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6 Factors That Will Impact Your North Vancouver Home Insurance Rates

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Have you ever wondered how your North Vancouver home insurance premiums are calculated? Insurance companies consider several property-specific factors to help them determine the likelihood that you will one day file a claim, and estimate how much that claim could cost, to come up with your home insurance premium.

Exact rating factors and costs will vary from company to company; however, most, if not all, insurance companies will consider these six factors when providing you with a home insurance quote.

The Location of Your Home

Your neighbourhood could be the most important factor influencing your North Vancouver home insurance rates. Using your postal code, insurance providers will look at past claims in your area to help them gain a better understanding of neighbourhood risks. If, for example, you live in an area where there is a higher than usual rate of theft or vandalism, your home insurance premiums could be higher than a similar home in another location.

Also Read: How People in Port Coquitlam are Saving Money on Home Insurance

Similarly, if you live in an area that is prone to weather damage, that could also increase your rates or potentially even limit your ability to access certain coverage.

Proximity to a Fire station or Hydrant

Most homeowners probably haven’t thought about how far away the nearest fire station or hydrant is, but your insurance provider will. The distance to fire services will impact your home insurance premiums because every second matter in mitigating property damage in the event of a fire. The further away you are from these services, the higher the risk of fire damage to your property.    

Replacement Cost of Your Home

If you have invested heavily in updating your home or have purchased a new home complete with high-end finishes, you may end up paying more for your home insurance. The more expensive the materials used in your home, the more expensive your home becomes to rebuild, and this cost will be reflected in your insurance premiums.

The good news is that not all updates will negatively impact your North Vancouver home insurance rates, and some may even reduce them. If you have recently replaced your roof or switched out an oil furnace for another heating option, you could see your premiums decrease.

Rental Suites

If you have a tenanted rental suite, your North Vancouver home insurance premiums could be affected, even if that person has their own insurance. Having a tenant transforms your home from a single-family dwelling into a multi-family residence, which is more expensive to insure.

Home-Based Business

Working from home is convenient, but it may add to your home insurance premiums. Most home based-business require additional liability coverage as well as increased coverage for equipment and materials. The good news is you can claim business-related expenses, including insurance premiums, when you file your taxes. 

Having a Swimming Pool

Swimming pools are fun, but they also increase the cost of your liability coverage. Make sure to inform your broker if your property has a pool; if you fail to disclose it, you may not be covered in the event of pool related accidents or damage.

While this list isn’t exhaustive, it does provide a good basis to help you to evaluate what is influencing your North Vancouver home insurance premiums when shopping around for a policy.