Calculate your B.C. home insurance quote

Finding an accurate homeowners insurance calculator for B.C. online can be a challenge because there are so many variables to consider. How much insurance you purchase will play a major role in determining your monthly payments. Your monthly payments, together, will make up the total cost of your policy which consists of your premiums and any additional fees you’ll have to pay.

The cost of rebuilding your home: One of the main reasons homeowners purchase insurance is to repair or replace your home in the event of an accident or weather-related event. This is why the cost of replacing your home will factor in the cost of your home insurance policy. However, with home values going up across Canada (particularly in B.C.), many homeowners choose to add a guaranteed replacement cost endorsement to their policy, which may bump up their insurance premiums. However, having this kind of coverage could pay off if you’ve used expensive materials or have high-end fixtures or appliances.

How much home insurance you purchase: This is the primary factor that will go into determining your home insurance payments. There are a number of different policies to choose from. Which one you go with a bare-bones policy vs. a more comprehensive policy — as well as whether you decide to purchase any additional coverages, will also determine how much you’ll pay.

This will be the main factor in determining your home insurance payments. How much coverage you purchase will depend on whether you want a bare-bones or more comprehensive policy or whether you require any additional coverage for high-value items, extreme weather events, etc.

How much your valuables are worth: Home insurance policies can also cover the contents of the home in case of accidental damage. How much your possessions will cost to replace can also play a role in calculating your insurance premiums. It’s important to remember that there are limitations on how much coverage is available for valuables such as jewelry or art. If the limit given by your provider is lower than what your valuables are worth, it might be worth it to purchase additional coverage.

In addition to the factors that go into calculating your home insurance premiums, the items below may also come into play.

Additional fees: If you don’t pay your premiums on time, you may have to pay additional fees. Be sure not to find yourself in a situation where your method of payment expires before you provide your insurance company with a new method. In this case, you’ll be charged a late fee.

Mortgage lender: The rate you’ll pay will also be based on which lender you decide to go with. In addition, some lenders will require you to buy additional coverage, which means that you’ll have to pay higher premiums. These differences are why it’s important to compare the home insurance market before deciding on a policy. One way to do this is to use a price comparison website like LowestRates.ca.

Remember to factor in the monthly interest when estimating your home insurance costs. With our B.C. home insurance premium calculator, you’ll know how much multiple insurance companies will charge you for coverage, down to the exact dollar amount? Once you’re through with our calculator, home insurance premiums in B.C. cost, down to the dollar.

Home insurance coverage in B.C. won’t be significantly different from home insurance coverage in Alberta or Ontario. While car insurance is regulated provincially, which means that coverage requirements may differ from one province to the next, home insurance is not regulated provincially. This means that any major differences in your coverage will come from endorsements or “add-ons” to the policy that protects you from specific risks. One thing to be mindful of is the price of endorsements for earthquake coverage, which are more expensive in provinces with a higher risk of earthquakes, like Quebec and B.C.

In addition, areas with higher home values may also be susceptible to higher home insurance premiums because of the factors we described above, even though home insurance is based on the amount it would cost to rebuild your home and not its market value. Residents of pricier B.C. districts like the Greater Vancouver Area may want to keep this in mind.

There is more than one policy BC homeowners can choose from. The type of policy you may need will affect your premium. That’s why our calculator lets you select what type of policy you want when entering your information into the form.

The more you know about the policy you want, the more accurate an estimate you will receive for your BC home insurance. The typical policies offered for homeowners include:

Comprehensive

Sometimes called an all-perils policy, it gives you the most bang for your buck and coverage. It covers the structure of your home and its contents against all perils except those that are specifically excluded. If your policy names flooding and sewer backup as exclusions, then you don’t have coverage for these risks. But if a fire isn’t named as an exclusion, this coverage is included in your policy. Choosing this type of policy may mean higher monthly home insurance costs. Our calculator will give you a more exact estimate.

Basic coverage/named perils

This type of coverage, also called named perils or a standard policy offers less coverage than a comprehensive policy. It only provides coverage for the perils specifically named in the policy and nothing else.

Broad coverage

A broad policy is somewhere in between a comprehensive and a basic coverage policy. Like a comprehensive policy, it covers your home’s structure except the ones that are specifically excluded. And like a basic coverage/named perils policy, it covers your contents for only perils that are specifically named.

No frills coverage

If your home has structural damage and doesn’t meet your BC home insurance provider's standards, you may opt for a no-frills policy. This policy may cover fire damage until the home is repaired and qualifies for one of the other types of insurance described above.

BC home insurance can be purchased from a few sources. You can talk to an agent, who works directly with a specific insurance provider; a broker, who can offer quotes from multiple sources; or directly from the insurance provider themselves.

One of the fastest and cheapest ways to find home insurance is online at LowestRates.ca. You can use our home insurance calculator to see the types of rates you will pay for your home and then choose the policy that suits you. To begin just click the “Get Started” button above and away you go.

There are multiple ways to reduce your BC home insurance. Consider the following:

Install preventative measures against water damage, fire damage and theft: Security systems or other measures that prevent damage can help reduce risk to your home and help reduce your BC home insurance premiums.

Use weather-resistant materials to build your roof: Upgrading your roof with class four asphalt shingles or slate tiles can help it withstand intense weather, resulting in lower premiums.

Bundle your home and auto insurance policies: Bundling your home, life and auto insurance under one provider, for example, is a great way to save on insurance rates. Your provider will appreciate your loyalty and pass on some of that appreciation by way of savings.

Increase your deductible: Increasing your deductible means you are willing to pay more upfront for damages or theft, prior to your insurance kicking in. The more you are willing to pay, the less of a risk you are the cheaper your BC home insurance rates can be.

Don’t switch insurance companies before the end of your policy term: Some providers will enforce fees for early cancellation. The closer you are to the end of your term, the lower your fees may be.

Ask about discounts: Many BC home insurance providers offer discounts to members of associations or unions, for example. Talk to your agent or provider to see which discounts you qualify for.

Don’t become a high-risk customer: The more claims in your history, the greater a risk you become to your provider and the higher your BC home insurance rates will be. Try to keep claims to a minimum if possible.

Good news. Our home insurance calculator can also help with condo or renter’s insurance. As you are filling out the property insurance form, choose Condo Insurance or Renter Insurance from the drop-down menu on the first page. We’ll do the rest.

Our quoting tool will take into account whether you’re looking to ensure a house, a condo or a rental property and will calculate your rate accordingly.

If you’re looking for more information about either of these products, feel free to visit either our dedicated Condo Insurance or Renters Insurance pages.

An insurance premium, also known as a rate, is the amount you pay for an insurance policy. This can be paid on a monthly or annual basis. When you fill out a form to compare B.C. house insurance rates with our calculator tool, this is what you’ll be shown.

Premium payments can be made on a number of different schedules, depending on your lender. Common payment frequencies can include annually, biweekly or even monthly. Our B.C. home insurance calculator will show you your monthly payments as well as your annual costs. Regardless, a broker or agent will be in touch with you shortly after you complete the form to secure your rate. They’d be happy to answer any questions you have about payment frequency.

An actual cash values policy means the claims payment is based on the current value of the product in a similar condition that needs to be replaced. For instance, if a 10-year-old dryer is damaged, the payment is based on the current value and not the cost of buying a new dryer. Premiums for this type of policy are lower than a replacement cost value policy.

A replacement cost value policy means that the claims payment is based on the value of replacing the product with a brand new one that’s a similar make or model. Premiums for this type of policy are higher than an actual cash values policy.

Endorsements are additional types of coverage (such as sewer backup endorsement) that can be added to your insurance policy.

This is the amount you have to pay towards damages before the insurer will pay. If, for example, there’s $5,000 in damage to your home and you have a $500 deductible, you will pay the first $500 in damage and the insurance company will pay the rest. A higher deductible will lead to lower premiums.

Depreciation is a decline in the value of an item over time.

Perils are unexpected or accidental events.