Real Estate

Where to buy home insurance in Vancouver area?

  • Last Updated:
  • Sep 22nd, 2021 2:06 pm
[OP]
Newbie
May 27, 2021
44 posts
17 upvotes

Where to buy home insurance in Vancouver area?

I've heard following options:

SquareOne:
  • Easier to buy
  • Customizable easily


Insurance Broker:
Not sure if they can offer discounts
3 replies
Newbie
User avatar
Jul 19, 2017
78 posts
69 upvotes
Vancouver, B.C.
BCAA and Coast Capital Insurance are popular.
Deal Fanatic
Oct 7, 2007
9146 posts
5024 upvotes
I would recommend getting three quotes and compare not just prices but COVERAGES. Earthquake insurance coverage is also a BIG variable between policies. While you don't want to pay more than you have to, cheapest is not always best either because you do not want any hassles (like some insurance companies that play games) if and when you need it. Ask them questions about their reputations for covering people in times of crisis. Also, you can check canlii.org to see how many times they have been sued. I know someone who has had an eye-opening experience with insurance. Best to do your DUE DILIGENCE.
Newbie
User avatar
Jul 17, 2012
16 posts
11 upvotes
TORONTO
lookatami wrote: I've heard following options:

SquareOne:
  • Easier to buy
  • Customizable easily


Insurance Broker:
Not sure if they can offer discounts
In general, you have a few sources to buy home insurance.

1. Directly from insurance companies
E.g. Square One is a good one as mentioned before but need to pay attention to amount of deductibles. There is also BCAA and a few other direct insurers.
Not sure if Sonnet is available in BC - convenient to buy insurance but meanwhile the rates went up.

2. From an insurance broker
Such companies as Aviva, RSA/WA, etc would work with brokers. Personally, I find it less convenient.

3. Compare rates online through aggregators.
Allows to compare many options and rates. The biggest sites are: rates.ca, insurancehotline.com, lowestrates.ca.

4. Use insurers that are affiliated with banks e.g. RBC Insurance, TD Insurance/Meloche, etc.
TD Insurance is good if you have some kind of affiliation e.g. CPA/CMA, Engineer, student of particular university etc - they offer a decent discount.

I personally would get quotes with couple aggregators, from couple direct insurers / bank insurers (e.g. TD Insurance/Meloche, SquareOne Insurance) and then make a decision. I hope that helps.

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