British Columbia has several great insurance companies, like Travelers Canada, Cansure, Peace Hills, Wawanesa, & Aviva. These are companies that are always improving their standards and customer satisfaction goals. What may be a great fit for one person, will often not be the best fit for another. Insurance companies all have a different ‘appetite’ for what type of risks they like to insure. This is why brokers like us are here to assist you and match your needs and circumstances with the right insurer.
For example, if you rent out your home or condo, your risks will be different than if you live in your home. We match this with companies that like to insure rentals. You will often see a lower premium, and less hassle when we can match you to the right insurer.
Some insurance companies have tighter restrictions on things like additional coverages such as sewer back up, earthquake protection, or flood. When choosing these coverages, we ensure that you are matched with a company that offers these coverages easily.
Several insurance companies will have a maximum limit on high value homes as the cost to rebuild such a home exceeds what they are willing or able to pay for. Other companies will seek out high value homes as they can take on such a risk, and see them as less risky.
Typically, if your insurance has been cancelled by the insurance company you will find it difficult to find property insurance again. Since it is incredibly important to have insurance on your property, or sometimes required for a mortgage or by a landlord, we suggest ensuring that your past premiums are paid for entirely, and work to obtain insurance again. Sometimes you will see a surcharge or increased premiums for a while, however once you have remained insured again for some time, you will be able to shop around again for a lower premium and/or better coverage.
If you are ever unsure about your insurance needs, our AI agent is available to answer any general questions, and our brokers are a phone call away.
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Your dwelling and most of its contents – such as your roof, laptop, and furniture – may
lose value over time due to factors such as age and wear and tear. This loss in value is
commonly known as depreciation.
Under most insurance policies, claim reimbursement begins with an initial payment for
the Actual Cash Value (ACV) of your damage, or the value of the damaged or
destroyed item(s) at the time of the loss.
If your home is uninhabitable and you have to temporarily relocate after a covered loss, your homeowners’ policy may reimburse you for any resulting increases in your normal day-to-day living expenses.
If your policy provides Loss of Use coverage, your policy will reimburse you for Additional Living Expenses (ALE) for the period of time reasonably required to make your home habitable again. This time period is commonly referred to as the “period of restoration.”
As climate change accelerates, Canada is witnessing a growing frequency of extreme weather events, including floods that have devastating impacts on communities and homes. Traditionally, standard home insurance policies in Canada cover a wide range of risks, such as fire, theft, and liability, but they typically do not include protection against overland flooding. This has made flood insurance an increasingly vital addition for homeowners across the country.
