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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.
What factors influence the cost of my auto insurance?
Several factors such as make and model of your vehicle, driving record, age and gender can affect the cost of your ICBC auto insurance.
What is Income Replacement benefit offered by ICBC?
The Income Replacement Benefit offered by ICBC is a part of the Enhanced Accident Benefits, designed to assist British Columbians injured in a crash who are unable to work due to their injuries. This benefit replaces the previous system where lower benefits were provided, and the non-responsible party had the option to sue for additional lost wages. Now, with Enhanced Care, individuals receive 90% of their net income as wage loss replacement, up to a maximum of $113,000 in annual gross income, in regular, non-taxable payments. This benefit is available for as long as medically needed and is accessible to those injured in crashes in Canada or the U.S. It's important to note that any income replacement received from other sources like employer benefits or Employment Insurance will be deducted from the ICBC payment. The benefit is intended as a temporary measure to support income loss during recovery, with different provisions for severe injuries and transitioning to retirement benefits at retirement age. For a comprehensive understanding, please refer to the full bulletin provided by ICBC: Income Replacement Benefit Bulletin.
What is the difference between new car replacement insurance and gap insurance?
The difference between New Car Replacement and GAP Insurance is this: GAP Insurance only pays the difference between what a person owes on their leasing contract and the vehicle’s actual cash value at the time of the loss. This means that you don’t owe anything for that vehicle but also aren’t left with anything to put towards a new one. A New Car Replacement policy pays the difference between the Actual Cash Value settlement received by the Lessor from the Primary Insurer, and the cost of the same make, model, and trim level vehicle, in the newest model year available. The New Car Replacement policy settlement can then be applied to a new lease or finance contract as a down payment towards the replacement vehicle.
What other types of coverage can I get from ICBC?
In addition to basic auto insurance, ICBC also provides optional coverage such as collision, comprehensive, all-perils, and specified perils insurance.
What should I do if I get into an accident?
After any emergency medical care, contact your broker or ICBC directly and follow the instructions provided by their representatives. Be sure to keep detailed record of all details and expenses associated with the incident.
What types of coverage are available for travel trailers?
Depending on the provider, you can typically get liability insurance coverage, collision and comprehensive coverage, damage due to theft protection, and emergency roadside assistance.
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.
For what duration am I required to make premium payments?
The application process for a 10-year term life insurance is generally not very on us and depends on age as well as amount of coverage. Depending on these factors it could be just a medical questionnaire or if you are older and the amount is higher you may need to provide a blood test and or urine as well as a medical and potentially a doctors report. Whatever the requirements are they are designed to allow life insurance companies to assess your health risk and accurately calculate your insurance premiums.
Do you have to be Canadian to apply for 10-year term life insurance?
While most life insurance companies in Canada require you to be a Canadian resident, some policies may be available to non-residents under certain conditions. It's best to consult with an insurance advisor or directly with the insurance company for specific details.
What happens if I die while my 10-year term life insurance policy is still active?
If you die within the term of your 10-year term life insurance policy, the insurance company pays out a tax-free death benefit to your beneficiaries. This can provide crucial financial support for your loved ones, helping them handle daily expenses and significant financial commitments.
What’s not covered in a 10-year term life insurance plan?
While a 10-year term life insurance policy covers most causes of death, there might be exceptions such as deaths due to undisclosed medical conditions or suicide within a specific initial period (usually two years). To understand the specific terms and conditions of your term life insurance plan, always make sure to contact your broker.
What is 10-year term life insurance?
A 10-year term life insurance policy provides life insurance coverage for a set period of 10 years. During this term, the policy holder is provided with a guaranteed rate and a defined death benefit. If the policy holder passes away within this 10-year period, a tax-free death benefit is paid out to the designated beneficiaries.
What happens if I can no longer afford to pay the premiums on my 20-Year Term Life Insurance policy?
If you find yourself unable to afford the premiums for your 20-Year Term Life Insurance policy, it's crucial to act promptly to explore available options. Depending on your policy and the terms, you may have a grace period during which you can make the premium payment without a policy lapse.
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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