Home Insurance

Rainbow Insurance Agency Ltd. is able to provide high-quality, competitiely priced insurance for both homeowners and renters throughout British Columbia. Fill out the Home Insurance Quick Quote Form to receive a quote by email.

Home Insurance FAQ's and Tips

General Home Insurance

• Question: Does Rainbow Insurance provide home insurance anywhere in the world?
  Answer: No. We only provide home insurance in British Columbia, Canada.
• Question: Do I have to pay for my Home Insurance in one lump sum or can I spread out my payments?
  Answer: At Rainbow Insurance, you can pay in one lump sum by cash, cheque, direct debit, Mastercard or Visa. You can also split your payments into monthly installments. The monthly payment option requires you to pay 2 months in your initial installment, followed by 10 monthly payments. The monthly payments option has a 3% administration fee but there are no interest charges.
• Question: Does Rainbow Insurance offer discounts?
  Answer: Yes:
  • 15% for seniors 50 years and older for homeowners and tenants
  • 10% for mature ages 45 to 49 for homeowners and tenants
  • 20% for seniors 50 years and older for condominium owners
  • 15% for mature ages 45 to 49 for condominium owners
  • 18% for homes 3 years old or less
  • 15% for homes for hones 4 to 5 years old
  • 12% for homes 6 to 10 years old
  • 9% for homes 11 years old
  • 7% for homes 12 years old
  • 5% for homes 13 years old
  • 3% for homes 14 years old
  • 10% if insured in Canada and claims free for three years
  • 15% if insured in Canada and claims free for five years
  • 15% if mortgage free for homeowners
  • 10% if mortgage free except for a line of credit for homeowners
  • 10% if mortgage free for condominium owners
  • 3% for Neighbourhood Watch members
  • 5% for Sprinklers
  • 10% for Monitored Burglar Alarms
  • 15% for Monitored Fire & Burglar Alarms
  • 5% for an Unmonitored Burglar Alarms or 24 hour security guard
  • 5% if insured with Rainbow Insurance for 5 years or more
  • 20% for increasing deductible from $500 to $2,500
  • 25% for increasing deductible from $500 to $5,000
  • 15% for homeowners who have reviewed their home evaluation with us less than three years ago
• Question: How can I best prepare in case I do experience a loss and need to make a claim?
  Answer: Go through your house and photograph each room showing furniture and valuables. Do a close up shot of items you have a floater on (camera equipment, video equipment, jewelry, etc.) Negatives and photos are compact and can store flat in a safety deposit box and your insurance broker's files. Also print and fill out our room by room Household Inventory Form and get a realistic idea of the worth of your possessions. Most clients underestimate the value of their possessions!
• Question: Are there any limits on the insurance policy?
  Answer: Yes, there are limits to certain types of property unless you specifically purchase a 'Floater Policy' for additional coverage. The limits on selected items usually are: Jewelry, watches and furs limited to $7,000, Stamp collections limited to $2,000, Coin collections limited to $1,000, Money and bullion limited to $1,000, Securities limited to $5,000, Business property limited to $5,000, Animals limited to $2,500, Trailers to $1,000, Garden Tractors limited to $10,000, Golf Carts limited to $10,000, Spare automobile parts limited to $1,000, Collectible cards limited to $10,000, Bicycles limited to $1,500 per bicycle, and Watercraft limited to $3,000. Higher special limits are available, if needed.

Homeowner's Insurance

• Question: What is the difference between a "broad" homeowner policy and a "comprehensive" homeowner policy?
  Answer: There is no difference in the coverage for the building. Both forms cover the building for "all risks". However, the "broad" form covers the contents for "named perils" specified in the policy, while the "comprehensive" policy also covers the contents for "all risks".
• Question: For how much should I insure my house?
  Answer: You should insure your house for the full replacement cost - not for the market value shown on your property tax assessment.
• Question: How do I find out the replacement cost of my house?
  Answer: We invite you to call our office and give us the details about your home, such as the square footage of each floor, etc. We will use our Home Evaluation Software program to evaluate your home's replacement cost. This service is offered at no charge.

Co-op, Condominium & Townhouse Owner's Insurance

• Question: How much will it cost?
  Answer: Please complete our Home Insurance Quick Quote form and we will email you back a quote.
• Question: What does that cover?
  Answer: Contents coverage, Belongings temporarily away from home coverage, Additional Living expenses coverage, Legal Liability, Sewer Backup, Theft & Fire, etc. Also, there are Additions & Alterations coverage & Contingent Property Assessment coverage included.
• Question: Why do I need earthquake coverage? Doesn't the Condominium policy cover earthquake?
  Answer: The Condominium policy may cover earthquake but only for the building. It wouldn't cover your personal belongings. You must add earthquake coverage on your own policy if you want your personal belonging covered for loss caused by an earthquake.

Tenants Insurance

• Question: How much will it cost?
  Answer: Please complete our Home Insurance Quick Quote form and we will email you back a quote.
• Question: What does that cover?
  Answer: Contents coverage, Belongings temporarily away from home coverage, Additional Living expenses coverage, Legal Liability, Sewer Backup, Theft & Fire, etc.
• Question: Why do I need earthquake coverage? Doesn't my landlord's insurance cover earthquake?
  Answer: Your landlord's policy may cover earthquake but only for the building. It wouldn't cover your personal belongings. You must add earthquake coverage on your own policy if you want your personal belonging covered for loss caused by an earthquake.
• Question: What if I have roommates?
  Answer: Each roommate will have to purchase their own separate policy unless you have known each other for a long period of time and our underwriters approve. Persons who have lived together in a common-law relationship for one year or more are no longer considered roommates, and may purchase a joint policy just as a legally married couple.