Home insurance claims fall 10% in B.C., saving industry $147m

Vancouver homes | Dan Toulgoet, Vancouver Courier

Home insurance claims in B.C. are on the downward trend for 2020.

Data released December 1 from insurance comparison website HelloSafe (Safe Inc.) estimates claims dropping 10.32% this year when compared with 2019.

That would amount to saving the insurance industry from making payouts totalling $147 million.

Those savings comes in at $85.2 million for Metro Vancouver, $4.5 million for Abbotsford and $3.4 million for Kelowna.

As more people remain at home during the pandemic, HelloSafe expects theft and burglary claims to drop 10.45% — a savings of $12.9 million.

But accidental damages are expected to go up 11.5% since more people are spending time within their own domiciles.

HelloSafe said claims related fire (-10.17%), weather (-10.6%) and water (-10.15%) damages are also expected to go down this year.