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:
Homeowners can choose from one of three insurance package types. Insurance providers may market each differently, but they’re generally described as outlined here:
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.
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.
Get multiple home insurance quotes in the time it takes to get just one
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:
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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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.
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.
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.
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.
If you feel you have reason to file a home insurance claim in Victoria it is advisable to take the following steps: