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Home & Property Insurance Faqs

Square One: Low-cost home insurance in 15 minutes

Find answers to your questions about home insurance coverage, deductibles and premiums.

What does home insurance usually protect?

It depends on the type of home you live in. If you own a house, your property insurance will cover the house itself and detached structures like a fence or storage shed.

Your insurance will also cover personal belongings such as jewellery, artwork, furniture, computers, carpets and more.

Finally, your policy also includes third-party liability coverage. This protects you against personal liability if somebody is injured while on your property or if you accidentally cause damage to a neighbour’s property.

When should I buy home insurance?

Your coverage should begin as soon as you become the legal owner or tenant, even if your home or condo unit is still being built.

What is the difference between All Perils and Specified Perils coverage?

  • All Perils protects your insured property against the widest range of risks and only excludes the perils specifically listed in your policy.
  • Specified Perils protects your insured property against the most common risks, which will be listed in your policy.

Why do I need tenant insurance?

The owner of the property you’re renting almost certainly has insurance on the building itself. They may also have coverage for certain items inside your rental unit, such as the carpets, light fittings and appliances. So you may wonder why you need coverage too.

Here are two excellent reasons:

For details, see: Tenant Insurance.

Homeowners Insurance Guide: A Beginner’s Overview

    Homeowners insurance isn’t a luxury it’s a necessity. And not just because it protects your home and possessions against damage or theft. Virtually all mortgage companies require borrowers to have insurance coverage for the full or fair value of a property and won’t make a loan or finance a residential real estate transaction without proof of it.

    You don’t even have to own your home to need insurance many landlords require their tenants to maintain renter’s insurance coverage. But whether it’s required or not, it’s smart to have this kind of protection. We’ll walk you through the basics of homeowners insurance policies.

    Compare British Columbia Home Insurance Quotes

    In 5 minutes or less, compare BC home insurance quotes from some of Canada’s top providers for free.

    Home insurance in BC isn’t required by law, but your mortgage lender typically requires it. Also, it’s just a good idea for peace of mind in case something bad does happen.

    There are 3 main types of home insurance and typically BC’ers choose a comprehensive home insurance policy. Mainly due to the costs between the different policy types being minimal and some lenders will only offer a comprehensive policy. Plus a comprehensive policy provides you with the highest level of protection. Hereâs a breakdown of the three different types of home insurance policies:

    CoverageDescription
    Basic coverage

    Also known as named perils, is the cheapest option, but will only cover the specific risks you choose. A peril is a certain risk that may damage your home or property. For instance, you may choose âFire or Lightningâ as a peril, to protect your home from fire or lightning, but if a thief robs your home, there would be no coverage

    Broad coverage

    Covers the physical structure of your home and contents for risks of direct physical loss or damage, but there are some exclusions. It only insures your contents for specifically named perils or risks such as a flood.

    Comprehensive coverage

    The most inclusive policy covering the building and its contents from all risks, except for some optional coverages such as sewer back-up, earthquakes, or overland water. More detail below.

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    What Are Quotes For Homeowners Insurance

    A home insurance quote is a free estimate of how much you will pay for a home insurance policy. The quote is based on several factors, such as the age of the house, the building materials, the cost to rebuild the house, the claims history of your property and your personal home insurance claims history. Past claims in your area for disasters such as hurricanes can also affect your home insurance quote.

    Each insurer has its own formula for calculating quotes, which is why its advantageous to compare home insurance quotes from multiple companies. If you skip this crucial step, you could miss out on significant savings.

    How To Get A Cheap Homeowners Insurance Quote

    30 Unique Get Home Insurance Quotes without Personal Information

    Shopping around is the best way to find the cheapest home insurance quotes you can. Your home is an important investment, so you dont want to skimp on coverage. But until you compare home insurance prices, you won’t know whether you have a good deal.

    You can also try these other tips to find lower homeowners insurance rates.

    The average cost of homeowners insurance in the U.S. is $1,784 a year, according to NerdWallets most recent analysis. That works out to about $149 a month. However, prices vary widely. Your homeowners insurance quotes will be much more specific to you.

    Shopping around for homeowners insurance quotes wont affect your credit score. However, having poor credit is likely to increase your rates in most states. Learn more about how poor credit affects homeowners insurance.

    You can get homeowners insurance quotes before closing on the purchase of a house. If you have a mortgage, your lender will probably require you to have home insurance in effect on closing day. Shopping for quotes in advance gives you time to make the best decisions about coverage.

    Many insurers offer quotes for bundled car and home insurance. You can often get discounts by purchasing both types of coverage through the same insurance company.

    Also Check: What Is Third Party Property Damage Car Insurance

    Is Homeowners Insurance Required

    Home insurance is not required by law, but if you have a mortgage, your lender will likely require you to have home insurance.

    Even if you dont have a mortgage, home insurance is a good idea. If you are without insurance and your home is hit by a disaster, such as a fire or tornado, you will have to pay out of pocket to repair or rebuild your home and replace your belongings.

    What Are The Best Home Insurance Companies

    The best home insurance companies are often the ones with the cheapest prices, the best service, and the quickest claims experience. It changes often, and many people have both good and bad experiences. JD power did a customer satisfaction survey and we wrote a blog about it, check it out here: The best home insurance companies in Canada

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    What Is Not Included In A Typical Home Insurance Policy

    Even if you have the most coverage money can buy, having opted for every available endorsement, there are some perils against which no policy will protect you. In the insurance world, these are referred to as ‘exclusions’.

    Common exclusions are:

    • Absence from the home Damage that takes place while youre away from the home for an extended period of time.
    • Damage from renters Most insurance providers require specific coverage for landlords. A standard home insurance policy is unlikely to protect you if a renter damages the property.
    • Earthquake Most policies exclude protection against earthquakes, though you can add coverage in the form of an endorsement.
    • Existing damage Youre unlikely to be covered for damage that began before you held the policy.
    • Flooding Most policies exclude flood protection, though coverage can be purchased as an endorsement.

    There are also some perils for which no coverage is available. Theyre referred to as uninsured perils. For example, if your home is built on a known flood plain, no insurance protection may be available.

    How Do I Get Free Homeowners Insurance Quotes

    Quotes In Just 5 Minutes (15s) | Square One

    Here are two ways to get free home insurance quotes:

    • Online. Most home insurance companies offer free quotes online. You can visit several insurance company websites to gather quotes. Or you can save time by using a quote comparison website that provides quotes from multiple companies.
    • You can speak with a local insurance agent who can help you choose your coverage and find the best rates. Speak with an independent agent who can gather quotes from multiple companies. A captive agent works for one insurance company and can give you a quote only from that insurer.

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    What Coverage Is Required In Your State

    See coverage details in your state.

    Protects what’s inside your home, like furniture, even if it’s damaged or stolen outside the house

    Other structures Protects the physical structure of buildings on your property separate from your home, such as a detached garage

    Pays medical expenses for someone who’s injured on your property

    Additional living expenses protection Covers increased expenses if your home is uninhabitable after a covered loss

    Other Home Insurance Coverage Types

    A standard home insurance policy may be insufficient for your homes needs. You can typically buy add-ons to your policy or separate policies to plug coverage gaps. Here are some to consider:

    • Earthquake insurance: A standard home insurance policy does not cover earthquake damage. If you live in a quake-prone area, consider buying earthquake insurance.
    • Flood insurance: A standard home insurance policy wont cover your home for flood damage. You can buy flood insurance from FEMA or the private flood insurance market.
    • Increased dwelling coverage: If disaster strikes your region, there may be a surge in local construction costs. Home insurance with extended or guaranteed replacement cost coverage helps absorb spikes in labor and material costs.
    • Water backup: You can typically add water backup coverage to cover damage from backed up drains, sewers and sump pumps.
    • Personal cyber insurance: This add-on pays for expenses to help you recover from cyber attacks such as ransomware attacks, data breaces and online fraud. Some personal cyber insurance policies include access to fraud specialists, active cyber monitoring and lawsuit protection for unintentional online libel, slander or invasion of privacy.
    • Replacement cost coverage: When it comes to actual cash value vs. replacement cost coverage, replacement cost is the superior choice. Thats because it replaces your damaged items with new items, while actual cash value pays only the depreciated value.

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    Six Reasons Why You’ll Love Square One

    4.7 out of 5. That’s how customers rate Square One Insurance Services after writing 34,336 reviews. And with an A+ rating from the Better Business Bureau, people clearly love the way we’re changing home insurance.

    Digital platform

    With Square One, you can get a quote, buy a policy and even submit a claim all online, from the comfort of your own home. Quotes and policies are managed through your online account, but if you need help, expert assistance from one of our licensed insurance agents is just a webchat or phone call away.

    Superior protection

    All policies from Square One represent the highest level of protection currently available in Canada. We make it easy for you to protect your home against common perils and we even cover the costs of rebuilding your home to meet the latest bylaw or code changes.

    Guaranteed building replacement coverage

    Get the peace of mind you deserve. Simply insure your home to Square Ones suggested limit and, if you experience a loss, well rebuild your home, even if the cost of doing so exceeds your limit of insurance.

    Personalized coverage

    All policies protect most common personal property items including laptops, smartphones and furniture. If you own specialty property you can also add coverage to your policy. That way, you only pay to insure what you actually own.

    Need to make a claim?

    Interest-free monthly payments

    Sos Identity: The Identity Theft Insurance Protection

    Instant Home Owner Insurance Quote, Get Cheap Online Home Insurance Q

    Get peace of mind knowing that your identity is protected if someone tries to use your personal information . With S.O.S. Identity, belairdirect can help you get your identity back if ever it gets stolen.

    Our service will provide you with information and legal advice so that you can rest easy and get back to your everyday routine.

    Weve also updated our home insurance contracts, making work from home an acceptable business use of your premises.

    Work from home means work of an office nature undertaken by you, as an employee, remotely from your residence instead of an employers office, whether on a full-timeor occasional basis.

    See what identity theft services are offered in your province. Get a quick, online home insurance quote now for the peace of mind that you deserve.

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    Your Lowest British Columbia Home Insurance Quote Is Just Minutes Away

    • Step 1: Share some information

      Tell us a little about yourself and your house insurance needs

    • Step 2: Compare the rates

      We instantly show you dozens of quotes side-by-side from the best home insurance companies in British Columbia

    • Step 3: Save money

      Choose your quote and secure your new rate online or via one of our licensed agents

    Make Regular Policy Reviews And Comparisons

    No matter what initial price you’re quoted, you’ll want to do a little comparison shopping, including checking for group coverage options through credit or trade unions, employers, or association memberships. And even after purchasing a policy, investors should, at least once per year, compare the costs of other insurance policies to their own. In addition, they should review their existing policy and make note of any changes that might have occurred that could lower their premiums.

    For example, perhaps you have disassembled the trampoline, paid off the mortgage, or installed a sophisticated sprinkler system. If this is the case, simply notifying the insurance company of the change and providing proof in the form of pictures and/or receipts could significantly lower insurance premiums. Some companies have credits for complete upgrades to plumbing, electric, heat, and roof, says Van Jura.

    Loyalty often pays. The longer you stay with some insurers, the lower your premium can become, or the lower your deductible will be.

    To know if you have enough coverage to replace your possessions, make periodic assessments of your most valuable items, too. According to John Bodrozic, co-founder of HomeZada. a home maintenance app, Many consumers are under-insured with the contents portion of their policy because they have not done a home inventory and added the total value to compare with what the policy is covering.

    Also Check: Does Home Insurance Cover Hvac Replacement

    How Do I Get A Quote

    With Onlia you can easily get an insurance quote online. Just answer some basic questions and you’ll get a price right away. If you like what you see, you can purchase your policy on the spot with coverage starting as early as tomorrow. No phone calls or paperwork required.

    If you’re an existing Onlia customer looking to add a product to your account, make sure to sign in first.

    Tell Us About Yourself

    Homeowners Insurance – Get a Quote Upfront For Help Buying a Home! Homeowners Insurance 101

    Next, youll be asked to enter a bit of information about yourself and the other occupants of the home. Tell us when youd like your new policy to start and the date you moved into the property. Well automatically calculate your homes square footage, age, distance from a fire station, and more. Leave the details to us.

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    Homeowners Insurance And Financial Standing

    If you own a home and have a mortgage, your lienholder will likely require you to carry insurance on your home. We often partner with banks to allow members to combine their insurance payments and monthly mortgage bill. This is called escrow. Your agent will be happy to review the details with you.

    We make getting a homeowners insurance quote easy. You can click Start your quote above, call us at or find a local agent to get started.

    Help For Homeowners After A Disaster

    A catastrophe, such as a major storm, hurricane or wildfire, can result in many claims reported at one time. When this happens, a dedicated Allstate team will be on site via our mobile claim centers to help your claim get handled as quickly as possible.

    Or, you can call for questions regarding catastrophe-related home claims.

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    How Are Homeowners Insurance Rates Determined

    So what’s the driving force behind rates? According to Noah J. Bank, a vice president and insurance advisor at HUB International, it’s the likelihood a homeowner will file a claimthe insurer’s perceived “risk.” And to determine risk, home insurance companies give significant consideration to past home insurance claims submitted by the homeowner as well as claims related to that property and the homeowners credit. Claim frequency and severity of the claim play a considerable role in determining rates, especially if there’s more than one claim relating to the same issue like water damage, wind storms, etc., Bank says.

    While insurers are there to pay claims, they’re also in it to make money. Insuring a home that has had multiple claims in the past three to seven years, even if a previous owner filed the claim, can bump your home insurance premium into a higher pricing tier. You may not even be eligible for home insurance based on the number of recent past claims filed, notes Bank.

    The neighborhood, crime rate, and building material availability will all play a part in determining rates, too. And of course, coverage options such as deductibles or added riders for art, wine, jewelry, etc.and the coverage amount desiredalso factor into the size of an annual premium.

    How Do I Get The Best Home Insurance In Bc

    How To Get The Best Home Insurance Quote in Canada

    To ensure the best home insurance you often need extra coverage, such as flood, or earthquake insurance, to protect yourself from risks not included on a standard policy. Most comprehensive policies are otherwise relatively complete covering fires, windstorms, and other perils from damaging your house and detached structures

    A standard home insurance policy also has built-in liability for anyone that injures themselves on your property and chooses to sue.

    Aside from floods and earthquakes, the other potential gap is with your contents insurance. Your home insurance covers your stuff but, if you have jewellery or any collectable with value, consider upping your limits for specific items.

    To save more money, consider renovations and upgrades that improve safety to reduce the risks of a home insurance claim. You can even go so far as to install a monitored alarm system to deter thieves, and maybe earn further discounts on your BC home insurance premiums.

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