There is no question that North Vancouver is a popular area for many people to call home. It is located just a bridge away from Vancouver proper and has some of the most expensive real estate in BC.
As such, homeowners in this part of the city should expect to pay some of the highest home insurance premiums in Canada. Getting a handle on this is key to protecting your biggest investment.
Homeowners Insurance
A home is an investment and a significant purchase, so it’s important to protect it with the right homeowners insurance. The cost of a policy will vary based on a number of factors, including location, age and construction, so it’s important to shop around for the best possible rate.
The most common homeowners insurance policy is one that provides coverage for damage to the dwelling and its contents. This type of policy covers the cost of repairs or replacement to the structure, if it is damaged by fire, hurricane, lightning, windstorm or other covered disasters. It also covers the costs of loss incurred by a member of your family or guests who is injured at your home, and provides liability protection in case you are found to be responsible for damages to a neighbouring property or common property.
You can customize your homeowner’s policy to include extra protection for items like a freestanding garage or shed on the property. These policies are also called ‘add-on’ policies and can help you save money in the long run by covering any additional costs if an insured loss occurs.
Another way to lower your annual premium is by choosing a higher deductible for your homeowner’s insurance. But this can be a risky move, as you may end up having to pay for damages that aren’t covered by your policy.
Many insurers offer discounts for homeowners who own their properties outright. They believe this reflects a responsible, financially stable person who takes good care of their property. These discounts can range from 10% to more than 30% off the base premium.
Alternatively, if you have recently moved into a new or renovated home, you can qualify for a ’new home discount’ of up to 10% off the base premium. The main reason for this is that a newly built or renovated home has fewer claims than an older home.
In addition to these discounts, you can also lower your home insurance premium by removing certain coverage options that you no longer feel are necessary. This is particularly the case with Earthquake or Overland Water coverage.
Condo Insurance
Condos are a popular choice for many people, but they can be very costly to insure. That’s why it’s important to get the right condo insurance policy for your needs.
There are two types of condo insurance policies: the building owner’s association (HOA) policy and personal condo insurance. The former covers the exterior and common areas of your condo, while the latter is more focused on personal property and liability.
The best way to determine the most effective condo insurance policy is to carefully read over your condo corporation’s master insurance policy and strata bylaws. This will help you determine what type of coverage you need, including an appropriate deductible.
It’s also a good idea to have a full inventory of all the items in your condo, including furniture, electronics, clothing, and artwork. This will ensure that you have enough coverage to rebuild your condo if the worst happens.
You should also be sure to get a good deal on high value home insurance. This will protect your most expensive possessions against a range of risks, from fire to water damage to theft.
This type of insurance can be surprisingly affordable and is a worthwhile investment to make, even for those who don’t own their home outright.
To get the most comprehensive condo insurance, you should look at multiple quotes from reputable companies. You can do this by visiting a few different websites and using an online quote comparison tool.
When choosing the most effective condo insurance, remember to choose a company with an established track record for providing excellent customer service. That’s the only way to be sure that your claims will be handled quickly and efficiently if something should go wrong.
A reputable insurance company will also have an excellent claim handling team to answer any questions you may have about your policy. They can also advise you on the most cost-effective ways to insure your condo and other assets.
It’s also a good idea to choose a policy that provides liability coverage, as this is the most important part of a condo insurance policy. Liability insurance will help cover your legal fees in the event that you’re sued by a third party for damages or injuries caused to them by your negligence.
Renter’s Insurance
A renter’s insurance policy protects your personal belongings, additional living expenses and liability in the event of an insured loss. For example, if a flood destroys your property, you can replace the lost items with help from your insurance policy. In addition, your rental property coverage could help you to stay at a different location until your home is repaired or replaced.
Getting a tenant’s insurance quote is as easy as filling out a quick form online. In just 5 minutes, you’ll get an insurance quote that fits your unique needs.
For the price of a meal at the local pizza parlour, you can protect your things from theft, fire and other damages with affordable renter’s insurance. This policy can also cover you if someone is injured in your apartment or condo, and it can help reimburse you for legal fees or lost earnings if you’re out of work due to an accident.
In a recent survey by MoneyGeek, the cheapest renters insurance policies were offered by Allstate and State Farm. These policies typically cost $10 to $11 per month.
These prices are based on a sample policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. The rates may vary for your exact situation, depending on your deductible choice and other factors.
It’s a good idea to get renters insurance when you move into a new place or buy a condo. Many landlords require it before renting their properties.
When a disaster happens, it’s easy to lose everything you own. In fact, a recent Consumer Reports study found that renters without insurance were twice as likely to lose their property.
This is why it’s important to take out a renters policy that covers all of your belongings and to choose the right amount of insurance. Buying too much or too little can leave you with an expensive bill when the time comes to file a claim.
With a Vancouver tenant’s insurance policy from Square One, you can build your own customized protection plan that suits your unique lifestyle. Our policies allow you to tailor the protection level to your specific needs and then customize your deductible, so you can only pay for the coverage that’s necessary. You can even add additional coverage for specialty property items like bicycles or fine arts.
Commercial Insurance
Whether you’re a business owner, a landlord or a homeowner looking to protect your valuables in the event of fire, theft, water damage or other perilous situations, commercial property insurance may be for you. This type of coverage can also be customized to fit the unique needs of your specific business, such as the number of employees you have, how much inventory you have or what equipment your business relies on to get the job done.
The right insurance policy can save you money in the long run by reducing your risk exposure, protecting your assets and preventing costly lawsuits. This can be achieved by bundling coverage options into a comprehensive policy, and taking the time to speak with a knowledgeable insurance agent about your business’s particular risks and potential losses.
In addition to commercial property insurance, a small business can benefit from other types of insurance to protect against loss or liability, such as auto insurance and health insurance. These policies are often bundled together to create a comprehensive suite of protections, all at a price you can afford.
The best way to find out which policy is right for you is to contact a trusted insurance broker like the ones from House Insurance West Vancouver. We’ll take the time to review your needs and recommend the best options available, based on your business’s budgetary constraints and specific goals. We’re happy to help you find the right combination of coverages to keep your business afloat in the face of unforeseen events.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.