How to Insure Your Home in BC Without Overspending Your Budget

Do you need house insurance in BC? You actually need a very special type of insurance. You need home insurance in BC that covers the event of an earthquake. Most Canadians don’t realize it, but there are 4,000 recorded earthquakes each year. In the next 50 years, scientists predict a 30 per cent chance of a major earthquake in British Colombia. Standard home insurance in BC doesn’t cover earthquake damage to properties or homes, even though earthquakes are a real threat to many Canadians. Earthquakes can cause extreme damages and economic harm. Protect your home, your family, and your future with house insurance in BC that covers earthquakes.

What is Earthquake Coverage?

An earthquake is a natural disaster that is not typically included in your home insurance in BC. However, if you live in BC, you’re at a higher risk of experiencing an earthquake than many other Canadians. The Insurance Bureau of Canada’s (IBC) commissioned earthquake study estimates that the overall costs of a significant earthquake (9.0-magnitude) in British Colombia at nearly $75 billion. To give you an idea of how major a 9.0 magnitude is, in March of 2011, Japan was hit with a 9.0-magnitude earthquake and subsequent tsunami, which killed more than 15,000 and devasted the country.

Depending on its severity, an earthquake can cause significant havoc to an area, devastating whole areas and regions, and even leading to mass fatalities. Earthquakes are a major risk of harm for residents of British Colombia, as the province is considered a high-risk zone.

Earthquake house insurance in BC coverage may be purchased as an add-on to your regular policy, and it is often subject to a higher deductible than coverage for other disasters and perils. Because of its higher deductible, the coverage is more affordable for those who are most in need of it, as the costs are spread out over time. Even if you are lucky enough never to experience a major earthquake, even minor earthquakes can cause significant damage to property and houses, as minor earthquakes can crack or shift a house’s foundation.

The Risk Factor

You may think that you’re safe from an earthquake and don’t need earthquake home insurance in BC. The fact is, if you live in British Colombia, you and your loved ones are at risk of experiencing a significant earthquake in the not-so-distant future. Here are the facts:

• There are 4,000 recorded earthquakes recorded in Canada each year.
• In Canada, residents of British Colombia, Ontario, and Quebec are at the highest risk of experiencing a significant earthquake.
• According to government studies, there is a 30 per cent chance that a major earthquake will occur in B.C. in the next 50 years, causing significant harm to southwestern British Colombia, including the densely-populated cities of Victoria and Vancouver.
• People who live in B.C.’s coastal regions are also at risk of tsunamis caused by earthquakes.
• There is a smaller chance that a major earthquake will strike the St. Lawrence River Valley to the Ottaway Valley in Ontario and Quebec in the next 50 years. Scientists estimate a 5 to 15 per cent chance of an earthquake occurring in this region, which includes Quebec City, Montreal, and Ottawa.
• As the IBC’s commissioned report details, an earthquake will have a significant impact on Canada’s provincial and national economy.

While many Canadians don’t regularly think about earthquakes, British Colombia, Quebec and Ontario are all earthquake-prone regions. If you live in one of these regions, it’s especially important to consider earthquake house insurance in BC. An earthquake can have devastating effects on a home and property, and you want to make sure you and your loved ones are taken care of when disaster strikes.

How Much Does Earthquake Insurance Cost?

The cost of earthquake home insurance in BC will depend on a variety of factors: where your house is, how it’s constructed, what region of the province you live in, etc. If you want to find out more, contact InsurEye for a free quote and information. They’ll be happy to go over all the details of earthquake insurance with you, as well as the risks associated with the event of an earthquake.

 

InsurEye Compares Quotes so You Can Get the Best Rate

If you live in British Colombia, there’s a good chance that you or your loved ones will experience a major earthquake in your lifetime. Insure your family and economic future against earthquake damage with earthquake house insurance in BC. Remember: most regular home insurance policies in BC don’t cover earthquake insurance, so it’s not safe to assume you’re already covered. Fortunately, you can insure your home without significant spending in BC. Contact InsurEye for a free quote and to quickly compare quotes from several carriers to find out how little it costs to insure peace of mind.