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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 much does Travel Trailer Insurance Cost in BC?
Most Travel Trailer products are very competitively priced. Each company offers different coverages and coverage limits. Contact one of our offices to find the best product for your needs.
Is New Vehicle Replacement Insurance worth having on a leased vehicle?
Yes! Nowadays, most leasing companies will build GAP insurance into their contracts, but most people don’t realize that GAP is more designed to protect the Lessor as opposed to the Lessee. In the event of a Total Loss, GAP insurance will make up the difference between what a person owes on their leasing contract and the vehicle’s actual cash value. This leaves the Lessee with no vehicle, and nothing to put towards a new one. Our New Car Replacement policy would pay the Insured the difference between the actual cash value settlement that the Lessor received for the loss vehicle, and the cost of the brand new model year, which can then be applied as a down payment towards a new lease or financing contract for a replacement vehicle.
Is there a discount if I have more than one motorcycle insured with ICBC?
Multi-vehicle discounts may be applicable depending on the number of motorcycles insured under the same policy. Speak to your InsureBC broker to find out about this option.
My transaction is not eligible online, now what?
No problem! If you cannot renew your policy online, our licenced insurance agent can assist you in one of three simple ways: Step 1: Visit an office near you to renew your policy in-person. Step 2: Call any of our offices to renew your policy over the phone. Step 3: Complete the renewal request form online and we will contact you to renew your policy via email or over the phone.
What cannot be done online?
You cannot renew your policy online if: It is for a jointly owned vehicle It is for a leased vehicle. It is for a company-owned vehicle It is for a motorcycle It is for a collector vehicle It is a commercial policy It is expired You want to add, remove or change your ICBC optional coverages during the renewal You have outstanding debt owed to ICBC Other potential ineligibilities
What does basic auto coverage from ICBC provide?
Basic coverage from ICBC includes third-party liability, accident benefits and uninsured motorist protection.
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.
What is permanent life insurance?
Permanent life insurance is a type of life insurance that provides coverage for the entire life of the insured. It also has a savings component that accumulates cash value over time.
How much does 20-year term life insurance cost?
When it comes to the cost of 20-year term life insurance, several factors can influence it. Your age, health status, and other underwriting criteria can impact the cost of your policy. While premiums for 20-year term life insurance are typically affordable and cost-effective, the exact amount you will pay may vary. Therefore, for more details on the cost of a 20-year term life insurance policy, it is best to contact your broker.
Who is eligible for 20-year term life insurance?
For term 20 life insurance, most healthy individuals, depending on their age and lifestyle, are generally eligible. A medical exam is often part of the application process. This exam allows life insurance companies to assess the health risks associated with the applicant. 20-year term life insurance rates can vary based on these assessments.
What is 20-year term life insurance?
A 20-year term life insurance, also known as term 20 life insurance, provides a coverage period of20 years. The insured pays regular insurance premiums to the insurance company during this period. If the insured passes away within these 20 years, the company provides a tax-free death benefit to the chosen beneficiaries.
Can I convert my 10-year life insurance policy to a permanent policy?
Yes, you may be able to convert your 10-year life insurance policy to a permanent policy before the end of the term. However, the specifics of policy conversion may vary depending on the insurer and policy, so it's best to contact your broker to learn more details.
How do I apply for 10-year life insurance in BC?
You can apply for 10-year term life insurance in BC by contacting your broker. They can help you choose the right policy and guide you through the application process.
Can I get a boat insurance quote online in BC?
Yes! InsureBC offers hassle-free online boat insurance quotes for BC residents. Simply visit our website and fill out the online form to get started.
Do I need boat insurance in BC?
In most cases, yes. Boat insurance is not legally required in BC, but it is highly recommended. Without insurance, you could be held personally liable for any damages or injuries you cause while operating your boat. Additionally, many marinas and yacht clubs require proof of insurance before allowing you to dock or store your boat.
What is boat insurance in BC?
Boat insurance is a type of insurance that provides coverage for your boat, as well as any liability you may have while operating it. It can protect you financially in case of accidents, theft, or other unforeseen events.
How long does visitor insurance for Canada cover me?
Visitor insurance for Canada typically covers you for the duration of your trip to Canada, up to a maximum of one year. Contact your broker for more details.
What is private health insurance for visitors to BC?
Private health insurance for visitors to BC is offered by insurance companies and covers additional benefits not covered by MSP, such as prescription drugs, dental care, and ambulance services. Private health insurance may also offer higher coverage limits than MSP.
What are the types of visitor insurance for Canada?
There are two types of visitor insurance for Canada: public health insurance and private health insurance. Public health insurance is provided by the province of British Columbia (BC) to eligible visitors, while private health insurance is offered by insurance companies and covers additional benefits not covered by public health insurance.
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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