While property insurance in Surrey doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of. Climate is an example of a locational factor that could influence your insurance premiums. Major storms and heavy rains factor into how insurers calculate risk. Surrey gets 55 inches of rain annually, which means homeowners are at an elevated risk of water damage,  like a flooded basement. In addition, extreme weather-related events are expected to become more frequent with climate change. This trend will likely affect premiums for all homeowners over the coming years. Surrey is also in a major earthquake zone, which represents a very significant risk to any homeowner. It’s important to point out that while a typical insurance policy will cover you for a lot of things, it won’t cover you for an earthquake. To get that kind of protection, you need to ask for special coverage (also called an insurance ‘endorsement’).