All you need to know about holiday decorations and home insurance
This article has been updated from a previous version. From trees and lights to candles and ornament...
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It may come as a surprise, but when you own a home you are not legally required to insure it. Almost all homeowners do have insurance, however, and for two good reasons: no financial institution will give you a mortgage without it and having insurance just makes good sense. Leaving your home uninsured represents a major financial risk that most people can’t afford. That’s why finding the right home insurance in Surrey, B.C. is so important.
We’ll help you find home insurance that fits your needs. We’ll answer questions about how much insurance costs, the different types of policies available, and how you can save on your premiums. Most important of all, we’ll give you the lowdown on comparing rates before you buy, which is where the real saving happens.
Plus, with LowestRates.ca, you can compare home insurance quotes from Surrey’s top home insurance brokers and agents in just a few minutes. All you have to do is select the best home insurance rate in Surrey and a provider will be in touch to help you secure it.
See how our customers in Surrey save big on home insurance.
Type of home | Location | Previous claims | Lowest rate | Average rate | Saved |
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Quote from December 08, 2024 Type of home Detached 2,838 sq ft | Location Surrey | Previous claims None | Lowest Rate $106/mth $1,277/yr | Average rate $266/mth $3,197/yr | Saved $160/mth $1,920/yr (60.00%) |
Quote from December 08, 2024 Type of home Detached 1,774 sq ft | Location Surrey | Previous claims None | Lowest Rate $77/mth $922/yr | Average rate $98/mth $1,174/yr | Saved $21/mth $252/yr (21.00%) |
Quote from December 08, 2024 Type of home Detached 2,805 sq ft | Location Surrey | Previous claims None | Lowest Rate $176/mth $2,109/yr | Average rate $219/mth $2,625/yr | Saved $43/mth $516/yr (20.00%) |
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.
It’s difficult to say exactly what your home insurance price in Surrey will be. Every home is different and so every home insurance policy will be different, too. Things like the age of your home and where it is located plays a big role in insurance costs, but so do other factors. The way in which one insurance provider underwrites risk compared to another, for example.
Because insurance is a custom product, your costs will depend on the home insurance company in Surrey you choose to work with. Furthermore, the average cost of home insurance in Surrey probably wouldn’t be an indicator of what you’ll pay.
The only way to get a good idea of price before you buy is to get quotes from multiple companies. Comparing prices and policies puts you in the driver’s seat when it comes to finding the coverage that’s perfect for you. To see the current home insurance rates in Surrey, enter your postal code above and click the pink ‘Get Started’ button.
While property insurance in Surrey doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of. Climate is an example of a locational factor that could influence your insurance premiums. Major storms and heavy rains factor into how insurers calculate risk. Surrey gets 55 inches of rain annually, which means homeowners are at an elevated risk of water damage, like a flooded basement.
In addition, extreme weather-related events are expected to become more frequent with climate change. This trend will likely affect premiums for all homeowners over the coming years.
Surrey is also in a major earthquake zone, which represents a very significant risk to any homeowner. It’s important to point out that while a typical insurance policy will cover you for a lot of things, it won’t cover you for an earthquake. To get that kind of protection, you need to ask for special coverage (also called an insurance ‘endorsement’).
The type of insurance policy you buy will dictate the extent to which you’re covered. Generally speaking, house insurance in Surrey will cover:
Generally speaking, your home insurance coverage in Surrey will include the following risks:
Even though insurance covers you for a lot, it doesn’t cover you for everything. Most home insurance providers in Surrey won’t cover
Standard homeowners insurance in Surrey 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 covered against all risks, also known as “insurable perils.” However, perils normally excluded by insurance companies — earthquakes, for instance — won’t be included in this coverage. You can, however, buy extra coverage in the form of an endorsement, to protect yourself from risks your policy excludes.
Basic or Named Perils: While a comprehensive policy covers you for every type of insurable risk, a basic policy only covers you against risks you’ve specified. With this kind of policy you need to read your documents very carefully: if it’s not in the policy, you don’t have coverage. The upside is that you have more control over the cost of your premium.
Broad: This type of insurance covers the structure of your home from all insurable risks. The contents of your home are only covered against risks that you specify. Broad insurance is a cross between comprehensive and basic insurance.
No-Frills: Sometimes insurers will decline an application because a property is just too unsafe to protect. In that case, you can often get a no-frills policy that will provide very basic coverage (such as insurance against fire) while you renovate the property.
Given the city’s location on the most volatile fault line in Canada, it’s important for residents of Surrey to know that they can get an amendment to their regular policy that covers earthquakes. This kind of amendment is called an endorsement, and you can request one for everything from a sewer backing up to theft of an extremely valuable work of art. Obtaining an endorsement will increase your premium.
There are a number of things you can do to reduce your insurance costs, and doing them all can add up to big savings:
There’s really no such thing as “the best” insurance company. There are, however, a lot of very reliable ones that offer great insurance packages. You can find them easily by doing a bit of research online and asking family and friends for recommendations. And while you’re doing that, remember as well to get multiple quotes online. Armed with that information, you’ll be able to decide with confidence what type of coverage is best for you. Here is just a small sampling of reputable insurers that offer home coverage in Surrey:
Jessica Vomiero
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.
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*Shoppers in Canada who obtained a home insurance 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 condo and tenant insurance.