Compare home insurance quotes in British Columbia for free.

Compare and find the lowest property insurance rates, save up to 32%.*

Get quotes from 50+ Canadian providers in 3 minutes.

Compare rates from Canada's leading home insurance providers

16,244 Canadians

have compared rates and saved money over the last 24 hours

What our users say:

May 23
There going to help you be covered as long as you keep keep up with your monthly payments against somebody else s fire and flood damage if you started the fire or flood by no fault of your own doing .
My sister refused me to cooperaters in hamilton for apt fire insurance .they gav...
Cindy Lou
May 23
Very polite agent fair quotes
Very polite agent fair quotes
Leo Rumble
May 17
Great and valuable services regarding…
Great and valuable services regarding competitive rates and coverage
Muhammad Hanif
May 15
It was a very professional service
It was a very professional service. The person.was polite
Hugo Figueroa
May 15
The Hope of a more cost saving policy
The Hope of a more cost saving policy
Caroline m Fremont
May 14
They went through the insurance…
They went through the insurance information with me , and allowed me to save hun...
Kevin Jessome
May 10
Good experience
Good experience
AV
May 9
👍👍👍👍
They are friendly and helpt
Maria
May 9
Best customer service
Best customer service.
HARIDASAN VELAYUDHAN
May 7
Very professional
Very professional, quick and prompt answers.
DORIN COTOI
May 7
Customer service was 10/10
Customer service was 10/10, very informative and helpful/friendly.
Emily
May 5
I was so impressed with your…
I was so impressed with your representative- Bhakti Joshi for her help in walkin...
Maureen Driscoll
May 5
The fellows were very friendly and…
The fellows were very friendly and helpful
Leona Toner
May 4
Very Helpful when time you need it
I have been using lowest rate.ca to find the best raye for any of my insurance a...
Eli
May 2
They found the lowest possible premium…
They found the lowest possible premium for me in minutes
Rob Di Ciccio
May 2
Knowledgeable staff.
Knowledgeable staff.
paul malandrino
April 27
Very Helpful and Professional
Quick, and professional. Explained everything really well and answered all my qu...
Bonnie
April 26
A great agent...all my questions…
A great agent...all my questions answered I think Maria is an asset to your comp...
Ron Tombari
April 24
Great customer service
Great customer service! Ethan took the time to go over specifics with me! He was...
Margaret Lewis
April 22
Your agent Nathan was amazing and so…
Your agent Nathan was amazing and so helpful.
Alecia O'Brien
April 19
Prompt response
Prompt response. Good info to make a decision. Helpfull that info was sent to ...
Margaret Bird

How comparing home insurance quotes works. Hint: it’s free!

Compare

Next, we’ll show you quotes from 50+ Canadian providers. It’s free, with no commitment.

Save

When you find the best quote, secure your British Columbia home insurance rate by talking to a licensed broker or agent.

How we find you the best home insurance quotes in British Columbia.

Home insurance isn’t required by law in British Columbia, but it is recommended for homeowners and renters alike. The right insurance policy means you won’t have to worry about the expense when something unexpected affects your home. Home insurance covers fire, vandalism and the increasing impact of climate change, such as flooding. Different lenders offer different rates and different amounts of coverage, so doing a little comparison shopping is important. LowestRates.ca compares the market for you and connects you to brokers that can offer you a better rate.

We’ll try to answer some of the more pressing questions you might have about buying insurance home in British Columbia.

Outline of a house. Illustration.

See how our customers in British Columbia save big on home insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from May 25, 2024
Type of home
Detached 2,304 sq ft
Location
Peachland
Previous claims
None
Lowest Rate
$127/mth
$1,524/yr
Average rate
$347/mth
$4,164/yr
Saved
$220/mth
$2,640/yr (63.00%)
Quote from May 25, 2024
Type of home
Detached 1,219 sq ft
Location
Kelowna
Previous claims
None
Lowest Rate
$105/mth
$1,260/yr
Average rate
$161/mth
$1,932/yr
Saved
$56/mth
$672/yr (35.00%)
Quote from May 25, 2024
Type of home
Detached 1,124 sq ft
Location
Gabriola
Previous claims
None
Lowest Rate
$152/mth
$1,824/yr
Average rate
$200/mth
$2,400/yr
Saved
$48/mth
$576/yr (24.00%)
Home insurance quotes are compared from CAA, Dominion Insurance, Economical Insurance, Gore Mutual, Max Insurance, Pembridge, SGI, Square One Insurance, and Wawanesa Insurance.

Home insurance in B.C.

Home insurance in British Columbia is one of the most important things you can purchase to protect your home, belongings and yourself from significant expenses. The right insurance policy means you won’t have to worry about costs when something unexpected affects your home. Home insurance covers fire, vandalism and the increasing impact of climate change, such as flooding. Different lenders offer different rates and coverage amounts, so doing a little comparison shopping is essential. LowestRates.ca compares the market for you and connects you to brokers that can provide you with a better rate.

We’ll try to answer some of the more pressing questions you might have about buying home insurance in British Columbia.

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 British Columbia 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:

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. Also, Insured damage for severe weather events across Canada reached $2.1 billion in 2021, according to Catastrophe Indices and Quantification Inc. In B.C. specifically, a wildfire in Lytton caused $102 million in insured damages.

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.

Frequently asked questions about home insurance in B.C.

 

How much is home insurance in B.C.?

Home insurance in B.C. will vary from person to person. Also, in B.C., home insurance prices are unregulated, so quote comparison is even more critical in securing the cheapest rates possible. Finally, each home has different characteristics that can affect the cost of premiums, including:

  • Location
  • Security system
  • Construction (new or old)
  • Proximity to a fire hydrant
  • Claims history
  • Whether you choose comprehensive vs. basic insurance needs
  • Whether you are bundling insurance products

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
  • Square One Insurance Services
  • TD Insurance
  • Intact Insurance
  • The Co-operators
  • belairdirect
  • BCAA
Joel Kranc

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.

Read More

Home insurance news

Read More Like This

*Shoppers who obtained a property quote on LowestRates.ca from January to December 2023 saved an average of 32%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes tenant and condo insurance.