Enjoy Life in Burnaby, BC
It's all about location in Burnaby, BC. Many people choose to live here because of its proximity to many other places, including Vancouver, Port Moody and New Westminster. That doesn't mean it doesn't have anything of its own to offer, though. The city also has a robust public transportation system, high-quality shopping establishments and excellent schools. With so much to offer, it's easy to see why you want to live in the area and need to purchase home insurance in Burnaby.
The Importance of Home Insurance in Burnaby
Home insurance protects both you and your home should a natural disaster or another covered situation occur. While it's not legally necessary to carry a policy, your mortgage lender likely does require it. Homes in the area have a median list price of $978,307. Buying a house is a large investment and you must protect it with the right policy.
The Cost of Home Insurance
The average annual cost of home insurance in British Columbia is $1,200 to $1,700, but the amount you pay depends on several factors. The amount of coverage you need is one determining factor. The more your home is worth and the more valuable possessions you have, the more you can expect to pay. Several risk factors also determine how much you'll spend.
Climate Risks
Insurers consider the climate of your city and how likely it is to experience a natural disaster. Burnaby has seen annual precipitation increase by 9% over the last 30 years, making flooding a potential risk. However, basic policies don't cover flooding, so be sure to purchase additional coverage if your property is susceptible to it.
Crime Risks
Policy providers consider crime rates as well. Burnaby's overall crime rate is 3% higher than the national average. Specifically, property crime rates are 11% higher than the national average. You may pay more for your policy for this reason.
Property Risks
Well-tended homes tend to cost less to insure. If you live in an older home, updating the electrical, plumbing and heating systems may save money on your coverage. Attractive nuisances are another factor. You may pay more for your policy if you have a trampoline or other items that may cause an injury.
Personal Risks
Expect your insurance provider to look into your background before offering a policy. Many providers consider credit scores and charge more to people who have poor credit. They may also charge more if you've ever filed an insurance claim before.
Understanding What Your Policy Protects
Home insurance in Burnaby protects both you and your property in several ways.
- Dwelling –Use your policy to repair or rebuild your home's structure after a covered disaster. It also pays for attached structures such as porches or garages.
- Unattached Structures – Rebuild fences, garages or other unattached structures on your property if they were damaged due to a covered disaster.
- Personal Property – Insure your furniture, clothing, jewelry and anything else of value in case it's damaged or stolen. You can file a claim on stolen personal property even if it wasn't in the home at the time of the theft.
- Personal Liability – If someone is injured on your property, your policy covers their medical bills. It also protects you if your dog bites someone while you're on a walk or if you damage someone else's property.
- Displacement Reimbursement – If you are temporarily displaced after a disaster, your policy will reimburse you for some or all of the costs related to staying in hotels or dining out.