Nanaimo Home Insurance

You likely have set roots in Nanaimo; maybe starting a family, created heart-warming memories and bonded with an amazing group of friends. Home is not just a physical structure or a roof over your head; it’s considerably more than that, it is memories, precious family traditions, and much more. As one of your largest investments, your home means a lot to you and you want to ensure that it is adequately insured to protect it against all potential threats. Megson FitzPatrick can help secure your property by finding you a Nanaimo home insurance policy that works for you and your family.

Contact Megson FitzPatrick for your Nanaimo Home Insurance needs and we will walk you through every step of the process, explaining all available options and providing the right coverage for you. Home insurance in Nanaimo is not required by law, however, Megson FItzPatrick recommends you carry sufficient coverage to help protect your property and its contents against costs that may arise should anything happen to your property or a guest on your property. Home insurance can also be helpful if a third-party is hurt on your property or you unintentionally damage another’s property.

Why do I need home insurance in Nanaimo?

Although insurance is not required by law, home insurance in Nanaimo is highly recommended for a number of reasons. Home insurance can help you financially recover following a loss and can also help cover the cost of repairs or replacements should your home be damaged in an unexpected accident. We take many precautions when it comes to our homes, but we cannot anticipate everything. Having the right Nanaimo home insurance can mean the difference between recovering from a disaster or not.

Being prepared is always a good idea, however, we cannot be prepared for everything. From time to time, unexpected things can happen. You can take that extra step by being prepared for those unexpected situations by working with our expert Nanaimo home insurance brokers to ensure you are adequately covered. Let us worry about the insurance so that you don’t have to.

How are my Nanaimo home insurance premiums calculated?

There are many variables to consider when determining Nanaimo home insurance. Megson FitzPatrick’s team of expert brokers are always willing to sit down with you and discuss what impacts your home insurance so that you are not left wondering if you have suitable coverage for your home. Listed below are a few of the factors that are taken into consideration when calculating your premium costs:

  • Location: Where you live on the island is important and can be a big indicator of the potential hazards you may face. Your insurance providers will investigate your neighbourhood’s past experiences (natural disasters, instances of crime like break-ins or vandalism, etc.) and determine how likely it is that future claims are possible.
  • Overall replacement costs: How much would it cost to rebuild your home entirely in the event of a total loss? Think replacement value for your home’s contents, rebuilding the structure, rebuilding out-buildings, living expenses for the period in which you have to evacuate your property, and more. Also, keep in mind that the market value for your home may not be the same cost to rebuild your home (especially if any renovations have been made in the time that you have lived in the home). This value will go into calculating your Nanaimo home insurance premiums.
  • The age of your home (including the age of your roof). The older your home, the higher the risk of potential damage claims. As a result, your Nanaimo home insurance premiums may be higher the older your home is. This applies to your heating and electrical systems as well.
  • Kinds of coverage. What types of coverage does your Nanaimo home insurance policy include? The higher the coverage you purchase and the more endorsements you include, the higher your insurance costs will be

Discuss the factors that go into calculating your premiums with our Nanaimo home insurance broker as well as tips for how you can save on your costs today.

Common homeowners insurance endorsements

Home insurance is purchased to protect both you and your family. Of course, all general policies have their limitations, which is why you may want to look at including some endorsements to ensure that there are no gaps in your coverage. Here are some popular Nanaimo home insurance endorsements you may want to consider:

Home-based business

For damages resulting from clogged drains or damage to sewer lines, this common home insurance endorsement is not generally included in your average policy but is easily added to enhance your coverage. This endorsement may be able to protect you from losses or damages to your home’s structure as a result of a ruptured pipe, septic system seepage, or escaped water from plumbing systems.


Many policies exclude damage caused by earthquakes. If you live in British Columbia, this endorsement may provide coverage for your home’s physical structure, your detached private structures, and your home’s contents in the event of an earthquake. Coverage from this endorsement may alter depending on your insurance provider, so be sure to discuss it in detail with a Nanaimo home insurance broker.

Home-based business

Always be sure to discuss with your broker if you conduct any business from your home as home-based businesses are not typically included in your Nanaimo home insurance policy; meaning, in the event of a business-related emergency, you would not be covered. Depending on the size of business that you operate, you may be able to purchase a home-based business endorsement.

If you are unsure, discuss your coverage options with a Nanaimo home insurance broker. They will be able to explain, in detail the best coverage options for you.