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Does the tenant insurance cover hotel and food costs?
Yes, tenant insurance typically covers additional living expenses such as hotel and food costs if you need to temporarily relocate due to a covered loss. For instance, if your apartment becomes uninhabitable due to fire or water damage, your policy will cover your temporary housing costs and meal expenses until you can move back in. This provision ensures that you’re not left stranded or financially burdened by unexpected events. Always review your policy’s specifics to understand the limits and conditions of this coverage.
Does Strata Water Deductible Insurance cover my home or condo insurance deductible?
No, Strata Water Deductible Insurance only covers the amount you would pay in the event of a water damage or sewer backup claim under your strata insurance policy.
Why should I consider raising my strata water deductible?
Raising your strata water deductible can lower your insurance premium and save you money in the long run. However, it's important to consider whether you can afford to pay a higher deductible in the event of a claim.
How does a deductible work with strata insurance?
Strata insurance policies typically have a deductible that applies to water damage claims. This deductible is usually shared among all unit owners and is often a significant amount of money. Strata Water Deductible Insurance covers the amount you would pay in the event of a water damage claim up to the policy limit.
What is a deductible in insurance?
A deductible is the amount of money you pay out of pocket before your insurance pays the rest in the event of an insured loss. For example, if you have a $1,000 deductible and experience a loss of $5,000, you will pay the first $1,000 and your insurance company will pay the remaining $4,000.
Does home insurance include earthquake coverage?
Earthquake insurance is not included automatically, rather it is an optional coverage that we recommend be added to your policy. It covers the cost of rebuilding your property and replacing your belongings that were damaged in an earthquake. The insurance cover includes loss or damage to the building and personal property, additional living expenses, and related exclusions like landslides, tsunamis, or other forms of earth movement. The policy also covers extra living expenses should you need to temporarily reside somewhere else while your place is being repaired. It does not cover fires or floods that happen as an after effect of the earthquake. Most policies have a percentage deductible rather than a fixed dollar amount, meaning you will be responsible for a percentage of the damage, which can be quite high. Most policies start at 5%, however some insurers may require you to pay between 15-20% deductible. Let’s put this into perspective. If your earthquake coverage limit on your base policy is $300,000 and your deductible is 15%, you would be responsible for $45,000 before the insurance company would pay the rest. In a condo, your strata might require a similar amount. To combat this, we have a Buy-Back option which enables you to “buy down” or lower your deductible in the event of a major earthquake. This unique coverage is available to anyone who owns their own property with basic earthquake coverage added onto their primary policy. Depending on your situation, this extra coverage can cost as little as $20 per month.
How do I get my decal?
As of May 1st, 2022, you no longer need a decal on your licence plate
How do I know how much insurance is right for me?
It depends on multiple factors including vehicle type, where you live and use the motorcycle, as well as other unique circumstances. Your InsureBC broker can help determine which types of coverage are best suited for you and provide quotes accordingly.
How do I know if Private Auto Insurance is for me?
Get in touch with one of our 80 Autoplan locations who can assess your individual situation and help you determine whether a Private Auto Insurance carrier is for you. We’ll give you a number of car insurance quotes so that you can be sure you’re getting the best possible deal. Our offices can also assist you in obtaining a quote for your home insurance, travel insurance, business insurance and a number of other insurance products. Regardless of the insurance company, we will get you the most comprehensive coverage at the lowest possible price.
How do I make a claim for my new vehicle replacement policy?
All claims are processed in-house by our dedicated Optional Auto Division, Drivesure, and can be submitted in a number of different ways. You can submit your claim via an online submission form located on our website, through your issuing insurance agent or broker, or by contacting our auto department directly at 1-888-480-6641. Documents can be submitted via email or fax, and claims are processed within 1-2 business days of receiving all documentation.
How do I renew your license, or book a road test?
Visit the nearest ICBC Service location to you.
How much does Optional Auto Insurance cost in BC?
Similar to your Basic ICBC Auto Insurance, the cost for Optional Car Insurance depends on a number of factors, including your age, driving experience, the type and use of your vehicle, the limit of coverage you purchase and the size of the deductible you select. The higher your deductible, the lower your annual premium and vice-versa. Let one of our Autoplan agents assist you with getting an accurate quote for the most suitable insurance coverage.
How much does a surety bond cost in British Columbia?
The cost of a surety bond depends on various factors, such as the type of bond, bond amount, the risk associated with the obligation, and the creditworthiness of the principal.
What is the difference between a surety bond and insurance?
Insurance covers potential future losses, while surety bonds ensure that obligations are fulfilled. In other words, insurance protects against unexpected losses, while surety bonds protect against non-performance.
Who needs a surety bond?
Surety bonds are often required by contractors, government agencies, and individuals who want to ensure the fulfillment of obligations or compliance with regulations.
What is a surety bond?
A surety bond is a three-party agreement that ensures the fulfillment of a contractual obligation between the obligee and the principal, backed by a third-party surety company.
How much does home-based business insurance cost in BC?
Home-based business insurance is much more affordable than most small (home-based) business owners think. Depending on the nature of your business, how much equipment you have at home that is used for business purposes and how much revenue you anticipate generating, a home-based business insurance policy will only set you back as little as$50-75 monthly.
How much does Directors & Officers Insurance Cost in BC?
A Directors and Officers Liability policy is not nearly as expensive as people think. Depending on the roles the Directors and/or Officers are required to fulfill, a policy can start as low as $400 annually. Please contact one of our 90 locations for a free, no-obligation quote for D&O insurance.
How does the application process work for a 30-year term life insurance plan?
The application process involves filling out a form with your personal and medical information. Some insurers may require a medical exam. Check with your broker to know about the details of application process related to your case.
What happens if I outlive my 30-year term insurance policy?
If you outlive your policy, the coverage ends. However, you may have the option to renew your policy or convert it into a permanent one.
Are there any pre-existing medical conditions excluded from 30-Year Term Insurance?
Yes, some pre-existing medical conditions and high-risk activities may be excluded or require specialized coverage. We recommend discussing all potential exclusions with your insurer prior to purchase.
Can I convert my 30-year term insurance into a permanent life insurance plan?
Yes, many term life insurance plans offer the option to switch to a permanent life insurance plan during the policy term, without a medical exam. You can discuss the details with your broker for additional information.
How can I get a 25-year term life insurance quote?
You can get a 25-year term life insurance quote from InsureBC simply by filling out the form by clicking on this link.
Can I add riders to my 25-year term policy?
Yes, you can add additional coverage with riders such as accelerated death benefit, waiver of premium, accidental death benefit, etc., depending on your insurance company. These riders give you greater flexibility in customizing your policy and protecting your family.
What is travel insurance?
Travel insurance is a type of insurance policy that can provide financial protection against unforeseen events that may occur while traveling. It can cover things like trip cancellation or interruption, medical emergencies, lost or stolen baggage, and more.
What types of equipment can I insure?
We insure a variety of sorts equipment, including bikes, canoes, kayaks, skis, snowboard, surfboards, windsurfers, paddle boards, golf clubs and more.
I have to cancel my event. Is event cancellation covered?
Event cancellation coverage is an important element to prevent financial hardship in case of the event’s cancellation. This coverage can also be particularly useful when the event is not entirely canceled as even certain expenditures due to unforeseen circumstances may be covered. These circumstances can include things such as catastrophic weather and other unpredictable circumstances. The coverage may include financial reimbursement to the insured for deposits and other charges paid or contracted to be paid for transport, catering services, accommodation, photographs, flowers or dress hire booked for but not used and other non-refundable cancellation expenses incurred. If you’re not sure whether your Special Events Insurance contains this coverage, do not hesitate to contact us. Our online product does not have the event cancellation coverage, but if you would like to have the option to be included, please contact us.
Where can I buy cheap Special Events Insurance in BC?
We are now pleased to offer Special Event Insurance online, through our website. We have made the buying process so simple, you merely have to answer a few easy questions and you’ll instantly have access to the insurance policy for your event. Not sure what you need? With over 90 insurance offices across BC, we are one of BC’s largest writers of Special Event Insurance. Each of our offices can assist you in finding you the best Special Event Insurance for the lowest possible price. Whether you are getting married soon, planning an anniversary party or attending a convention, we will find you the best coverage for your circumstance.
I keep my bike in my backyard or at a stand outside of my condo building overnight. Is this covered?
At night bikes must be kept locked and secure INSIDE a building. This means that they have to be locked inside your home, condo, or a secure condo bike room. During the day the bike can be outside, however it must be locked and secure.
Do you insure e-bikes?
Our self-serve online policy only provides coverage for pedal pikes, however we have a separate e-bike policy that can be purchased. If you contact us at 778-945-2761 or email contact@insurebc.ca, we will get your e-bike covered. Please note, the maximum watt allowance is 500W.
An Insider Look at the Insurance Industry
Discover a wealth of knowledge on insurance-related topics, as our team of experts at InsureBC share their insights, advice, and tips to help you navigate the world of insurance with confidence.
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