Stormy weather in B.C. serves as reminder to update insurance

With fall in the Lower Mainland in full swing, one expert says it’s time to re-visit your insurance policy.

Friday morning around the region started with heavy rain and wind and 1130 NewsRadio Vancouver Meteorologist Carl Lam says to buckle up, depending on where you live.

“It’s the cloud cover that we’re dealing with. The rain, also that really gusty southerly wind that could gust anywhere between 30 kilometres to 50 kilometres today.”

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He adds things should start to dry out Friday night and the weekend looks pretty good.

Rob de Pruis is the national director of consumer and industry relations with the Insurance Bureau of Canada (IBC). He says every policy is custom-tailored and should be revisited consistently.

“Some people may have a wine or coin collection, other people may have expensive jewelry or a recreational property, so it’s important to discuss that with your insurance representative,” explained de Pruis.

“There’s all kinds of different options, particularly for people in Vancouver or British Columbia. Things like optional overland flood coverage or earthquake coverage. These coverages can be added on to your standard home or tenants’ insurance policy,” he added.

He explains insurance policies are not written in stone and need to be updated, especially for anyone living in B.C., a province at the forefront of intense weather events.

“We have to remember that earlier this year, there was a deep freeze event that impacted Vancouver and much of British Columbia, continuing into Western Canada and that was just a stark reminder that these types of events can literally happen at any point in the year,” he explained.

De Pruis says the warning is especially timely with flood season upon on.

“Review your policy, understand which coverages you have, and understand which options are available to you.”

Depending on where your property is, de Pruis says you may not be covered.

“With overland flood coverage, not every person would qualify for this coverage. If you’re in a really high-risk flood hazard area, you may not be able to get coverage, and that’s where it’s important to shop around and ask questions.”

Parts of the Fraser Valley are among those areas, and he says steps are being taken to mitigate that.

“We are working with the federal government on a national flood insurance program to make sure every Canadian, regardless of risk has access to affordable overland flood coverage. We’re hoping that we’re going to hear more information this fall and will be able to stand it up in the spring of 2025.”

De Pruis says the key is to do your research and compare prices and coverage from company to company.

“Remember standard home insurance covers many, many different things including wildfire, wind, hail, and many other things, but there are some perils that are optional, like overland flood, earthquake, and even sewer back-up … that you can add on.”

As for pricing, he says it depends on your risk, the type of coverage you have, and the deductible.

“One of the biggest misconceptions, particularly for tenants, is if they think they only have a little bit of belongings that they don’t need coverage but whether you’re renting or have a home, these items can be very, very costly to replace,” he shared.

“The cost of coverage remains fairly affordable for the coverage that you’re getting and it’s not only your stuff, it’s also that liability protection.”

De Pruis says to update your policy, not just in preparation for the weather changing, but if you’re going to be away for an extended period, and if you change anything, you have to read the fine print.