Letting your policy auto-renew might be convenient, but it could mean leaving money on the table.
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Factors that determine your home insurance quote in Burnaby
Your home insurance policy will be customized to suit your needs and the property you’re insuring.
Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.
Here are some of the criteria insurance companies look at when calculating your premium.
- The square footage of your home.
- Contents and quality of construction.
- The location of your home.
- Distance to a fire hydrant.
- Your insurance claims history.
- The age of your roof.
- Your home’s plumbing.
- Your home’s electrical system.
Your home insurance questions in Burnaby, answered.
How much is home insurance in Burnaby?
It’s difficult to say exactly what your home insurance price in Burnaby will be. 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.
Because insurance is such a customized product, your costs will depend on the home insurance company in Burnaby you choose to work with. Furthermore, the average cost of home insurance in Burnaby probably wouldn’t be an indicator of what you’ll pay. To see the current home insurance rates in Burnaby, fill out the form above and click the pink 'Get Started' button.
What perils are specific to Burnaby?
While property insurance in Burnaby doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of. 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 does home insurance cover in Burnaby?
The type of insurance policy you buy will dictate the extent to which you’re covered. Generally speaking, house insurance in Burnaby will cover:
- Repairs to structural damage caused by certain types of perils.
- A home’s contents, including the personal belongings of the home’s residents, and the belongings of guests. Personal belongings include electronics, clothing, silverware, jewelry, sporting equipment, trees and plants. However, most insurance policies do put a limit on these types of benefits.
- Liability, which protects the policyholder and family members from lawsuits as a result of bodily injuries. The insurance policy will pay court costs up to the limit of the policy. What many people don’t know about home insurance is that a typical policy will also cover liability or negligence anywhere in North America, subject to exclusions for business or professional services.
Generally speaking, your home insurance coverage in Burnaby will include the following risks:
- 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?
Even though insurance covers you for a lot, it doesn’t cover you for everything. Most home insurance providers in Burnaby won’t cover:
- 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?
Standard homeowners insurance in Burnaby comes in four different forms: comprehensive, basic, broad, basic and no-frills.
Comprehensive - With this type of policy, the structure of your home and your contents are 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. While purchasing extra coverage will likely increase home insurance premiums for Burnaby residents, it’s important to ensure that your assets are adequately protected. If your assets aren’t properly protected, the costs of repairs and damages might outweigh the cost of additional 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 home 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.
What if I own a condo or rent? Can I still buy property insurance online?
You’re in luck. LowestRates.ca can help renters and condo owners find insurance coverage. If you’re in the market for either of these policies, just select either the condo or renters insurance option in the quickstart form above. If you’re looking for more information about either of these products, visit our dedicated condo insurance or renters insurance pages.
About the Author
Jessica is the former Associate Editor for LowestRates.ca. Before joining the team, Jessica worked as a National Online Journalist with Globalnews.ca and previously spearheaded the launch of the Business Section at one of Canada's largest technology websites, MobileSyrup.
Home insurance news
Red wine spills. Frozen food spoilage. Freak thunderstorms that ruin your furniture. There’s a claim for that.