Continue Your Life's Journey in Coquitlam
A suburb of Vancouver, Coquitlam is located on the coast of British Columbia. With a population of 148,625 in 2021, Coquitlam is the largest of the Tri-Cities, which also include Port Moody and Port Coquitlam. Coquitlam is a terminus of Scenic 7 Highway, so many travellers in British Columbia either start or end their journey here. Those who choose to settle here require Coquitlam home insurance.
From 2016 to 2021, the population of Coquitlam grew 6.7%. Some people come to Coquitlam for jobs. The unemployment rate in Coquitlam is 3.6%, a little over half what it is for the rest of the country. Major industries in Coquitlam include the following:
- Education, health and social services
- Wholesale and retail services
- Construction and manufacturing
Other people come to Coquitlam for the recreational opportunities. Coquitlam is home to over 80 nature areas and parks. The village of Whistler, which hosted the ski events for the 2010 Winter Olympics, is easily accessible. The Vancouver area is home to several major and minor league sports teams, art centres and theatres.
Regardless of whether work or play draws you to Coquitlam, you are likely to spend a lot of money on your dream home. In this sought-after area, the median home price is approximately $968,000, slightly more than the median for British Columbia and significantly higher than the median for Canada as a whole. Buying a home in Coquitlam represents a significant investment, which it is important to protect by purchasing home insurance.
What Does Coquitlam Home Insurance Cover?
Home insurance in Coquitlam reimburses you for losses due to damage to or destruction of your personal property due to natural or manmade disasters. A standard policy usually includes the following types of coverage.
Fire Damage
In 2022, wildfires caused over $411 million of property damage in British Columbia, destroying approximately 135,000 hectares of property. Coquitlam home insurance generally covers damage to your home and personal property due to fire, costs related to reclamation and cleanup as well as temporary lodging until it is safe to return to your home.
Weather Damage
Coquitlam is known for cold, wet winters. The average annual precipitation is 80.88 mm. You can expect at least 54 days of significant rainfall per year and low temperatures of around -5 degrees Celsius during the coldest month of February. Winds can gust up to 28 kilometres per hour. Wind, snow and freezing temperatures all have the potential to damage your property, but home insurance can cover these damages. Note, however, that standard policies usually do not include flood insurance, meaning that you have to purchase it separately if you want it.
Property Crimes
The rate of violent crime in Coquitlam is lower than in the rest of British Columbia and Canada. Nevertheless, there are still nearly 3,000 property crimes per 100,000 people in Coquitlam on a yearly basis. If someone vandalizes your property or steals your personal assets, home insurance can reimburse you for the damages.
Why Do You Need Coquitlam Home Insurance?
If you have a mortgage, your lender usually requires you to carry home insurance on your property. This is for the bank's protection as well as your own.
Home insurance also protects you from financial liability for accidents on your property. In other words, if someone gets hurt in your home or yard, home insurance covers medical bills and related expenses so you don't have to pay out of pocket.