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Whistler home insurance

Whistler, North America’s largest ski resort, is a mecca for tourists and locals alike. If you decide to purchase a home here, keep in mind that you may need home insurance, like everywhere else in British Columbia. No, it’s not legally mandatory, but some lenders may require it to protect their investment in your home.

Because your home is likely to be one of your largest purchases (for most Canadians, it is their largest purchase), you’ll want to protect it from unforeseen yet costly circumstances, such as an earthquake. A disaster like that can cause extensive damage to not only your home, but the contents within it. And it so happens that British Columbia sits in an earthquake zone.

Flooding can also occur, with heavy downpours, freezing levels and soil saturation levels. Winter storms, landslides and high winds are a problem for homeowners in Whistler as well, adding to the reasons why home insurance is so important.

The home insurance industry in Whistler is regulated by the British Columbia Financial Services Authority (BCFSA) to protect financial services transactions for all British Columbia residents and consumers. It also ensures that home insurers (and other financial service companies):

• Are properly authorized
• Supervise insurers and address solvency concerns with their operations
• Address statutory market conduct issues

Also, many mortgage lenders may require you to have Edmonton home insurance as part of your financing agreement.

If you’re looking for the cheapest home insurance rates in Whistler, be sure to compare quotes on LowestRates.ca.

Different types of home insurance coverage in Whistler

If you’re looking to buy (or already own) a home in Whistler, and you’re seeking home insurance, you should familiarize yourself with how it works and what sort of coverage you should expect.

Broadly speaking, here’s what most home insurance policies cover in British Columbia:

• Property: This coverage protects a homeowner's structure or other buildings, like a shed or a garage, from common perils such as fire, theft or hail.
• Contents: Much like its name implies, this protects the contents of your home from damage or theft. It also protects the items you keep outside the home, such as a laptop or a bicycle. There are limits to this coverage, so speak to your home insurance provider for details.
• Liability: This protects you from a lawsuit someone may file against you due to suffering bodily injury on your property, or if you unintentionally damage someone else’s property.
• Additional living expenses: Damage to your home can cause displacement and force you to seek temporary accommodation. This will provide living expenses for food and a place to stay. Check with your provider if other expenses are covered, such as transportation.

Home insurance policy differences

Depending on your finances and the amount of coverage you’d like, you may choose one out of several insurance policy types. As a rule, the cheaper the policy is, the less it will cover.

Here are the four major ones:

• Standard: Also known as ‘basic’ or ‘named perils,’ this one protects your home and contents only against the perils listed in your policy. For instance, if it lists fire, but not flooding or earthquake, then it will cover you for fire and not the other two. It’s cheap but limited.
• Broad: This policy is a little more inclusive, as it protects your property from all perils, except the ones listed as exclusions. So, if it lists fire, for example, then it won’t cover fire. When it comes to the contents of your property, it covers named perils only, like the basic policy.
• Comprehensive: This protects both your property and its contents from all perils – except for the ones listed as exclusions.
• No-frills: The most bare-bones coverage of the bunch. It applies strictly to homes that don’t meet typical home insurance standards. For instance, if your home has physical problems that are likely to cause damage in the future, then this coverage may apply. However, do note that it should be temporary – until you fix those problems.

Commonly covered perils

Not every peril that can damage your home or its contents is covered by insurance, especially if we’re talking about basic insurance. Here’s what usually gets covered:

• Fire and smoke
• Explosion
• Lightning
• Water damage (excludes flooding)
• Wind
• Theft and vandalism
• Window breakage
• Aircraft or vehicle impact
• Falling objects (excludes objects moved by snowslide, mudslide or earthquake)

Optional coverage

If you’re worried that certain perils are more likely to affect your home than others, you should always consider adding them to your coverage in the form of home insurance endorsements. Here are some of the most common optional coverages:

• Flood: Like many cities in British Columbia, Whistler is prone to flooding, usually due to bodies of water (such as rivers) overflowing onto dry land. Typically, in areas like that, flood coverage is not offered by default, so be sure to ask your insurer about it.
• Sewer back-up: This is the second kind of flooding, which occurs as a result of backed up sewage pipes, drains, toilets or showers. If you believe you’re at risk, consider purchasing this coverage.
• Earthquake: Since British Columbia is prone to earthquakes, and Whistler happens to be in British Columbia, you may want to consider this coverage. Though regular insurance policies rarely cover earthquakes, they may cover damage caused by an earthquake, such as fire damage.
• Windstorm: This protects you if a windstorm damages the structure of your home, breaks your windows, ruins your possessions or showers your property in debris. Since water damage is a separate item in most policies, this may not cover you for it, even if caused by rain or hail.
• Valuable items: While most policies will cover the contents of your home, they may not do so for all of them. Expensive items like jewellery, art and collectibles often require extra coverage, so be sure to carefully evaluate everything you own.

How we find you the best home insurance in Whistler

Home insurance is not legally mandatory in Whistler, nor is it public, unlike auto insurance. This means you have many options when selecting your ideal coverage and premium – whether you’re a Whistler resident or tourist.

The issue, of course, is that you can’t really know what premium you’re going to get until you contact the insurer directly. Premiums are highly individualized, and as a result, an insurer can’t just give you a flat rate. Not until they know certain details about you. This may lead to the time-consuming process of contacting insurers one by one.

However, you can make this easier with LowestRates.ca. We’re partnered with over 50 insurance providers, all of whom are willing to provide you with their cheapest quote. All you need to do is enter a few details about yourself into our form and start comparing quotes within seconds. Give it a try!

Risk factors for homeowners in Whistler

Whistler has both similar homeowner risks to other parts of the country as well as ones unique to the area.

• Weather: Whistler's mountainous geography is an attraction for tourists but can cause chaotic weather. There can be extremely cold temperatures, severe wind and snowstorms, and given its location on the West Coast – a potential for earthquakes.
• Flooding: Flooding is not unique to Whistler but should be a consideration for homeowners looking to protect their property. Overland water protection and sewer back-up are essential add-ons that could save you thousands of dollars in the long run.
• Landslide: Landslides are a real issue in the Whistler area. Homeowners with earthquake protection will also be protected against landslide damages.
• Wildfires: British Columbia has a history of forest fires. Basic home insurance will cover fire, and in British Columbia, that includes forest fires.
• Tourism: Tourists are great for the economy, but renters of your property may not take as good care of your home as you would. If you rent your property or live near a high traffic area, liability and damage protection may be in order.