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Common Myths about West Vancouver Home Insurance

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Many responsibilities come along with owning a home. Although it’s not always thought of first, protecting your home against potential damages is one of the most important things you can do. Insurance can be a complicated conversation as there’s so much information out there and so many different types, therefore, it can be challenging to decipher what is true and what is simply a myth. If you need West Vancouver home insurance then listen to the experts. While your friends and family might have some good insight into the process, it’s crucial to understand how insurance works and read the fine print before you agree to a policy. At Prime Insurance, we understand that choosing the right home insurance can be daunting and we want it to be as simple and stress-free as possible for our clients. We’ve narrowed down a few common myths about home insurance in West Vancouver and the Lower Mainland.

Myth: By law, you must have home insurance.

In British Columbia, you are not legally obligated to have a home insurance policy. Many people find insurance laws and regulations confusing since they vary. For example, you are required by law to have car insurance if you own a vehicle. However, life, home, and pet insurance are not mandated. While home insurance is not deemed binding in BC, it is necessary for homeowners who want to protect themselves and their property from potential theft and damages.

Myth: Flood damage is included in all home insurance policies in BC.

When it comes to home insurance and water damage, there can be a lot of gray areas. Water damage is an umbrella term that includes flooding, burst pipes, leaks, natural disasters, etc. Home insurance policies in BC typically cover some water damage losses, but not all of them. This particular area of a policy often has many exclusions. In insurance terms, “exclusions” means there are certain perils that are not included under standard policy coverage. Contact Prime if you have any questions regarding West Vancouver home insurance and water damage perils.

Myth: My valuables are covered under all home insurance policies in BC.

The purpose of home insurance is to protect you from the unfortunate event of damage or theft. Theft is an unpleasant topic, however, it’s an important one, especially if you are a homeowner. If someone breaks into your home, your home insurance will cover the loss of personal valuables, up to a certain amount. Some items of high value will need additional coverage. It’s also important to note that damage to personal property caused by pests is not usually covered by home insurance policies. If you have any questions or concerns about the protection of your valuable items under your insurance, just ask!

Myth: Home insurance is expensive.

Protecting your property with a home insurance policy does not have to be expensive! There are many different ways that you can save on home insurance by working with an experienced and reputable company that can help you build a suitable policy. Purchasing all of your coverage through one company is an example of one way to save on insurance. Adding certain safety features to your home or learning how to better prevent water damage may also impact the costs. If you want to save money on West Vancouver home insurance, come and discuss your options at Prime. We pride ourselves on obtaining the lowest available premium while giving you proper coverage to fit your and your family’s needs. Contact us today and receive a quote to get started.