Acquiring Insurance for Your Home in Maple Ridge
Having a rich history that dates back to the 1850s, Maple Ridge has grown and expanded into a community that a diverse group of individuals call home. By 2021, the city had achieved a population of 90,990. With safe, friendly neighbourhoods, homeownership sits at approximately 79%. As someone looking to join one of those communities, you should consider home insurance in Maple Ridge.
One reason home insurance is essential in Maple Ridge is unexpected weather events. The average wind speed in winter is 8.36 km/h, though it has been known to get above 12.87 km/h in December. November sees the most precipitation, with an average of 17 days of rainfall, and the summer months are at risk of a tornado. With these weather issues, you can see why proper insurance is important.
Although crime rates are going down each year in Maple Ridge, property crimes are another reason for proper coverage. These types of crimes include theft, breaking and entering, mischief and more. There is an average of 5.9 property crimes per 100 people, and while that is fairly low, it's enough to warrant a second look at the coverage you currently have.
Options for Home Insurance in Maple Ridge
Whether you're purchasing a new home and need a policy to begin with or simply want to review your current coverage, you have several options. British Columbia does not require home insurance, but if you are looking at a mortgage, most lenders do require minimum coverage. What are your options?
Basic Coverage
A basic home insurance policy strictly covers specific risks that are listed in the policy. Your home and the contents of your home are protected. Some of those risks may include fire, theft and natural disasters. For example, if you explicitly list theft as a risk and you experience a break-in, you might receive compensation for the broken glass on your door as well as for the items that were stolen.
Broad Coverage
A broad home insurance policy covers your home itself for every standard risk related to it. The contents of your home are only covered if you have listed specific risks. For example, if you have not specifically listed fire as a risk and you experience a house fire, rebuilding your home's structure would likely be covered. Replacing furniture, clothes and appliances would not be covered.
Comprehensive Coverage
A comprehensive home insurance policy offers you the most protection without listing each specific risk; your home and the contents within are all protected against the standard risks. Some comprehensive policies will detail instructions against a certain risk, but if that is not the case, you would have full protection.
Factors to Consider for Home Insurance in Maple Ridge
As you ponder which type of insurance policy to purchase, look at what types of risks will apply most to your situation. These include slip-and-fall accidents, fires, natural disasters, theft and more. There are questions you can ask to ensure complete coverage:
- Do you have detached buildings such as a garage or shed?
- How much value do you have in personal belongings kept inside the home?
- Are there fences or other similar structures on the property?
- How old is your home?
With the help of a HUB insurance broker and the answers to these questions, you're ready to make the right decision for coverage.