December 18, 2012
(Vancouver, BC): In early 2013, both Economical Insurance and Family Insurance Solutions will stop offering earthquake insurance to home insurance customers living in parts of Metro Vancouver and southern Vancouver Island. Over the past 18 months, several other home insurance providers, including Aviva Canada, Intact Insurance and Wawanesa Insurance, have increased earthquake insurance rates and deductibles in BC. Several factors have prompted these changes, including:
“Clearly, many insurance providers are concerned about coastal BC’s high earthquake risk,” says Daniel Mirkovic, President & CEO, Square One Insurance. “It’s not a matter of if, but when, an earthquake will hit. One way for providers to manage their risk is to limit the amount of earthquake coverage they offer. That means it may become increasingly difficult to get this much needed protection.”
About 50% of BC residents buy earthquake insurance, which is most commonly sold as an add-on to home insurance policies. A few providers, like Square One, automatically include it in their base policies. If your provider no longer offers earthquake insurance, or if your earthquake rate or deductible has increased, the best thing you can do is shop around. The top two things you should consider when buying earthquake insurance are:
All BC residents should take steps to prepare for an earthquake, exploring your earthquake insurance options should be one of those steps. To learn more about your earthquake insurance options, talk with your insurance provider or visit www.squareoneinsurance.ca/home/earthquake.
-30-Established in 2011 and based in Vancouver, British Columbia, Square One Insurance offers the only à-la-carte home insurance policy in Canada. That means you only pay for the protection you need. Square One is also one of the few providers to automatically include earthquake and broad water protection in its policy. No paying extra. For more information about Square One, or to get an online quote, visit www.squareoneinsurance.ca. For more information, please contact: Jason Vander Zalm