbing: Like in other cases, new-builds that are up to code will cause fewer problems. Older plumbing can leak more and break down faster. The older your home's internal systems, the more likely you will have claims.
Your home's electrical system: Faulty or old wiring can create electrical fires and damage your home. That's why a newer electrical system is less likely to break down and keeps your premiums down.

Risk factors for homeowners in B.C.

Because of its location and the chance of a natural disaster occurring at any time of the year, B.C. residents should consider these two specific risk factors:

Earthquakes

B.C. is at a higher risk of experiencing earthquakes than other parts of Canada. Within B.C., Victoria and Vancouver are particularly vulnerable to a severe earthquake within the next 50 years, as both cities are situated on the edge of two major tectonic plates. Earthquakes cause shaking, impacting your home's structure and damaging its contents. Standard insurance policies do not cover loss or damage to your home due to an earthquake, meaning you must add coverage at extra cost.

Regions at highest risk: Offshore earthquakes are frequent along B.C.'s coastline. The cities most likely to feel the impact of seismic activity include Prince Rupert in the north and Nanaimo, Victoria, and Vancouver in the south.

Forest fires

In the first half of 2023, the B.C. Wildfire Service has spent more than $105 million on fighting fires. That is well ahead of trends at the same time in previous years.

The good news is that most policies cover fire damage from fire as long as there's proof that it was not set intentionally. It includes wildfires and fires caused by natural disasters. Additional living expenses will also be compensated in the event of a mandatory evacuation order.

Regions at highest risk: The number and severity of forest fires in B.C. is rising annually. Any community that's in proximity to wooded areas is vulnerable to fires.

Tips on how to lower the price of your B.C. home insurance.

Getting insurance for your home is easier than you think. There are plenty of steps you can take to further reduce your B.C. home insurance by looking at some of the following options:

Comparison shopping: Sites like LowestRates.ca can give you quotes from more than 50 of the top insurance providers in the country. All you need to do is provide a few simple bits of information regarding your needs, and we'll connect you to a broker that can offer you a better home insurance rate. It's fast, simple and free to use.

Bundling: Bundling insurance policies (e.g., auto and home) so that a single provider holds each will result in a 5-15% discount. Providers will reward you for your loyalty and pass savings on to you.

Get a credit check: In some provinces, insurance companies can use your credit score to get a discount on your premium. Once you provide consent, your insurance provider will check your score. A good credit score means you are at a lower risk and can get a cheaper B.C. home insurance rate. The good news is that a bad credit score cannot be used against you, and your premium will stay the same.

File claims sparingly: Insurance providers in B.C. look at past claims behaviour as a predictor of future claims. The fewer you make, the lower your insurance rates will be, as you are considered a lower risk of making future claims.

Improve security: Installing smoke or carbon monoxide detectors and security alarms lowers the risk of damage and future claims. Your B.C. home insurance provider may reward you for these measures.

Increasing your deductible: Agreeing to be responsible for more of the upfront costs that result from damage or theft lowers your risk factor in the eyes of insurance providers. You will reduce your B.C. home insurance premiums; however, you must have cash on hand to pay the higher deductible.

Annual payment: Monthly premiums can add administrative expenses to your B.C. home insurance provider. Paying upfront reduces those costs, which insurance companies otherwise pass on to you.

Memberships: Being part of a union, some organizations, or an alum of certain universities can result in a lower home insurance premium.

Age: Being a senior citizen may mean you're eligible for lower rates.

Quality of construction: Newer homes with modern construction can sometimes qualify for discounts. Construction that meets or exceeds current codes will likely have fewer problems than older or poorly built homes.

File claims sparingly: Your insurance claims history is a risk factor that insurance providers consider when determining your premium. The fewer claims you've filed, the more likely you will receive a lower premium.

Avoid living in areas known to be prone to floods, fires, or earthquakes: Location matters when it comes to B.C. home insurance. A history of individual claims can affect your rates, but so can the history of your neighbourhood.

Your B.C. home insurance questions, answered

How can I compare the cheapest B.C. home insurance quotes?

Comparing the cheapest B.C. home insurance quotes is easy. You can visit LowestRates.ca to find quotes from more than 50 of the top providers in the country. Provide information about your location and insurance needs, and we'll do the rest. You'll get a quote in minutes, and we'll connect you with a broker who can further assist you in getting the cheapest B.C. home insurance rates possible.

How do I file a B.C. home insurance claim?

When filing a B.C. home insurance claim, contacting your insurance agent or broker is essential as soon as possible. Most insurance companies have 24-hour claims service or online claim capabilities.

Details are critical, so take photos and catalogue the items you claim. Consider keeping inventories and receipts so you have them in case of losses in the future. It will help you when the claims adjuster does a site inspection to assess damages.

Also, consider repairing any issues that could lead to further damage. Cracks, holes, or damage to a roof may need more immediate attention.

You can get estimates from local appraisers and contractors. That may help if your insurance company offers a lower settlement amount. You'll already have precise estimates from third parties.

What companies offer the best home insurance in B.C.?

The best home insurance provider for your neighbour may not be the best provider for you. Your house may have a rental unit in the basement, while the place next door's unfinished basement is at risk of flooding during a storm. This is why it's essential to consider your specific needs and shop around. Look at the details and ask specific questions to ensure your policy covers your needs. Once you're insured, keep your provider informed with an updated inventory of your belongings, their value, and any renovations you make to your home. It will ensure your premium and coverage directly relate to your needs. A few of the many companies that offer home insurance in British Columbia include:

Allwest Insurance
TD Insurance
Intact Insurance
The Co-operators
belairdirect
BCAA

Joel Kranc

About the Author

Joel Kranc is an award-winning writer, author and journalist. Most of his experience lies within the institutional investment and financial services space. He also covers a variety of business topics for publications in North America and the UK.