Home, condo and tenant insurance in Squamish

Home insurance is not legally required — but you will need it anyway

There is no law in BC saying you must insure your home. Practically, every mortgage lender requires it, and every landlord worth renting from requires tenant insurance. So the real question is not whether to have it, but whether what you have actually matches the house you live in.

What is different about Squamish properties

• Rental suites are everywhere. A suite changes your policy — and an unreported one can affect a claim. It is one of the most common gaps I see
• Wood stoves and solid-fuel heating. Common here, and insurers care whether the installation is WETT certified. That certificate is worth finding before you need it
• Older homes next to new builds. Roof, wiring, plumbing and heating age drives a lot of your premium. If you have updated any of them, that should be reflected — many people are paying as though they never did
• Wildfire and water. Distance to a fire hall and a hydrant affects your rate. Overland water and sewer backup are usually optional add-ons, not automatic
• Earthquake coverage is optional. It is not included as standard anywhere in BC, and on the coast it is worth at least pricing so the decision is yours rather than a default

Renting? Tenant insurance is cheap and misunderstood

Your landlord's policy covers the building. It does not cover your belongings, and it does not cover your liability if something that starts in your unit damages someone else's. Tenant insurance is usually one of the least expensive policies there is, and one of the most useful when something goes wrong.

Condos and stratas

Your strata's policy covers the building and common property. Your own policy covers your contents, your improvements, your liability, and — importantly — potential exposure to the strata's deductible. Strata deductibles in BC have risen sharply, and loss assessment coverage is the part people most often discover they are short on.

Common questions