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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.
What should I look for in an international business insurance provider?
When choosing an international business insurance provider, it's important to look for a company with experience in providing coverage for businesses operating in your industry and geographic location. It's also important to choose a provider with a strong financial rating and a track record of paying claims promptly. InsureBC can help you find the right insurance provider for your needs.
How can I ensure that I have the right amount of coverage?
Working with an experienced international business insurance broker like InsureBC can help ensure that you have the right amount of coverage. Our experts can evaluate your business and recommend the types and amounts of coverage required to mitigate risks.
What information do I need to provide to get international business insurance quotes?
To get international business insurance quotes, you will need to provide information about your business, including its location, industry, and the types of coverage you require.
What is the role of international business insurance brokers?
International business insurance brokers help businesses find the right insurance coverage for their specific needs. They can provide expert advice on the types of coverage required and help businesses find the best insurance providers.
What kind of businesses need international business insurance with US exposure?
Any business that operates in the US or does business with US clients should consider getting international business insurance with US exposure. This can include businesses in industries such as manufacturing, hospitality, and technology.
What is US exposure in international business insurance?
US exposure refers to the risks associated with conducting business in the United States. This can include risks related to US laws and regulations, as well as risks associated with doing business with US clients.
Can I utilize the cash value in my Permanent Life Insurance policy to cover premiums?
Yes, one of the benefits of Permanent Life Insurance is the ability to use the accumulated cash value to pay premiums. As the policy builds cash value over time, you may have the option to tap into this value to offset premium payments. This feature provides flexibility and can help ensure that your policy remains in force even if you encounter financial challenges. However, it's important to understand the implications of utilizing the cash value, such as potential impacts on the death benefit and policy performance.
How do I select the ideal Permanent Life Insurance policy and insurer?
Choosing the right Permanent Life Insurance policy and insurer requires careful consideration. Start by assessing your long-term financial goals and protection needs. Consider factors such as the coverage amount, premium affordability, policy features, and customer service reputation of the insurer.
Can I transfer my Permanent Life Insurance policy to another person?
Permanent life insurance policies are generally non-transferable. The policy owner and the insured individual are typically the same person. However, you may have the option to change the policy's ownership or beneficiary designation, allowing you to transfer the benefits to another person or entity.
It is crucial to carefully review the terms of your policy contract and seek guidance from our agents regarding any potential transfers.
Are there any medical exams required to qualify for Permanent Life Insurance?
The medical exam requirements for permanent life insurance vary depending on factors such as your age, coverage amount, and the insurance company's underwriting guidelines. Generally, larger coverage amounts may require a medical exam, which typically includes a physical assessment, blood tests, and medical history review.
Is Permanent Life Insurance suitable for retirement planning?
Yes, permanent life insurance can be a valuable component of retirement planning. It provides lifelong coverage and builds cash value over time, which can be used to supplement retirement income or cover expenses during retirement. The cash value growth in permanent life insurance is tax-deferred, allowing for the potential accumulation of funds that can be accessed in retirement.
Can I convert my Term Life Insurance policy into Permanent Life Insurance?
Most term life insurance policies offer the option to convert to a permanent life insurance policy within a specified timeframe. This allows you to transition from temporary coverage to lifelong protection without the need for a new medical exam. It's important to review your policy terms and conditions to determine if conversion is available and understand any associated costs or limitations.
Can I buy sports equipment insurance online?
Yes! While our 90 locations across BC can assist you with purchasing Sports Equipment Insurance face-to-face, our Online Tool will instantly provide you with a quote and the ability to purchase a policy for your equipment, 24 hours a day, effective immediately. We are the only insurance provider in BC to offer Sports Equipment Insurance as part of our various insurance programs.
What does boat insurance EXCLUDE?
Our product excludes the following: Applicants under the age of 25 years old. Vessel aged 15 years and older. The hull of the vessel that is fiberglass, over wood, wood or Ferro-cement. Vessels with a propane fridge. Vessels with a maximum speed exceeding 50 mph. Vessels that are not checked on a regular basis.
What other benefits does this type of coverage offer?
Special events insurance not only provides financial protection against losses, but it can also help reduce stress and give organizers peace of mind when planning their event. It’s also an important part of risk management that can help protect your business from lawsuits or other litigation if something were to go wrong during your event. InsureBC offers special events insurance for businesses and organizations hosting large gatherings, festivals or other events in BC. With this policy, you can get financial protection against potential losses as well as reduce stress and have peace of mind when planning your event.
Who should consider purchasing special events insurance?
Individuals, organizations and businesses planning any kind of public gathering in BC should consider getting special events insurance in order to protect themselves financially if something were to go wrong during the event they planned.
What types of losses are covered under this policy?
This policy covers financial loss due to legal liability from claims made by third parties resulting from bodily injury, property damage or advertising injury caused by an insured’s negligence at the event site. It also offers coverage for loss due to cancellation of the event and/or non-appearance of key personnel (e.g., speakers) due to illness or accident.
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.
The Ultimate Guide to Homeowners Insurance in BC - 2024
Do you know what homeowners insurance covers? And, what types of homeowners insurance coverage exist? Maybe you have heard from your family, realtors or mortgage brokers saying the importance of buying homeowners insurance. But why? If you can’t answer some or none of the questions I’ve asked, this article will help you understand all the important things about homeowners insurance so that you can make an informed buying decision when you’re ready.
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