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Life in BC

Insurance and Family Protection in BC

A general introduction to the kinds of insurance people carry in British Columbia and why.

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What this means in BC

Insurance moves a risk you could not comfortably absorb onto an insurer, in exchange for a premium. Some coverage is required — vehicle insurance in BC, and home insurance if you have a mortgage. Other coverage is a personal decision based on who depends on your income.

The overview

How it generally works

Home, tenant and strata insurance

Homeowners insure the building and contents. Tenants insure their belongings and liability. Strata owners need coverage for their unit and liability because the strata's policy covers common property, not everything inside your home.

Vehicle insurance

Basic vehicle insurance in British Columbia is provided through ICBC, with optional coverage available through ICBC and private insurers. Requirements and products are published by ICBC.

Life, disability and critical illness

Life insurance pays a benefit if you die; disability insurance replaces part of your income if you cannot work; critical illness pays a lump sum on diagnosis of covered conditions. Which, if any, you need depends on dependants, debts and savings.

Employer benefits and licensing

Many people already hold some coverage through an employer. Insurance advice in BC is provided by licensed professionals regulated by the Insurance Council of British Columbia — you can verify a licence before you buy.

Vocabulary

Important terms

Premium
What you pay for coverage.
Deductible
The amount you pay before coverage responds.
Liability coverage
Protection if you are found responsible for harm or damage.
Beneficiary
Who receives a policy benefit.
Underwriting
The insurer's review of risk before issuing a policy.

Sequence

Typical steps

A general order most people follow. Your situation may differ.

  1. 1List what would financially hurt most if it happened tomorrow.
  2. 2Check what coverage you already have through work.
  3. 3Arrange tenant or home insurance before move-in or completion.
  4. 4Arrange vehicle insurance before driving.
  5. 5Talk to a licensed advisor about life, disability or critical illness needs.
  6. 6Verify the advisor's licence with the Insurance Council of BC.
  7. 7Record your policies and beneficiaries somewhere your family can find them.

Budgeting

Common costs or considerations

  • Premiums, which vary by coverage, deductible, age and health.
  • Deductibles paid at claim time.
  • Higher premiums for certain risks, locations or building types.

We do not publish specific prices, rates or fees. Amounts depend on your situation and should be quoted by the provider or confirmed with the official source.

Learn from others

Common newcomer mistakes

  • Assuming the strata policy covers everything inside your unit.
  • Skipping tenant insurance because belongings feel inexpensive to replace.
  • Buying coverage without understanding exclusions.
  • Never updating beneficiaries after marriage, separation or a new child.

Be prepared

Questions to ask a professional

Bring these to any meeting. Good professionals welcome them.

“What exactly is excluded from this policy?”

“What is my deductible and how does a claim work?”

“Are you licensed in BC, and how are you compensated?”

“How does this coordinate with the coverage I already have at work?”

Where this comes from

Sources and accuracy

Last updated: August 2026

Please confirm before relying on it

  • — Any premium amounts or coverage limits — these are individual and must be quoted by a licensed insurer or advisor.

Rules, programs, amounts and costs change over time. Always confirm current details with the official source before making a decision.

This page is general education, not legal, tax, financial, mortgage or real-estate advice.

Keep going

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Coverage decisions usually follow housing and income decisions. Getting those clear first makes the conversation simpler.

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