How we find you the best home insurance in Burnaby
Home insurance can provide peace of mind by protecting your dwelling, possessions and your personal liability.
But unlike auto insurance, home insurance isn’t required by law. However, most mortgage lenders require prospective homeowners to agree to buy home insurance before signing off on a loan.
Deciding how much home insurance coverage you need can be a confusing process. Our comparison service cuts through the noise to help you make the best choice possible.
LowestRates.ca allows you to compare quotes from multiple insurance companies operating in British Columbia's Lower Mainland so you can see at a glance which one has the most competitive rate.
How much does home insurance cost in Burnaby?
Insurers weigh several different risk factors to determine your premium. An insurer might consult neighbourhood crime statistics — they may even factor in your neighbourhood's topography (living in a floodplain will raise your rate). Your insurance company will also estimate how much it would cost to restore your home to its original state and replace its contents. The age and type of heating, electrical and plumbing systems are also taken into consideration.
What kind of risks are specific to Burnaby?
People are drawn to Burnaby, B.C. for its balmy summers and mild winters. However, Burnaby residents need to consider a host of environmental risks that could impact their home insurance premiums, as well as the general cost of maintaining a home there.
- Earthquakes. As a coastal province, British Columbia is considered a high-risk area for earthquakes. Should a major quake strike, residents will need extra insurance coverage to recoup the damage as most base policies don’t offer protection from earthquakes.
- Rain. The city experiences rain year-round, which creates the risk of water damage, especially if water ends up penetrating the interior of your home through the roof or walls.
- Fire. Although wildfires are more common in the interior of B.C., the lower mainland isn't immune from it. Burnaby is also home to an oil refinery. The crude oil tanks therein are also considered a fire hazard.
What risks does home insurance cover in Burnaby?
Home insurance usually covers your property from theft, damage or loss.
This can include:
- Household items such as appliances, clothing, furniture and electronics.
- Damage to household items caused by power surges.
- Damage caused by an aircraft or vehicle crashing into the house.
- Falling objects.
- Fire damage.
- Smoke from heating or cooking devices (smoke damage caused by a fireplace is excluded).
- Rioting and vandalism.
- Some types of water damage.
- Damage from wind and hail.
What risks won’t home insurance cover in Burnaby?
- Damage to your lawn.
- The personal property of individuals who live with the policyholder but are not related to them or considered dependents.
- If you work from home, business materials, tools, and equipment aren’t covered under home insurance.
- Water damage caused by floodwater.
- Landslides, avalanches and earthquakes.
- Damage caused by frozen plumbing.
- Damage caused by frozen water from freezing outside the home.
- Damage from the direct application of heat, such as clothing burned by an iron.
- Damage caused by birds, vermin, rodents or insects.
- Fuel oil leaks.
- Vacancy (any loss or damage that’s a result of no one being home for 30 days straight).
- Damage to any contents that are acquired illegally.
- Losses due to the policyholder’s criminal activity.
- Losses due to war, terrorism or nuclear catastrophe.
What kind of home insurance do you need in Burnaby?
There are four different types of home insurance:
Comprehensive - This type of policy covers your home and its contents against all insurable risks, like fire and wind damage. Comprehensive insurance offers the most coverage of all the policy types, and it’s also the most expensive.
Basic or Named Perils - Your property and its contents will only be insured against the perils of your choosing.
Broad - This policy is a hybrid between comprehensive and basic insurance. A broad policy covers your home’s structure from all insurable risks. As for the contents, those are only protected against perils that are specifically named in the policy.
No-Frills - This policy provides basic coverage for properties that don’t meet normal underwriting standards. Extended coverage options that are available for other home insurance policies aren’t available on a no-frills policy.
Burnaby residents might also want to consider buying additional coverage for events like earthquakes. Most home insurance companies let you buy extra coverages to top off your original policy. These coverages are completely optional and they’re called endorsements in insurance-speak. Buying an endorsement will raise the cost of your insurance.
Additionally, the cost to replace items such as jewelry and furs can often exceed policy limits. If your belongings carry a hefty price tag, think about buying optional scheduled articles coverage.
What can you do to save on home insurance in Burnaby?
To save on home insurance, insurers recommend trying the following:
- Install a home security system.
- Bundle your insurance policies; the most common combination is home and auto insurance, but some providers allow you to bundle home and life insurance.
- Give your home insurance provider permission to look at your credit score; some insurers offer discounts to clients with good or excellent credit ratings.
- Increase your deductible; home insurers will lower your rates if you agree to pay more out-of-pocket if you ever make a claim.
- Pay your premium in full annually instead of making monthly payments.
- If cost is your main concern — and you're comfortable taking a risk — you'll save some money by choosing a basic policy.
- Compare quotes online.
What are the best insurance companies in Burnaby?
Instead of looking for the “best” insurance company, consider which insurance plans meet your needs at a price you can afford.
Just make sure to protect yourself by working with a federally, provincially or territorially licensed insurance company. That way, you can use an independent dispute resolution system if you have any complaints and you’re protected if the insurance company fails to do its job.
Some home insurance companies operating in Burnaby include:
- The Co-operators
- RBC Insurance
- TD Insurance
- Desjardins Insurance
- Intact Insurance