FAQs about Home Insurance

Get a personalized quote and save on your home insurance with Western Financial Group. Combine your home and car insurance and you save up to 10%.
Amie Underhill is a manager of Digital Insurance Solutions at Western Financial Group and she’s based in Campbell River, B.C.
Amie is our expert in home insurance and she answers key questions about coverage and how Western can help you save on your premium.
What are the advantages of getting home insurance with Western?
Western Financial Group offers access to licensed insurance brokers across Canada, providing clients with personalized quotes and policy management through a variety of convenient channels including online, phone, e-mail, and text.
Another advantage of working with Western Financial Group is our access to wide range of insurance markets as an insurance broker. Our licensed brokers can shop around with multiple top home insurance providers to find the best coverage and the best price for your specific needs.
How does Western help homeowners save on their home insurance?
Western offers a variety of discounts that can significantly reduce your home insurance premium, such as discounts when you combine your home and car insurance, install protective devices (monitored alarm), stay claims free, are mortgage free, or are a mature homeowner.
What are common misconceptions about home insurance?
Some common questions:
Why is my neighbour’s policy cheaper than mine? There are a few reasons why your premiums might be different: Different coverage, less coverage or higher deductible, home details such as roof age, renovations, square footage, claim history, proximity to a fire hydrant or fire hall, location, and discounts that apply.
I don’t need home insurance because I own my house: Even if you own your home, insurance still matters. A few reasons why: disasters happen – fire, theft, storms, without insurance you pay out of pocket. It protects your investment. Your home is a big asset, why not protect it. Home insurance covers liability because if someone gets hurt on your property, you can be sued.
Liability insurance only covers what happens inside my home: Not true! Liability insurance covers more than just accidents inside your house. Some examples that might qualify your dog bites someone at the park, a visitor trips on your icy driveway, or you accidentally injure someone while playing sports.
What are the dangers of underestimating the value of your home to save money on home insurance?
Trying to save money by undervaluing your home on your insurance policy might seem smart, but it can backfire. A few reasons why:
- Not enough coverage: If disaster strikes, your payout might not cover the full cost to rebuild.
- Penalty risk: Some policies reduce payouts if your home isn’t insured for at least 80–90% of its value.
- Renovations not covered: Upgrades like a new kitchen or finished basement may be left out.
- Longer recovery time: Less money means slower repairs and more time away from home.
- Mortgage trouble: Your lender may require full coverage; underinsuring could break your mortgage agreement.
Are extreme weather events, like wildfires, hail, and windstorms, contributing to higher home insurance premiums?
Yes, extreme weather events like wildfires, hail and windstorms are causing home insurance premiums to go up. These events are happening more often and causing more damage which means insurance companies are paying out more in claims.
Do homeowners ask you if these events are covered? Yes, homeowners often ask whether extreme weather events like these are covered by their home insurance period these types of questions are becoming more common as severe weather events happen more frequently.
Do homeowners understand the importance of replacement value and how to decide between a replacement cost and actual cash value home insurance policy?
Many homeowners may not fully understand the difference between replacement cost and actual cash value when it comes to their home insurance. That's why it's important for our licensed brokers to clearly explain the differences. Actual cash value reimburses you for the value of your home or belongings after depreciation is factored in. Replacement cost covers the full amount needed to repair or replace your home or items with new ones or similar kind and quality without deducting depreciation.
Does Western recommend overland flood insurance for homeowners?
Yes, Western Financial Group does recommend overland flood insurance especially for homeowners living in areas prone to flooding or extreme weather events. Standard home policies usually don't cover damage caused by water that enters your home from the outside such as heavy rain overflowing rivers or melting slow. Overland flood insurance helps protects against those kinds of events.
How can home insurance policies be customized?
Home insurance policies can be tailored in a variety of ways to meet the unique needs of each homeowners, taking into account property characteristics, lifestyle, and budget.
Customization typically includes selecting appropriate coverage options, adding specific endorsements coverage, adjusting coverage limits, deductible limits, and personalizing the policy based on how the home is used.