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Next, we’ll show you quotes from 75+ Canadian providers. It’s free, with no commitment.
When you find the best quote, secure your Vancouver home insurance rate by talking to a licensed broker or agent.
You can’t drive a car in Vancouver — or anywhere in Canada — without auto insurance, but there’s no law that requires you to get home insurance to live in your home. Just because it isn’t mandatory doesn’t mean that home insurance isn’t important. A good policy will protect you against financial losses if your property or belongings are damaged or stolen. That’s why finding the right home insurance in Vancouver, B.C. is so important.
Home insurance isn’t just for people who live in houses, either. The term also refers to condo insurance.
In addition to the type of home you live in, your location (and the types of risks associated with it) is also something you need to take into consideration when you’re choosing a policy. That’s why we created this page: to walk you through the process of securing the right policy for your needs. Vancouver is a city with many unique benefits, but it also poses unique challenges. Below, we’ll list the factors you’ll need to consider when shopping for a home insurance policy in Canada’s largest West Coast city.
And, if you’re ready to secure a rate today, all you have to do is fill out a quote on LowestRates.ca to get started. Here at LowestRates.ca, you can compare home insurance quotes from Vancouver’s top home insurance brokers and agents in just a few minutes.
See how much you could be saving on home insurance.
|Type of home||Location||Previous claims||Lowest rate||Average rate||Saved|
Quote from May 24, 2022
Type of home
Detached 1,161 sq ft
Quote from May 22, 2022
Type of home
Detached 2,814 sq ft
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 Vancouver will be. Because insurance is such a customized product, the average cost of home insurance in Vancouver probably wouldn’t be an indicator of what you’ll pay. A more efficient way to get Vancouver home insurance estimates is to fill out a form on a comparison site like LowestRates.ca and see what companies are willing to quote you. Our site lets you compare home insurance quotes from 75+ of Canada's top insurance providers.
While property insurance in Vancouver doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of.
Generally speaking, house insurance in Vancouver will cover your:
Most home insurance coverage in Vancouver offer coverage for the following things:
Of course, exactly which risks your insurer is willing to cover also depends on which home insurance company you ultimately decide to go with.
Generally speaking, your home insurance coverage in Vancouver will include the following risks:
As mentioned before, earthquakes are a significant risk in Vancouver. And with earthquakes come a host of other concerns, including tsunamis.
Despite tsunami risk, you’ll be hard-pressed to find a home insurance policy in Vancouver — and all of B.C. in fact — that will cover damage from saltwater flooding. It’s much easier, on the other hand, to find coverage for freshwater damage. There are also a number of other things home insurance might not cover.
Unfortunately, home insurance doesn’t protect against everything. Most home insurance providers in Vancouver won’t cover:
While flooding and sewer backup are not usually included in your home insurance coverage, our internal experts advise that you don’t purchase a home insurance policy without these endorsements.
When it comes to personal condo insurance, here’s what’s usually not covered:
There are four different types of homeowners insurance in Vancouver:
Comprehensive - This type of home insurance policy offers the most coverage of all the options. It covers damage to your property and belongings against all standard perils except the ones that are only covered by additional endorsements (like earthquakes), or ones that are specifically excluded from most policies (events that can be attributed to the homeowner’s lack of due diligence).
Basic or Named Perils - The name says it all. This type of home insurance policy is basic. It offers coverage for common perils, which include fire, lightning, theft, explosions, falling objects — but only if they’re named in the policy.
Broad - Put simply, this type of policy falls somewhere between comprehensive and basic home insurance. It offers comprehensive coverage in the event the structure of your home is damaged, but will only offer basic coverage for the contents of your home.
No-Frills - This type of insurance is the most bare-bones type of coverage you can get. These policies typically only cover your home in the case of fire and a handful of other perils. People typically get no frills insurance when their homes have structural issues that make them ineligible for a basic policy. No frills insurance can protect what you have while you are making repairs; you can switch over to another type of policy once your home is up to your insurer’s standards.
Again, the type of home insurance you’ll want depends on your specific needs and your risk tolerance.
In Vancouver, getting an add-on for earthquake damage is recommended. But add-ons for flood damage, replacement cost coverage (i.e., coverage to help you rebuild your home after a total loss), or coverage for other structures on your property might also be good to consider. Ask your insurance agent or broker what they offer. It’s important to note that purchasing extra coverage will likely increase home insurance premiums for Vancouver residents.
The cost of living in Vancouver is among the highest in Canada. Every dollar counts, especially when it comes to a large annual expense like home insurance. There are several ways to save on home insurance:
Finding affordable home insurance in Vancouver doesn’t have to be a struggle. Fill out a form on LowestRates.ca to view the best rates from the top providers across Canada.
There’s no one insurance provider that provides the best home insurance rates to all Vancouver customers. What qualifies as the ‘best’ home insurance will differ for everyone: Vancouverites have different needs, risk profiles, and budgets. Always look for a plan that gives you the coverage you want at the lowest price.
That being said, there are some insurance companies that are popular and operate within Vancouver. It definitely wouldn’t hurt to take a look at what they offer. These include:
You’re in luck. ! LowestRates.ca can help you find coverage. offers policies to renters and condo owners. If you’re in the market for either of these policies, you can actually fill out the property insurance form above and select the condo Condo Insurance or rentersRenters iInsurance option on the first page. If you’re looking for more information about either of these products, feel free to visit either our dedicated Condo Insurance or Renters Insurance pages.
About the Author
Lisa is an Editor and Writer for LowestRates.ca. Her work has appeared in Reader’s Digest, Toronto Life, Canadian Living and TVO. As a child, she diligently hoarded the $50 bills that fell out of her Christmas cards. Adult Lisa is working hard to resurrect those stockpiling tendencies.
Home insurance rates fluctuate annually. Don’t leave money or coverage on the table by not comparing rates.