Navigating Home Insurance Changes in BC: A Broker’s Guide

Keep your home protected with comprehensive homeowners insurance – a current and updated policy tailored to your needs.

Home insurance is a crucial aspect of safeguarding your property and investments. Given that your home is likely your biggest investment, keeping your home insurance coverage current and up-to-date is vital to protecting your financial health and your peace of mind.

And, as your life evolves, it’s essential that you stay informed and make necessary changes to your insurance policy. We think it’s important to remind you of the importance of keeping your insurance up to speed with your life. Below is a brief refresher about how to make changes to your home insurance so you can ensure that your coverage always aligns with your needs.

Understanding home insurance in BC

British Columbia is a unique province with diverse geographical and climatic conditions. These variations can significantly impact home insurance policies.

As an insurance broker, our first piece of advice is to understand the specific risks associated with your location. Our risks are very different than those of our family and friends on the Island or in the Lower Mainland. Factors such as flood risk, earthquakes, and increasingly year by year, wildfires, are crucial considerations in our area.

If you have questions about the risks specific to our region and how that impacts your home insurance, please GET IN TOUCH!

How to keep your policy current

Evaluate your existing policy

Before making any changes to your home insurance, it’s vital to evaluate your existing policy. Take the time to review the coverage, deductibles, and limits. Consider whether your current policy adequately protects your home and possessions. Your insurance broker can help you understand the finer details and pinpoint areas that may require adjustment.

Annual policy review
Home insurance is never a set-it-and-forget-it deal. It requires periodic review to consistently align to your changing needs. Your insurance agent can help you set a schedule for annual policy reviews to make sure that your coverage evolves with your life and circumstances.

Assess your home’s value

As with the rest of the nation and BC, our regional real estate market has seen significant fluctuations in recent years.

As a homeowner, it’s crucial to ensure that your home insurance accurately reflects your property’s current value. Over-insurance can lead to unnecessary expenses, while under-insurance may leave you vulnerable. Be sure to advise your broker of your most recent property assessment or consult with your insurance broker to conduct a home valuation – adjust your insurance coverage accordingly.

Reviewing liability coverage
Liability coverage is often a crucial, yet underestimated, aspect of home insurance. It protects you in case of accidents or injuries on your property. Given increasing legal costs, it’s wise to review your liability coverage to ensure it adequately protects your assets.

Adjust according to the changes you make to your home

Home upgrades and renovations

If you’re planning any upgrades or renovations to your home, it’s a good idea to inform your insurance agent. When you modify the structure and, ultimately the value, of your property, it can impact the home insurance coverage requirements.

What are your plans for your home upgrades or renovations? Depending on the scope and scale of the changes, chances are you will increase the value of your property. That means you will need to adjust your coverage to more accurately reflect the increase. Neglecting to do so could leave you vulnerable in the event of a claim.

Valuable asset additions

When you make valuable purchases, such as jewellery, art, or high-end electronics (home theatre, for example), you should review your policy. Your current policy won’t reflect these additional assets, leaving you short. You want to ensure that these items have the proper protection.

If you have recently purchased valuables, ask about including a floater or endorsement to your policy to provide the necessary additional coverage.

Changes in occupancy or how you use your home

Are you renting a portion of your home? Are you using your home for your business?

If you answered yes to either of these questions, you should talk to your broker about any necessary adjustments to your homeowners policy. If you’re using your home for more than just living or if occupancy will change, there is often changes in the liability and property protection requirements.

Are you anticipating changes to your home? TALK TO US about your home insurance coverage!

Strata insurance

If you live in a strata property, it’s essential to understand the relationship between your individual condo insurance and the strata corporation’s insurance. Changes in strata insurance policies can affect your coverage. We can help you navigate this complex scenario to ensure your policy is always up-to-date and that you have comprehensive protection.

Add-ons and endorsements

Insurance policies often come with various add-ons and endorsements that can enhance your coverage. In BC, these may include earthquake coverage, sewer backup protection, and coverage for high-value items like jewelry or artwork. Discuss these options with your insurance broker to determine if any additional coverage is necessary for your situation.

Discounts and savings

BC homeowners can take advantage of various discounts to lower their insurance costs. Installing security systems, fire alarms, or joining a neighbourhood watch program can make you eligible for discounts. Let us help you explore these options and ensure you’re maximizing your savings while maintaining adequate coverage.

Planning changes to your home? Have you recently made upgrades or renovations? You may need to also change your homeowner’s insurance policy –CONTACT US!