Peaceful Living in Arbutus Ridge
Located in British Columbia, Arbutus Ridge's tree-lined streets, beautiful homes and gorgeous views of the North Shore Mountains draw people to the area. Furthermore, the neighbourhood is located on Vancouver's west side and provides convenient access to the downtown area, universities, parks, shopping and entertainment. The area seems to offer everything, so it's easy to see why people are choosing to buy a house and purchase home insurance in Arbutus Ridge.
Finding Home Insurance in Arbutus Ridge
The cost of living in Arbutus Ridge is higher than the national average by 71%, and housing itself is 223% higher than the national average, so expect to pay more to live in the neighbourhood. The median cost for homes in the area is $3,867,800, so you must protect your investment. This means researching insurers and choosing one that meets your needs for home insurance in Arbutus Ridge. The cost of home insurance in British Columbia averages $1,200 to $1,700 annually, but your exact price depends on the amount of coverage you choose and your risk factors.
Home Insurance Risk Factors
Insurance providers analyze various potential risk factors when determining whether to insure someone and how much to charge for the policy. Neighbourhood factors are of high importance. The area's crime rate is perhaps the most important. Luckily, Arbutus Ridge's overall crime rate is 25% lower than the national average, and property crime rates are 19% lower. This means you may pay less for your policy.
Climate is another determining factor. While Arbutus Ridge isn't known for tornadoes or other commonly thought of natural disasters, it is subject to a lot of precipitation. The area's precipitation has increased by 10% over the last 30 years. This means properties on hilly terrain or that have basements may be more likely to flood. Unfortunately, your basic policy won't cover flooding, so be sure to purchase additional coverage if flooding is a concern.
Personal Risk Factors
Insurers also look into your background and the background of your home. Credit scores are a determining factor, and the higher yours is, the less you are likely to pay. However, if you've filed a claim in the past, you may see an increase.
Property Risk Factors
The home and property are important as well. If the property has ever had a claim filed on it, even if it wasn't by you, it could be deemed high-risk and cost more. You may also pay more for insurance if your home and its heating, plumbing and electrical systems are older or you have "attractive nuisances" on your property. These items, such as trampolines, are at high risk for causing an injury, so they may cost more to insure.
Understanding Your Insurance Policy
Home insurance in Arbutus Ridge protects you, your home and its surrounding property in several ways. Naturally, it provides compensation if you need to repair or rebuild your home's structure due to fire or another covered disaster. It goes beyond that, though, as it also covers attached and detached structures on the property, such as porches, detached garages and fencing.
Your coverage also protects you and your family in many ways. If someone is injured on your property, your policy foots the medical bills. It even covers you away from home by paying out if you accidentally damage someone else's property or if your dog bites someone.
Finally, your policy covers your personal property up to a certain amount. Jewelry, furniture, appliances and most other items in your home can be repaired or replaced under your policy. It even protects you if you lose something or someone steals it while you're away from home.