What To Know About Vancouver Island Home Insurance
Vancouver Island means many things to different people, whether they go there on a whale-watching adventure, brave coastal hiking trails or want to enjoy new and unique dining experiences. The island also means 'home' to more than 864,860 people, and if you recently purchased a property there, allow us to assist you with choosing a provider for home insurance in Vancouver Island that offers you all the coverage you require.
Did you know that the population of Vancouver Island is only second to Montreal? Around 60% of residents own homes. While Canada has no mandatory laws about carrying home insurance coverage, most mortgage lenders require that new homeowners purchase insurance to protect not only their homes but also those who visit the property.
If you moved to Vancouver Island for cool, wet weather, the area's climate does not disappoint. Even August temperatures rarely reach 19 degrees Celsius, and it rains there more than half the year. While this makes for comfortable living on the island, the wet weather is one of many possible perils you might face as a Vancouver Island homeowner.
Home Insurance In Vancouver Island: Assessing Your Risks
As we assist you with comparing and contrasting home insurance providers that meet your needs, it is useful to consider your property's unique risks. Not only does this help narrow your choices down effectively, but these risks may also affect the cost of your home insurance policy.
Pet Damage
If you have dogs over a certain weight or of a specific breed, certain insurance providers may charge you more to cover any damage they may cause to someone's property or person. Even friendly dogs can cause an accident that leads to injuries, such as knocking down a small child or accidentally harming another neighbour's pet.
Dogs can also cause property damage. If your large dog soils a guest's leather jacket or uses his or her new cell phone as a chew toy, coverage for property damage allows you to replace or offer the cash value of these items. This prevents arguments and litigious actions.
Recreational Features
Inviting new friends over to use your pool or trampoline makes for good times, but accidents can and do happen. A slip-and-fall accident that results in a spinal injury or a broken bone after a bounce on the trampoline that ends in a painful landing can cost you thousands of dollars in out-of-pocket medical expenses. Liability coverage for these features protects you and anyone you invite onto your Vancouver Island property.
Your Home's Age
Did you buy an older home on the island that requires updating? Older homes often mean aging roofs that are more vulnerable to weather damage or indoor flooding caused by weak or failing plumbing. This risk usually means higher home insurance premiums. Let us assist you with finding an insurance provider that offers the services you need for an older home, such as property inspections.
Credit Scores and the Cost of Home Insurance in Vancouver Island
Several factors may impact what you pay for home insurance, especially your credit score. While insurance providers consider your financial habits overall, having a positive credit history and accounts that are paid regularly and on time opens up more options as you compare and contrast insurance providers with our assistance.