Welcome to Vibrant Vancouver
Vancouver is home to just over 660,000 people, making it the largest city in British Columbia. It is the center of the Greater Vancouver metropolitan area, the third-largest in Canada with over 2.6 million people. Nestled between the Pacific Ocean and the Coast Mountains, the city offers both stunning natural beauty and a dynamic urban feel that makes this a great place to live. Whether you’re an outdoor enthusiast, a lover of culture or someone wanting to raise a family, Vancouver has much to offer homeowners. Buying home insurance in Vancouver is a great idea, but there’s more to know about this vibrant city.
Vancouver has one of the largest film production centers in North America, earning it the moniker, “Hollywood North.” The city has also hosted several international events, including the 1954 Commonwealth Games and the 2010 Winter Olympics and Paralympics. Tourism is a major part of the city’s economy thanks to various natural amenities. There’s something here for everyone, especially anyone looking to call Vancouver home.
Why Home Insurance in Vancouver Matters
From large single-family homes to high-rise condos and townhomes, people living in Vancouver have several options for residences. No matter the type of home, as a homeowner, you’re exposed to these risks:
- Earthquakes: Vancouver sits on a fault line, making it susceptible to earthquakes that can cause major structural damage to a home.
- Landslides: The terrain in Vancouver is hilly and when impacted by heavy rainfall, landslides can occur.
- Property crime: Property crime such as theft and burglary occurs more frequently on average in Vancouver than in the rest of the nation.
Vancouver is one of the most expensive places to live. The average home price is over $1.2 million, which is the highest among all of Canada’s major cities. Without home insurance in Vancouver, it could cost you hundreds of thousands of dollars to repair or replace your house after a catastrophic event.
The Lowdown on Home Insurance in Vancouver
Neither Canada nor British Columbia requires homeowners to have insurance. However, if you must borrow to buy a property, your lender will likely require coverage to protect their investment. The specifics of a policy for home insurance in Vancouver will vary according to the insured’s needs, but most plans offer these coverages:
- Dwelling: This covers the physical structure of your home, including roofs, walls, floors, countertops and other fixtures.
- Other structures: Most policies extend coverage to other structures such as fences, detached garages, poolhouses or mother-in-law suites.
- Personal belongings: Your policy should also include your possessions, which may be damaged or stolen.
- Personal liability: A complete plan should also cover the injuries of third parties that are injured or experience property damage while on the premises of your home.
Some policies also cover miscellaneous expenses such as temporary housing or offsite storage while your home is being repaired as part of a claim.
What Isn’t Covered
While it’s good to carry insurance even if you own your property outright, knowing what isn’t covered by your plan is also important. Vancouver homes may be exposed to risks due to flooding and earthquakes, which your policy may not cover. In addition, home insurance should not be mistaken for a home warranty plan that can cover the repair or replacement of home appliances that aren’t functioning properly. You may need to purchase additional coverage or a separate policy if you own expensive belongings such as fine jewelry or heirlooms.