As a homeowner, duplex or strata owner, you own your building as well as contents. You would be responsible for insuring the structure against loss. Without the insurance, you are unable to mortgage the house. Whether you occupy the house all the time or with seasonal use, or rent it to others, we would be happy to find competitive coverage for you.
Building coverage is calculated based on replacement cost of the dwelling. Replacement cost is estimated amount of value of the house which would be rebuilt with the current cost at the current place. The replacement cost would reflect all debris removal and clean up cost, building materials and all labour costs, which must be current.
Guaranteed Replacement Cost means that the insurance company would guarantee paying the cost of repairs or replacement – on the same site – even if the cost to rebuild your house exceeds the insured amount shown on your insurance policy. This would apply to Comprehensive form as well as Broad form of homeowners insurance.
In building coverage, both forms provide coverage with all risks, which have exclusions. Broad form provides contents coverage with named perils only, but Comprehensive form offers coverage based on all risks. Usually all risks offers broader coverage than named perils. Therefore you may save premiums with broad form but with fewer perils covered.
Your valuable possessions as contents of your home would be automatically covered with your building coverage. If the contents amount is more than 70% of building values or you have personal property with more than special limits described in the policy wording, you should inform your insurance broker. You may need to upgrade your coverage.
When you lose the use of your own living space, you suffer an additional loss as you must pay for new premises. Repairs to your home could put you in a temporary accommodation for some time. Homeowners insurance could cover necessary living expenses.
In addition to loss of personal properties as building and contents, there is personal liability to consider. You may be legally liable to pay compensatory damage due to body injury or property damage arising from your personal negligence. Such damage could result from a delivery person’s or your guest’s injury caused by slips and falls at your home. If a guest has an arm broken by a falling bookcase, you could be liable for the damages and could be subject to a lawsuit. Since you own the house as an asset, you could be sued for the asset. Homeowners or House insurance would provide coverage for situations such as these. Personal Liability coverage starts from $1,000,000 up to $5,000,000.
You could include Earthquake, Home-based business and Watercraft coverage, Seasonal Use of House, Rooming House, Multi-family protections.
-New home with the home younger than 7 years.
-Age 45 or more (depends on insurance companies),
-Have installed and activated an approved centrally monitored fire and/or burglar alarm system,
-Are claims-free for the past 3 years or more
-Have been insured with us for 5 or more years.
-Multi-line: having more than one property insured with an insurance company
-Various higher deductible.
*Subject to the provisions, conditions, definitions, limitations and exclusions as described in the policy wordings.
As a member of the largest independent insurance broker group in British Columbia, we have contracts with more than 10 major respective insurance companies. We find best coverage with competitive price. If your main concern is theft, we could pick higher special limits coverage or schedule special items (Jewelry, Bicycles or Theft from vehicle) for you. Just please let us know what your needs are. We can customize your coverage, such as increasing the personal liability coverage to 5 million dollars. We can offer super deluxe coverage for those who have high value personal possessions and/or homes.
Please fill out a quote request form, we will return with the quote.