Get Home Insurance in Port Coquitlam
Your home in Metro Vancouver is an increasingly valuable investment. There are over 23,000 private dwellings in Port Coquitlam, where the median list price for homes is now over $1 million. Whether you live in Birchland Manor, Riverwood, Citadel, Mary Hill or any other neighbourhood in PoCo, you can find a policy that will protect your residence against a wide range of perils. A HUB International broker can offer quotes from the top insurers and help you find home insurance in Port Coquitlam.
Common Risks to Residences in Port Coquitlam
Port Coquitlam is a desirable place to live in Metro Vancouver. The population of PoCo increased by almost 5% between 2016 and 2021. When comparing the terms and limits of home insurance, there are several general risks to residential property in this area that you should keep in mind:
- Wildfires: Homes in wildland/urban interface areas where forests meet neighbourhoods run a higher risk of damage due to wildfires. Wildfires are most likely to occur in British Columbia during the summer when the weather is hot and dry.
- Flooding: Atmospheric rivers that bring heavy rain and runoff from melting snow can cause overland flooding in Port Coquitlam. Sewer backups also pose a water damage risk to homes in some areas of Metro Vancouver.
- Crime: The property crime rate in Port Coquitlam is 22% higher than the national average. There are 3,870 property crimes per 100,000 people in Port Coquitlam, which is higher than the national average of 3,181 crimes per 100,000 people.
Customize Your Home Insurance in Port Coquitlam
Homeowners in Port Coquitlam can choose from broad, standard or comprehensive home insurance coverage. Even the most comprehensive home insurance policies can have relatively low limits for contents and liability and exclude certain types of damage. There are several options for increasing the overall level of coverage for your home:
- Personal property: Many home insurance policies include some coverage for contents up to stated limits. You may want to obtain additional coverage for the full value of fine art, electronics or jewellery.
- Personal liability: Coverage for liability that exceeds the limits under home insurance policies is available. Ask a HUB International broker about personal or umbrella policies that can reduce your exposure to liability claims.
- Medical payments: In addition to liability coverage, you can also obtain additional protection against the cost of medical care for injuries to guests on your property. This type of coverage can apply regardless of the party found to be at fault.
- Overland water: Many home insurance policies exclude damage caused by flooding due to rising surface water levels. If you live on a flood plain, such as the Fraser/Pitt River zone or Coquitlam River zone, you should consider getting additional overland water coverage as an add-on policy.
- Temporary relocation: If a covered peril renders your home uninhabitable, your insurance can cover additional living expenses during restoration or rebuilding. Discuss options for temporary relocation coverage with a broker.
The age, location and size of your home factor into your cost of insurance. While there are no provincial requirements for home insurance in British Columbia, you may need coverage to qualify for a mortgage through a bank or other lender. Any optional coverage that you choose can reduce your out-of-pocket costs to repair damage or replace losses.