What B.C. Homeowners Need to Know about Earthquake Insurance
Does your home insurance cover an earthquake in B.C.? Typically, home insurance coverage will cover damage caused by a fire, an explosion and smoke after an earthquake. You will need earthquake insurance as an add-on to your home insurance policy to be protected from direct physical losses or damage to your property caused by an earthquake.
Earthquake insurance is recommended for B.C. homeowners because British Columbia is the most seismically active province in Canada. Earthquakes are common in B.C. and can happen at any time.
What is earthquake insurance for homeowners?
Earthquake insurance coverage for B.C. homeowners, including condo and townhouse owners, is add-on insurance that you can buy for your home insurance. Earthquake insurance covers direct physical loss or damage to your property caused by an earthquake, such as the damage or destruction of your home’s foundation.
What does it cover?
Earthquake insurance does cover loss or damage to your B.C. home and personal belongings caused by the shaking or tremors from an earthquake.
Earthquake insurance includes:
- Structural damage
- Damaged and broken possessions
- Destruction caused by a landslide
- Additional living expenses while your home is being repaired
- Fire after an earthquake; for example, if a gas line breaks
- Repairing or replacing your home
- Helps cover additional living expenses if you must move out while your home is rebuilt or repaired
Should B.C. tenants get earthquake insurance coverage?
Tenants in British Columbia are encouraged to get earthquake insurance as an add-on to their renter’s insurance to protect their belongings and to help cover living expenses while their apartment is being repaired in the event of an earthquake. As a tenant, make sure you have enough earthquake insurance to protect your belongings.
How much earthquake coverage do I need?
It is recommended for British Columbia homeowners to have enough earthquake coverage to cover the replacement cost of their home and to replace its contents. It’s important to base this amount on the replacement cost and not the resale value of your home.
What doesn’t earthquake insurance cover for B.C. homeowners?
Earthquake insurance typically doesn't cover damage caused by: Floods, tidal waves, sinkholes, and tsunamis.
Earthquake insurance doesn't cover damage to land value, such as when an earthquake makes your land less valuable.
Earthquake insurance doesn't cover damage to vehicles or other equipment.
Did you know?
Earthquakes in Canada occur along three major fault lines.
The first is the Intermountain Seismic Belt, running along the British Columbia-Alberta border in the Rocky Mountains.
The second is the Queen Charlotte Fault, running along the coast of British Columbia.
The third is the New Madrid seismic zone, which runs through Ontario and Quebec.
Canada’s earthquake history
The first recorded earthquake in Canada was in 1663 in Quebec. It is estimated to have been between 7.3 and 7.9 magnitude. While some chimneys fell, most of the damage was done by landslides triggered by the earthquake. There were no deaths.
The most damaging earthquake in Canadian history occurred in 1700, when an earthquake caused a tsunami in the Pacific Northwest. This tremor wiped out every first people’s community in Pachena Bay except one, and the resulting tsunami reached as far as Japan.
Talk to your Western Financial Group home insurance expert about earthquake insurance for your B.C. home.
