In British Columbia, earthquake is the risk that most shapes a home insurance decision. The Insurance Bureau of Canada names southwestern BC as one of the regions of Canada most susceptible to earthquakes, and a standard policy pays nothing for damage from the shaking itself. BC homeowners also face wildfire in the Interior and atmospheric-river flooding in the Fraser Valley. What a standard policy covers is explained in the guide to home insurance in Canada; this page covers what is specific to BC, including Metro Vancouver.
What BC homeowners pay
No government body publishes average home insurance premiums. According to MyChoice’s Home Insurance Outlook for 2026, based on quotes in its own database, the average annual home insurance quote in BC in January 2026 was $2,253, against $1,343 nationally, before any earthquake coverage a buyer adds. Within the province the premium moves with rebuild cost, earthquake zone, flood exposure and, in the Interior, wildfire exposure. The average home insurance cost page shows how BC compares nationally.
Earthquake coverage
Earthquake coverage is an endorsement, and it works differently from the rest of the policy.
| Feature | How it works |
|---|---|
| What it covers | Damage to the house, contents and additional living expenses caused by the shaking itself |
| What is covered without it | Fire or explosion that follows an earthquake, under the standard policy |
| Cost | Priced on location, the property, the coverage limit and the deductible |
| Deductible | Usually a percentage of the coverage limit, set on the policy |
| Highest-risk area | Southwestern BC |
The percentage deductible is the key difference. For example, on a home insured for $900,000, a 10% deductible would mean the first $90,000 of earthquake damage comes out of the owner’s pocket. The endorsement is designed for a severe quake that damages the structure badly, not for minor cracks. A higher deductible lowers the premium.
Strata owners and the earthquake deductible
Metro Vancouver and Victoria have a large strata (condo) market. A strata corporation that insures the building for earthquakes typically carries a very large earthquake deductible. After a quake, a share of that deductible can be assessed to each owner, so a unit owner’s earthquake coverage needs a strata deductible limit large enough to cover their share. The condo insurance guide explains how loss assessments work.
Wildfire
Fire, including wildfire, is covered by a standard policy, and additional living expenses can pay for a hotel and meals while you can’t live in the home after a covered loss. Where BC homeowners notice wildfire is in pricing: in the Okanagan, around Kamloops and in other high-risk areas, wildfire exposure is part of how insurers price location.
Floods and atmospheric rivers
The November 2021 atmospheric river flooded large parts of the Fraser Valley, including Abbotsford, and cut highway links to the Lower Mainland. According to the Insurance Bureau of Canada, insured losses were about $653 million, most of it from business claims, because many affected residents lived in high-risk floodplains where residential flood coverage is not available; government costs were expected to run well into the billions. River flooding and sewer backup are both excluded from a standard policy and sold as endorsements where the insurer will offer them.
Rain and mould on the coast
The West Coast climate is damp. Mould, rot and condensation are standard exclusions, so mould from long-term dampness or poor ventilation is treated as maintenance. After a sudden water loss such as a burst pipe, drying the home quickly and reporting the claim promptly matters, because how a policy treats resulting damage depends on its wording.
Metro Vancouver
What sets Vancouver apart is the combination of all of the above in one market: the earthquake exposure of southwestern BC, flood risk in low-lying areas, and a large stock of older character homes and ageing strata buildings. Heritage designation is one of the factors insurers price, because heritage materials are expensive to replicate.
BC insurers
Alongside national insurers, the BC Automobile Association (BCAA) sells home insurance, with a discount for BCAA members. Square One is a Vancouver-based online provider with customizable policies and optional earthquake coverage; its home policies are underwritten by The Mutual Fire Insurance Company of British Columbia. Basic car insurance in BC comes from ICBC, which does not sell home insurance, so a home-and-auto bundle means buying optional car coverage from a private insurer. The best home insurance companies in Canada guide compares insurers, and BC renters have a separate guide to tenant insurance in BC, which builds on the national guide to how tenant insurance works.
Sources
The figures and rules on this page come from these sources, last checked against them on September 25, 2026. How we check facts.
- a.storyblok.com: of the Property and Casualty