Hanging Your Hat in Surrey, BC
With a population of 568,332, Surrey stands as the second-largest city in British Columbia after Vancouver. It is also one of the largest cities by area at over 300 square kilometres, making it the third in the entire province. Surrey is part of the greater Vancouver metropolitan area and is largely suburban. There are many reasons to put down roots here and buy home insurance in Surrey, BC.
Surrey is more than just a suburb of Vancouver. It is a major industrial hub for the province with an economy driven by technology, clean energy, manufacturing, healthcare and agriculture, among others. It is home to North America’s first biofuel facility, converting organic waste into renewable energy. Your career may bring you to this vibrant city for good. If Surrey looks like the right place for you, here are some things to consider about owning a residence here.
Exploring the Need for Home Insurance in Surrey, BC
Surrey offers several types of homes in its various neighbourhoods. From high-rise condos to waterfront homes to rural properties, you can find almost any type of residence to call home sweet home. Houses in this city are exposed to these local risks:
- Heavy rainfall: Surrey experiences wet winters with significant rainfall that can cause certain types of water damage within the home.
- Wildfires: Dry summers put some areas of Surrey at risk for wildfires.
- Property crime: Surrey’s property crime average exceeds the national average, including burglary and theft.
The average home price in Surrey is over $1.2 million. If your home is destroyed in a fire or natural disaster, you might not be able to afford to replace it. A policy for home insurance helps protect you from financial ruin should your house experience catastrophic damage.
Understanding Home Insurance in Surrey, BC
Residents of Surrey are not required to carry home insurance by law; however, many who finance their homes must have coverage to protect the lender’s investment. While not every home is exposed to the same risks as others, a plan for home insurance in Surrey, BC, should include these protections:
- Dwelling: This protects the structure of your home itself, including walls, roof, floors and attached fixtures. It also covers repairs or reconstruction due to damage from fire, wind, theft, vandalism and other covered perils. Most policies also cover other structures, such as a detached garage or backyard shed.
- Personal property: This covers your belongings inside your home, such as furniture, appliances, electronics, clothing and jewelry.
- Liability: This covers you from financial losses if someone is injured on your property or if your property damages someone else's property. For example, if a visitor slips and falls on your icy driveway and gets hurt, liability coverage would help cover their medical expenses.
A comprehensive policy may also include additional benefits, such as coverage of temporary living expenses while your residence is being repaired or rebuilt. It’s important to consider your household needs when exploring plans carefully.
Understanding Coverage Limits
Insurance can offer peace of mind, knowing you won’t have to pay out of pocket for certain types of damage. You must understand what your policy covers. For example, most plans don’t cover flooding and earthquakes, requiring separate policies or add-ons (if available). If you possess certain high-value items, such as fine art and priceless antiques, your policy may not provide sufficient coverage to replace them if damaged or stolen.