Find the Right Home Insurance in Nanaimo
Owners of homes located on Vancouver Island need home insurance to protect these valuable properties from a variety of risks. There are over 40,000 private dwellings in Nanaimo, where the homeownership rate is 66.7%. The median list price for homes in Nanaimo is currently around $700,000. Learn how a HUB International broker can help you find the right home insurance in Nanaimo to protect the rising value of your property.
Why Nanaimo Residents Need Home Insurance
While the climate of southern Vancouver Island is relatively mild, residents of Nanaimo still need home insurance coverage to protect against several potential risks. Three of the most common causes for home insurance claims in The Harbour City include:
- Property crime: The incidence of property crime in Nanaimo is 114% higher than the national average. This community has a rate of 6,797 property crimes per 100,000 people, compared to the national rate of 3,181 property crimes per 100,000 people.
- Water damage: Flooding can occur in some Nanaimo neighbourhoods due to heavy rain. In addition to coastal storm surges, some surface bodies of water, such as the Westwood Lake Dam, could pose a risk of overland flooding.
- Wildfire risk: The weather in Nanaimo tends to be warm and dry during the summer, which raises the risk of wildfires that could damage homes. There were 190 fires reported during the 2023 fire season on Vancouver Island.
Options for Home Insurance in Nanaimo
While the provincial government of British Columbia does not mandate home insurance coverage, your bank or lender may specify coverage requirements to qualify for a mortgage. Even after you pay off and discharge your mortgage, home insurance can limit out-of-pocket expenses to repair your home or replace losses. A HUB International broker can help you compare comprehensive, standard, broad or no-frills policies and help you obtain any of the following types of additional coverage:
- Replacement cost: Many home insurance policies only cover actual cost value, which deducts depreciation from the cost to repair or replace damaged property or losses. A replacement cost policy can cover the full fair market value of insured property.
- Scheduled articles: You may want to insure valuable items such as fine art, jewellery or electronics separately from the coverage for contents under a home insurance policy. Your primary policy will only cover the damage or loss of contents up to a set limit.
- Overland flooding: Flood damage is one of the most common exclusions from home insurance policies. Supplemental flood insurance may be available for homes located in flood zones.
- Personal liability: Home insurance policies usually include some liability coverage. You can also obtain additional protection against claims for injuries or property damage that occur at your home or ask a HUB International broker about umbrella policies for more comprehensive coverage.
The age, size, location and replacement value of your residence in Nanaimo all factor into your insurance premiums. While any type of optional coverage is likely to raise your monthly rates, endorsements and supplemental policies can really pay off in the event of a partial or total loss. Reviewing the terms and limits of home insurance policies with a HUB International broker can be the easiest way to select the right policy and determine whether you need additional coverage.