In 2021, forest fires, floods, freezing temperatures and scorching heat caused hundreds of millions of dollars in property damage throughout B.C. As the tortuous process of cleaning up and rebuilding got underway, some property owners received the shock of a lifetime: insurance that wouldn’t cover their expenses. Homeowners who live in semi-rural or rural areas should regularly consult one of B.C.’s almost 900 licensed local brokers to reassess evolving coverage, to ensure a policy that truly covers a “worst-case” scenario.
A Flood of Insurance Options
5%: average increase in Canadian home insurance costs in 2022.