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B.C. Home Insurance Prices on the Rise in BC

A noteworthy article below from Business in Vancouver titled:

B.C. home insurance prices surge 7.63% in one year, says report

Climate change, severe weather events putting pressure on home insurance prices, according to My Choice Financial Inc.

Home insurance prices increased by 7.63 per cent between January 2023 and January 2024, with further rises in prices expected throughout this year, according to insurance comparison website My Choice Financial Inc.

This is yet another blow to affordability for exisiting homeowners as monthly or annual overhead tied to homeownership rises sharply. This is yet another increase well above the overall official rate of inflation.

For prospective home buyers or first-time buyers, this is a good reminder to always budget prudently for the on-going costs of homeownership. Your expenses don't stop rising over the time you own your own home.


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