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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 kind of coverage does international business insurance offer?
International business insurance can provide a range of coverage, including property insurance, liability insurance, commercial auto insurance, and workers' compensation insurance. It can also provide coverage for political risk, kidnap and ransom, and other specialized risks.
Who needs international business insurance?
Any business that operates internationally should consider getting international business insurance. This can include businesses that have overseas offices, employees who travel internationally, or those that conduct business with clients overseas.
What is international business insurance?
International business insurance is a type of insurance that provides coverage for businesses that operate internationally. This can include coverage for property, liability, and other risks associated with conducting business abroad.
What happens if the principal fails to fulfill their obligation?
If the principal fails to fulfill their obligation, the surety company steps in and pays the damages up to the bond amount. The principal then has to reimburse the surety company for the payment made.
Can I cancel my surety bond?
Yes, you can cancel your surety bond, but you need to give a written notice to the obligee and the surety company. The cancellation terms and conditions are usually specified in the bond agreement.
How long does it take to get a surety bond?
The processing time for a surety bond application varies depending on the type of bond, the obligee's requirements, and the complexity of the obligation. Generally, it takes a few days to a week to get a surety bond.
What is the Waiting/Elimination Period?
The Waiting/Elimination Period is the time between when an injury or illness occurs and when benefits from your insurance policy begin to pay out. This period can vary from a few days to several months, depending on the plan you choose.
What does the Benefit Period specify in Disability Insurance?
The Benefit Period determines the duration of benefits you will receive upon approval of a disability claim. While many long-term disability insurance plans offer benefits until age 65, it's important to note that benefit periods may vary across different plans. For detailed information about your policy, please don't hesitate to reach out to us.
What factors determine my benefit amount?
Your benefit amount will depend on the type of disability insurance policy, occupation class, and benefit period you choose. Generally, the benefit amount is capped at around 65% of your gross income and can be set up as non-taxable. Contact our InsureBC advisors to discuss a personalized plan tailored to your unique needs.
What is an occupation class?
Occupation classes, categorized from 1 to 5, indicate the level of risk involved with your job. Class 1 represents the highest risk, and class 5 indicates the lowest risk. If you are not sure about which occupation class do you belong to, contact our InsureBC advisors who will help you determine the best option to suit your individual needs.
What is disability insurance?
Investing in disability insurance allows you to secure your income, maintain your lifestyle, and meet your financial commitments without depleting your savings or retirement funds in case of unexpected injury or illness.
Who gets the money from a life insurance claim?
The money from a life insurance claim, or the death benefit, is usually received by the beneficiaries named in the life insurance policy. The payment is tax-free and can help provide financial support during a difficult time.
What should I do if I think I've been a victim of identity theft?
If you suspect that you've been a victim of identity theft, act quickly. Contact your bank and credit card companies, place fraud alerts on your credit reports, and file a police report. Contact your broker for more details on what steps to take.
Will Identity Theft Restoration Insurance prevent identity theft from happening?
No, InsureBC's Identity Theft Restoration Insurance cannot prevent identity theft from happening. However, it can help protect you financially in the event of an identity theft event.
Can I purchase InsureBC's Identity Theft Restoration Insurance online?
Yes, you can purchase InsureBC's Identity Theft Restoration Insurance online. Simply visit our website by clicking this link and complete the online application to get a personalized quote.
What is identity theft insurance?
Identity theft insurance is a type of insurance policy that helps protect you from financial losses resulting from identity theft. It typically covers expenses related to restoring your identity, such as lost wages, legal fees, and credit monitoring services.
What should I look for when choosing a boat insurance policy in BC?
When choosing a boat insurance policy in BC, it's important to consider the coverage options, deductibles, and premiums. You should also research the insurer's reputation for customer service and claims handling.
What factors affect the cost of boat insurance in BC?
The cost of boat insurance can vary depending on several factors, such as the type and size of your boat, its age and condition, where you operate it, and your driving record. Other factors may also come into play, such as whether you have safety equipment on board, such as life jackets and fire extinguishers.
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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