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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 type of businesses qualify for Home Based Business Insurance in BC?
Any type of business operating out of a residential property may be eligible for a Home Based Business (HBB) policy with InsureBC as long as they meet certain criteria such as gross annual revenue thresholds and having fewer than 10 employees working at the premises on any given day. Home-based business insurance covers the things you need to run your business. Whether it’s your office contents, your general liability or items pertaining to legal expenses you may incur, our home-based insurance packages offer you peace of mind so you can focus on what’s most important—growing your business.
What if I need to make changes to my policy?
Changes can be made to your Home Based Business insurance policy at any time by contacting your InsureBC broker. Your broker can help you to make the necessary adjustments or explain any available options.
Is it possible to purchase Home Based Business Insurance online?
Yes, this policy can be purchased online in a matter of minutes!
Are there any special endorsements available for Home-Based Business Insurance?
Yes, we offer additional coverage for Home-Based Business policies such as Professional Liability and Cyber Liability Insurance. These endorsements help to provide tailored protection for your specific business operations.
Do I need to purchase separate liability insurance for my home office or workplace?
Yes, it is important to ensure that your personal Homeowner’s policy does not provide the required protection. A dedicated Home-Based Business insurance policy from InsureBC provides tailored protection for your unique needs.
What is Permanent Life Insurance and how does it work?
Permanent Life Insurance is a type of life insurance that provides coverage for your entire lifetime, as long as you continue to pay the premiums. Unlike term life insurance, which covers you for a specific period, permanent life insurance offers lifelong protection. It combines a death benefit with a cash value component that grows over time. The premiums you pay contribute to both the cost of insurance and the cash value accumulation.
How is critical illness insurance different from other types of insurance?
Critical illness insurance is specifically designed to provide a tax-free lump sum.
Can I convert my critical illness insurance to a different policy?
Yes, the ability to convert your critical illness insurance policy to a different policy type largely depends on your provider and the specific terms of your policy. However, not all policies have this feature. It's crucial to thoroughly read and understand your policy or discuss it with one of your insurance agents to know your options.
Do my kids need critical illness insurance?
While it's not pleasant to think about, critical illness insurance can provide financial security in the event of a child facing a serious illness. Connect with us today to explore your options and ensure your coverage aligns with your evolving life circumstances.
Do I need critical illness insurance?
Whether you need critical illness insurance depends on your personal circumstances, including your health risks, financial situation, and if you have dependents. It provides a financial safety net if you are diagnosed with a covered life-threatening illness.
Does critical illness insurance cover me for my whole life?
Critical illness insurance coverage duration varies by policy. Some provide coverage for your entire lifetime, while others may be term policies covering a specific period.
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.
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