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The Top Five Home Insurance Providers In British Columbia – How They Help Protect Your Investment
When searching for home insurance in BC, there are a lot of factors you need to consider, and your budget is an important one. Besides that, however, you want to work with an insurance British Columbia expert who can provide everything you need and who will know and understand the important considerations for your area.
Working with a local insurer is one way you can guarantee that the company you choose is well-informed about BC and the common insurance concerns that it faces. But, it is possible to get this same knowledge and understanding from a broker that has access to all the insurance policies in Canada, so don’t be too hasty! Don’t dismiss any company before doing your research. You can save a lot of money by comparing all of your available insurance options.
Home Insurance in British Columbia
British Columbia poses some unique needs and risks for insurance, so it is important that you discuss things like flood protection with any potential provider. Here is a list of some of the top home insurance BC companies that are familiar with the unique risks in this province.
2.TD Insurance (owned by TD Bank)
Reasons to do Your Research
Of course, you’ll want to compare potential insurance corporations, but it is also important that you research your properties. When house hunting, it is easy to get swept away with a home, but what about the neighbourhood? The area? The actual property? You must insure your property in order to get your mortgage approved, so one way or another you will have to get insurance, but bear in mind that some of the most expensive properties in the country are found in BC. Not only do you want to make a good investment, you’ll want it to be well protected too.
What’s the Worst that Could Happen?
This may seem unbelievable, but it’s a true story. Twelve homeowners purchased their multi-million dollar dream homes in a new development in Sechelt, BC. The land surveys completed before the homes were built determined that the ground was actually unstable, but the development project was approved despite these results, and gorgeous homes with incredible views were built. Fast-forward to the point where sink holes developed, lawns collapsed, and exterior staircases buckled. The entire neighbourhood was evacuated. No one is allowed back. These homes, where many homeowners invested their entire life savings into, are now valued at just a few dollars. You can read the full news story here.
Never assume that your property is free from risk. Insure your property with one of the top five insurance companies in BC so you can recoup your investment after a flood, fire, or other disaster.
Value is Important
Despite worst case scenarios, like the story above, many properties or areas of the country are simply more susceptible to certain problems due to geography or weather patterns. Some of those problems may include earthquakes, flooding, and wind damage. Every location will have its own unique challenges, so when you insure your home you will want to consider any additional special coverages you may require. These are referred to as riders. Flood insurance is a popular rider for people to add to their policies when they live near a body of water, or their home is built in an area with a high water table.
Based on your location, your insurance corporation may be able to provide some insights on what you will require, but it does fall largely on your shoulders to recognize potential risks for your area and to guard yourself against them.
Use Your Resources
Speaking to others in your community about their homes and their insurance requirements could give you some insights, but you can also speak with your home inspector who can keep an eye out for signs of previous water damage, and you can check with your Realtor too. People local or familiar with the areas you are planning to move to will be able to inform you about weather norms and challenges you may face due to geography.
Hi, I'm Stevie! The management of personal finances is something I've been very interested in since my high school years. I'd like to share some knowledge on the subject and I really hope it'll help someone.
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