House Insurance for your Peace of Mind
We understand how important your property is to you, whether you’re a tenant or homeowner. That’s why our brokers take the utmost care to help our clients get the best insurance packages for their needs.
We provide insurance coverage for these types of properties/risks in BC:
The experienced brokers at Habitat Insurance Agencies will help guide you through the sometimes confusing world of insurance. We aim to give you the peace of mind that you deserve from your insurance policy… and always at competitive premiums.
TIPS: How you can save money on home insurance
Many discounts are available, which can reduce insurance premiums by up to 60%. These include:
Types of discounts
FAQs about home insurance
Why is the value given for my house (or duplex/strata building) in my insurance policy higher than the property tax assessment?
Building insurance is calculated on the current replacement cost of the dwelling. Replacement cost is the estimated cost to reconstruct a dwelling based on current building material and labour costs.
What is guaranteed replacement cost (GRC)?
GRC means that the insurance company will pay 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 is the best type of house insurance coverage to have.
What is the difference between broad and comprehensive insurance coverage?
There is no difference in building coverage: both types provide coverage for “all risks”. Under broad insurance coverage, contents are insured against “named perils”. Comprehensive insurance provides coverage for contents on an “all risks” basis. Please contact us if you would like to find out more detailed information about the differences between broad and comprehensive insurance coverage.
What are special limits in home insurance policies?
All home insurance policies have coverage sub-limits for certain classes of items. Sub-limits vary from company to company. Below is an example of typical sub-limits in a house/condo/tenant’s insurance policy:
- Watercraft including accessories & equipment $3,000
- Spare auto parts $1,000
- Securities $5,000
- Money, cash cards, bullion $500
- Manuscripts and stamp collections $1,500
- Lawn mowers, gardening equipment, snow blowers, garden tractors, etc. $10,000
- Jewellery, furs, watches, gems $6,000
- Coin collections $500
- Books, tools and instruments relating to business $5,000
- Bikes and their accessories $1,000 per bike
You may purchase additional insurance coverage if you wish to insure personal property that exceeds the sub-limits in your policy.
Is earthquake coverage automatically included in house, condo, and tenant insurance policies?
No. Earthquake insurance is an optional coverage. Rates vary according to the location, age, and building construction type.
Can I purchase flood insurance for my home?
Yes, since 2016 overland water insurance for homeowners is now being offered by various insurance companies in Canada. This is an optional coverage, and premiums are dependent on the flood risk for a home’s location.