Get Cheap Home Insurance in Victoria

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How home insurance works in Victoria

The way home insurance in Victoria works is relatively simple. The homeowner pays an annual premium to the insurer (typically split into 12 monthly payments), and the insurance company provides financial protection when the owner needs to make a claim.

The protection provided by Victoria home insurance is twofold. Firstly, it helps cover the cost of repairs to the home if the damage is caused by an insured peril and will help pay for repairs (or replacements) if the homeowner’s possessions are damaged, lost or stolen.

Secondly, it protects the Victoria homeowner from costs associated with legal action if someone is physically hurt on the property.

Most home insurance policies have four elements of coverage:

  • Property: Protects the home and buildings on the property such as a garage.
  • Contents: Protects the contents of the home, including electronics, clothing and personal items. For coverage of especially valuable items such as jewelry a rider can be added to the policy for greater protection.
  • Liability: Offers financial protection if someone is injured at the home. Also extends protection to the policyholder if they unintentionally damage someone else’s property.
  • Additional living expenses: Covers costs associated with being away from the home while it’s being repaired following a covered peril. Compensates the homeowner for expenses such as lodging and groceries.

Homeowners can choose from one of three insurance package types. Insurance providers may market each differently, but they’re generally described as outlined here:

  • Basic: Protects the home against perils named in the policy such as fire and wind. This package offers the least amount of coverage available and as a result tends to be the least expensive. It is sometimes called a ‘named perils’ policy.
  • Broad: Protects the home against all perils as well as protection for some contents. May sometimes be called a ‘standard’ policy.
  • Comprehensive: The greatest amount of coverage available, protecting the home against all perils to the home and its contents. It is often referred to as an ‘all perils’ policy.

Optional coverage

Since not every peril is covered by basic, broad and comprehensive policies, homeowners can add coverage for greater protection. This optional coverage is also referred to as add-ons, endorsements or riders.

  • At home business: For those who run a business from the home – whether sales or service-based – an added endorsement can help protect equipment and cover income that’s lost due to a covered peril. We recommend that any homeowner with a home-based business disclose it to their home insurance provider to avoid having a claim denied.
  • Earthquake: An endorsement for protection against earthquakes is an especially good idea for homeowners in Victoria which is in a region that has previously been affected by earthquakes. This add-on also includes protection against landslides which are also common in mountainous regions such as those throughout British Columbia.
  • Flood protection: Almost all home insurance policies exclude flood protection. Coverage for damage from overland flooding, tidal flooding and sewer back-up requires that homeowners add one or more endorsements to their policy. Some insurance providers offer water protection packages which include protection against each type of flooding. As extreme weather becomes more common throughout Canada and sea levels continue to rise, we strongly encourage homeowners in Victoria to add flood protection to their home insurance policies.
  • Identity theft: Covers the cost of replacing personal documents if the homeowner’s identity is stolen.
  • Locksmith: Covers the cost of replacing locks following a break-in.
  • Mass evacuation: Covers costs associated with leaving the home due to a government-ordered evacuation. Homeowners will be compensated for expenses such as lodging and groceries while away from home.

Though home insurance isn’t required by law anywhere in Canada, it is recommended that homeowners in Victoria purchase it and add at least flood protection and earthquake coverage to their policies.

The region’s terrain means that homes there are vulnerable to flooding as well as earthquakes and landslides. Without coverage, homeowners risk losing their homes and their contents.

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Factors that determine your Victoria home insurance premium

Beautiful Victoria, the capital of British Columbia, is an attractive place for many people to live and retire to. Those moving there will want to know the factors that will determine their Victoria home insurance premiums. They include:

  • The neighborhood you choose to live
  • The price of your home and the cost to rebuild it in case of a claim
  • The amount of coverage you have
  • Your home’s age and condition
  • Your credit history
  • Your deductible
  • Additional or add-on coverages you may attach to your Victoria home insurance coverage

Top home insurance companies in Victoria, BC

Some of the most-trusted home insurance companies in Victoria include:

Insurance Companies Company Type Phone Address
BCAA Insurance agency (250) 414-8320 1644 Hillside Ave. #114, Victoria, BC V8T 2C5
Cooperators Insurance Insurance broker (250) 388-5014 797 Hillside Ave #30, Victoria, BC V8T 1Z5
Harbord Insurance Services Insurance broker (250) 388-5533 805 Cloverdale Ave., Suite 150, Victoria, BC V8X 2S9
Insurance Hotline Quotes comparison 1 (855) 821-7312 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
Intact Insurance Insurance broker 1 (800) 663-7209 2401C Millstream Road, Victoria, BC V9B 3R5
LowestRates.ca Quotes comparison 1 (855) 487-6911 1910 Yonge St. Suite 401, Toronto, ON M4S 3B2
RATESDOTCA Quotes comparison 1 (844) 726-0907 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
SeaFirst Insurance Brokers Insurance broker 1 (877) 655-1141 112-2187 Oak Bay Ave., Victoria, BC V8R 1G1
Scoop Insurance Insurance brokers 1 (866) 456-6620 300 Lincoln St. Unit 22, Welland, ON L3B 4N4
Western Coast Insurance Services Insurance agency 1 (844) 802-7618 2067 Cadboro Bay Rd., Victoria, BC, V8R 5G4

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*Shoppers in Canada who obtained a quote on InsuranceHotline.com from January to December 2021 saved an average of 21%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by InsuranceHotline.com.

Frequently asked questions about home insurance in Victoria

Your questions, answered.

How can I find the cheapest home insurance quote in Victoria?

Finding the cheapest home insurance is just a few clicks away. By logging onto InsuranceHotline.com, it’s easy to compare the lowest rates and find Victoria home insurance quotes in seconds.

How much is home insurance in Victoria?

The average rate for Victoria home insurance is $2,075 per year or $173 per month for a detached 2,672 square foot home. For a detached 1,535 square foot home, the average price for Victoria home insurance is $1,298 per year or $108 per month.

However, these are averages and finding the cheapest Victoria home insurance will depend on many items like location of the home, your insurance needs, your credit score, the type of insurance you want or need, and how risky an insurer will assess your home’s insurance requirements.

What kind of risks do Victoria homeowners face?

Homeowners in Victoria face similar risks to people in the rest of the country. Fire, theft, natural disasters may all apply to people living in Victoria.

However, because of its location, Victoria homeowners may want extra protection in case of earthquakes, and overland flooding. Also, homes and real estate in British Columbia can be quite expensive compared to the rest of the country leading to higher building costs. Some of those building costs also include extra earthquake bracing for added protection.

Do I need to update my Victoria home insurance provider if I am running a short-term rental on Airbnb or Vrbo?

Both Airbnb and Vrbo offer host insurance, which generally covers traveler injuries and property damage. However, this does not replace homeowners' insurance. It’s best to speak to your agent or brokers to understand the terms of your policy and what is covered or not when it comes to having short-term tenants in your home.

How can I file a home insurance claim in Victoria?

If you feel you have reason to file a home insurance claim in Victoria it is advisable to take the following steps:

  • Call your agent or broker (most have 24-hour claims service)
  • Make a list of damages and take photos to document what you are claiming
  • If your home is unfit to live in, ask your insurer about the expenses you are entitled to. Keep receipts and living expenses
  • An adjuster will come to assess damages and if/what should be awarded