Home purchase is likely to be the biggest investment you’ll ever make, though not as big as it would’ve been during the height of the pandemic as at the tail end of 2022, house prices in Kamloops went from the average of $820,990 to $631,660 – a 23.5% drop.
If you’re one of the people looking to take advantage of this market cooldown, don’t forget to account for home insurance, as most lenders won’t mortgage a home unless it’s insured (even though home insurance is not legally required in British Columbia). Even if you don’t require insurance to own your home, we still recommend that you get it, as it is the best way to protect yourself.
With that in mind, let’s look at what most insurance policies cover:
Note: We recommend that you catalogue all your belongings, along with information such as the cost of replacement, receipts (for major items only), serial numbers and photos. This will make filing a claim much easier down the road.
Home insurance policies also include:
Home insurance policies come with different levels of coverage against various perils. Note that different companies have different policies, so be sure to shop around before committing to any policy. Consider using InsuranceHotline.com for that.
Insurers don’t offer coverage for every single event that can damage or destroy your home. These include:
Since there is no policy on earth that covers every peril, many homeowners go for optional protections, also known as ‘riders,’ ‘floaters’ or ‘add-ons.’ Here are some of the major perils not covered by a basic policy, but can still be purchased additionally:
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The average annual insurance cost in British Columbia and, by extension, Kamloops can be as high as $1,700, according to insurance providers like Surex and InsureBC. Some of the reasons for this include:
Catastrophic events in British Columbia throughout 2021 and 2022, including a flood that reportedly cost more than $450 million, destructive wildfires and a record fall draught.
More damage to homes means more files being claimed by homeowners, which results in higher premiums for everyone. With enough evidence to suggest that these disasters are connected to climate change, it’s safe to suggest that they are here to stay, meaning that the rates won’t change either (unless other factors affect them).
The pandemic motivated a lot of people stuck in their homes to renovate. In fact, according to a study by BC Hydro, half of British Columbians have completed a renovation since the beginning of the pandemic. The biggest reasons included aesthetics (35%), comfort increase (29%), energy efficiency increase (10%) and extra time (10%). This has in turn led to renovation regret – at least for 20% of British Columbia homeowners.
There are many factors that home insurance providers in Kamloops consider when determining their rate for each home and homeowner. While you can’t control their decision-making process, you can affect some of these factors.
Here’s what they are:
|Company||Type of Company||Phone||Address|
|BCAA||Insurance agency||1-250-852-4600||400-500 Notre Dame Dr, Kamloops, BC V2C 6T6|
|CapriCMW Insurance Services||Insurance agency||1-250-828-2135||1315 Summit Dr, Kamloops, BC V2C 5R9|
|Quotes comparison||1-855-821-7312||100-360 Adelaide St. W, Toronto, ON M5V 1R7|
|Interior Savings Insurance Services||Insurance agency||1-250-374-3536||201-350 Lansdowne St, Kamloops, BC V2C 1Y1|
|Kamloops Insurance||Insurance broker||1-250-374-7466||220-450 Lansdowne St, Kamloops, BC V2C 1Y3|
|Quotes comparison||1-855-487-6911||401-1910 Yonge St., Toronto, ON M4S 3B|
|Quotes comparison||1-844-726-0907||100-360 Adelaide St. W, Toronto, ON M5V 1R7|
|Insurance brokers||1-416-955-6286||22-300 Lincoln St., Welland, ON L3B 4N4|
|Sussex Insurance – Kamloops||Insurance agency||1-250-377-3093||Inside Superstore, 910 Columbia St W, Kamloops, BC V2C 1L2|
|Westland Insurance||Insurance agency||1-250-371-5150||330-1210 Summit Dr, Kamloops, BC V2C 6M1|
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Find answers to all your Kamloops home insurance questions here.
The most reliable way to find the cheapest home insurance in Kamloops is by comparing the available rates. The most obvious way of doing so is to compile a list of various insurance companies in your area and contact them one by one to get their quotes.
However, this is likely to be incredibly time-consuming. The easiest method, by far, is to use a comparison tool like InsuranceHotline.com, which can find the cheapest home insurance quote near you in seconds.
There are several other things you can do to make your insurance cheap:
Kamloops and many other areas in British Columbia are prone to overland floods and earthquakes. In fact, a survivor of the devastating British Columbia floods in 2021 has alleged receiving a payout of mere $30,000 for their damaged home, which was assessed at $414,000.
While such instances are rare, it serves as a useful reminder that you need to make sure your coverage is right for your home. It’s especially important when it comes to perils typically excluded from standard policies, such as floods and earthquakes. Otherwise, you risk losing most of your investment.
Yes. Whether you’re looking to get into a short-term rental business, or are already operating one, be sure to contact your insurance provider. By offering rooms to someone else for rent, you’re changing the risk, which will change how it is underwritten. As a result, you may not be covered for certain things.
If your home and possessions are damaged or stolen due to an unforeseen event, report the incident to your insurance provider immediately, and they’ll guide you the rest of the way (unless filing a claim is avoidable).
In addition, you should have an inventory of all the damaged or lost items that details what happened to them. In case of theft, simply list the stolen items. Videos and photos of the damage can help you convey the extent of it more accurately. It’s also worth noting that you shouldn’t get rid of any damaged items before notifying the insurer.
Once all of this is done, your assigned claims advisor should contact you shortly.