Home > Resources > What you need to know about House and Home Insurance in Victoria
What you need to know about House and Home Insurance in Victoria
This article will cover some of the major issues that people face when taking out insurance in Victoria BC and how to avoid major pitfalls. If you are looking for an Insurance Broker in Victoria BC please contact us for a quote.
For those who aren't aware, House insurance in Victoria BC covers the owners private house for the financial costs against a range of eventualities (see below). As a policy, it combines a range of personal insurance protections, which generally include damage or loss to one's house, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the house owner, as well as liability insurance for accidents that may happen at the house.
A major issue that people fail to take into account when taking out house insurance is to ensure that the policy covers the full cost of the rebuild, not just the market value. It is also worth taking into account that similar houses in different neighborhoods will differ in market value but actually cost the same in terms of rebuilding costs (this is obviously dependent on the housing market and should be addressed when taking out a home insurance in Victoria BC). Henceforth it is highly advisable for anyone looking for Home insurance In Victoria BC to explicitly ensure that the terms of the policy cover the entire rebuilding cost and take into account the market value fluctuations.
The exact cost of house insurance usually is dependent on what it would cost to replace the house and what extra riders (extra items or properties to be insured) are attached to the policy. The policy is a long-term contract, and explicitly lays out in what circumstances insurance companies will and will not pay out in. Acts of God (Hurricanes, Land-Slides etc) or damage caused by acts of War or Flood are generally not included in basic house insurance. The levels of this risk obviously affect the initial price of the policy.
The terms could also provide the home owner with different accommodation if your house is deemed unsafe to live in after the damages occur. Despite it being one of the more appealing issues it is important to make sure that anyone taking out the house insurance policy doesn't just go for the cheapest price and looks for features that are specifically tailored for the area you live in. Use price comparison sites to ascertain what insurer will offer you the best deal.
House insurance in Victoria BC can include cover, in the event of an injury to a person whilst in your house. In addition to this certain policies could also provide cover and absolve you of legal liability if someone where to be injured.
Home insurance can also cover detached structures on the property insured up to a limit of coverage. Higher limits may be purchased. It is advisable to talk to an Insurance Broker in Victoria BC if you have questions.
House insurance policies will usually include detached structures such as garages, patios and garden sheds but might not cover boundary walls, paths and drives. Check the specific policy at the time of taking it out.
Some mortgage lenders stipulate that the house owner takes out a house insurance policy as a pre-requisite of the loan to protect the lender if the house in question was damaged beyond repair.
Also bear in mind that it can sometimes make more sense to pay for relatively inexpensive repairs yourself than make claims on your insurance e.g. a cracked window. This will allow you to build up your no claims bonus.
It is of cardinal significance to check and re-check specifically what your house insurance policy covers. Every layer of cover should explicitly include compensation against theft and fire. However, it could be important to make sure you are protected in the eventuality of weather damage, frozen pipes, earthquake and more depending on your geographical and location and the specific threats that you are likely to face.
SPEAK WITH YOUR ADVISOR
For a thorough evaluation of your insurance needs, please speak with our advisor.