Homeowners insurance in Surrey, BC

Nestled between the bustling metropolis of Vancouver and the serene countryside, Surrey, BC, offers a unique blend of urban convenience and natural beauty. As one of the fastest-growing cities in the province, Surrey is home to diverse neighborhoods, each with its own charm and character. The cost of homeowners insurance in Surrey depends on many different factors.

The Growing Demand for Home Insurance in Surrey

Over the past decade, Surrey has become the fastest-growing city in Western Canada. With the Expo Line connecting Vancouver with Burnaby, New Westminster, and Surrey, the number of people living in Surrey and commuting to Vancouver using public transit has increased substantially. With Simon Fraser University establishing a campus in Surrey in 2002, the number of students in that area has also increased, further growing the need for new condos and apartments, Simon Fraser University.

The fastest-growing areas in Surrey have consistently been those located in Cloverdale, Fleetwood, Guildford, Newton, South Surrey, and in particular the Whalley/City Centre area. Surrey is exceptionally diverse, both in terms of its inhabitants and residences. As a result, it’s challenging to establish an accurate average cost of insurance premiums.

Typical Costs of House Insurance in Surrey, BC

The best home insurance BC Surrey residents can find will range anywhere from $1,000 to $8,000 annually, depending on various factors such as location, home value, and coverage options. What does tend to drive the cost of insurance up in certain parts of Surrey is the higher-than-normal crime rate.

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→ Check out the average cost of home insurance in British Columbia

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Effective Strategies to Reduce Your Homeowners Insurance Premium in Surrey, BC

Securing insurance for your most valuable asset—your home—is essential, but it can also be costly. Once you find a reputable and knowledgeable broker to help you, you might be surprised by the premium associated with your insurance policy.

Several factors contribute to the calculation of your homeowners insurance premium. Insurance companies have become data-driven institutions, knowing precisely what loss history is associated with each postal code within Surrey. With this wealth of data, insurers have become adept at calculating the likelihood of future losses in specific areas and adjusting premiums accordingly.

Fortunately, some factors that determine your homeowners insurance premium are within your control. Let’s explore how you can potentially lower your annual premium:

Your Age

Many insurance companies offer a ‘mature age discount’ as part of their insurance application. Depending on the company, this discount could provide savings of up to 10% for those aged 65 or older.

Your Deductible

The deductible you choose for your policy inversely affects your premium. Selecting a higher deductible (e.g., $5,000) will result in a lower annual premium. However, remember that you will be responsible for paying this higher amount if you file a claim.

Credit Score

Nearly all insurance companies now use credit scores as a factor in calculating premiums. There appears to be a strong correlation between a higher credit score and a lower likelihood of filing a claim. Those willing to consent to a soft credit check may save up to 15% on their annual premium if they have a solid credit score. Insurance companies will not increase your premium if you have a lower credit score, so there’s no risk in having it checked.

Claims History

Insurance companies prefer clients who do not frequently file claims. To attract these clients, many offer a “Claims-Free Discount.” If you have maintained property insurance for years without filing a claim, you could receive a discount ranging from 5% to 15%.

Mortgage

While most property owners in Surrey carry a mortgage, those who are mortgage-free can benefit from a mortgage-free discount of around 10% off the base premium. Insurers believe that individuals without a mortgage are likely more financially responsible, translating into more responsible homeownership.

Age of the House

Purchasing a brand-new home or completely renovating an existing one can qualify you for a ‘new home discount’ of up to 10% off the base premium from several insurers. Newer homes tend to have fewer claims, making them more attractive to insurance companies.

Alarms, Detectors & Security Systems

A secure home is appealing to insurance companies. If your home features active smoke detectors, a fire alarm, and/or a monitored security system, inform your insurer. Many companies offer a 5-10% discount off your base premium for these security features.

Location, Location, Location

The location of your home significantly affects the premium charged by insurance companies. With a heightened focus on data, insurers know which postal codes in Surrey are prone to burglaries, flooding, or earthquake damage. Before making an offer on a new home, reach out to us to assess the insurability of the property and how insurance companies rate your potential new home.

Coverage Options

Another way to lower your homeowners insurance premium is to remove coverage options you don’t need. For instance, if you live in an area of Surrey far from an earthquake faultline, you might opt to remove earthquake coverage from your policy. Similarly, if you believe your home is not at risk for overland water damage, you can exclude this coverage. However, before making any changes, consult with one of our insurance advisors to ensure you are not leaving yourself vulnerable to potential risks.

By understanding and managing these factors, you can take proactive steps to lower your homeowners insurance premium while maintaining the coverage you need to protect your home in Surrey.

To get an insurance quote for your home in Surrey, visit InsureBC Home Insurance.