Let Us Help You Find the Answers You're Looking for...
Filter your Questions based on the Categories you like
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.
I own a condo and rent it to someone else. Should I get Condo Insurance?
Absolutely! But, rather than a Condo policy, you’ll need a Rented Condo policy, also known as a Landlord policy. These differ significantly from a Condo policy where you live in the unit yourself as the exposures are somewhat different. You can get a quote for your Landlord insurance policy here. Those who use their Condo for occasional Airbnb rentals will require a different policy again, as the exposures are somewhat different. If you’re not sure which policy to purchase, don’t hesitate to contact one of our insurance advisors.
How much does condo insurance cost in BC?
One major benefit of condo insurance is that it is generally inexpensive to purchase. Despite condo insurance rates in Vancouver being on the rise recently, the annual cost of a typical condo insurance policy in Vancouver does not have to set you back more than $400-$500/year, depending on the insurance coverage you select. More than anything, however, for those who own or are looking to buy a condo in Metro Vancouver, or other parts of the province, it is important to find a condo insurance policy that fits the unique needs of both your individual unit as well as the strata corporation. Be forewarned that it is not always about the lowest rate when it comes to reviewing insurance quotes. Make sure your insurance company provides coverage for the areas you need, whether that’s a certain type of replacement cost coverage or special coverage to protect you from possible water damage.
What is condo deductible protection?
Your strata corporation has a policy insuring the whole building and common areas. They have a deductible, which is the amount that they are responsible for in the event of a claim. Condo deductible protection helps protect you if the deductible is assessed back on to you by your strata corporation.
If I make improvements or renovations to my unit, will they be covered?
While your Strata corporation’s insurance policy will typically cover original fixtures and fittings, your Condo Insurance will cover any improvements that you have made, including materials and supplies being used to conduct the upgrades. Be sure to review your Strata’s insurance policy to ensure your condo policy has enough coverages to match theirs to avoid being held liable for any gaps.
Is Condo Insurance mandatory in B.C.?
Condo insurance is not mandatory by law, however if you are applying for a mortgage, most lenders will impose this as a condition for mortgage approval. Whether mandatory or not, it is extremely important to protect your investment.
What does home insurance cover?
The basic coverages included in any homeowners policy are coverage for your home and its contents, as well as your personal liability, anywhere in the world. More specifically, for those who live in their homes year-round, your homeowners insurance will typically cover: The building (ie the dwelling) Detached Structures on the premises, like a garage, shed outhouse, etc The Personal Property you own, such as computers, books furniture, electronics, clothing, books, jewellery, etc Any trees and shrubs located outside and on the premises Your Additional living expenses, should you have to relocate as a result of a covered claim The loss of any rental income after making a claim, if applicable. Your homeowners insurance typically also covers the same things for your spouse and any relatives who are living with you in the same household. Keep in mind that you can typically customize your insurance policy to get the right type and amount of insurance for your specific needs, such as adding a high-end bicycle or an expensive piece of jewelry. It’s always good to keep your policy current and up to date with the value of the personal possessions of everyone on the policy to ensure you’re adequately covered.
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.
How does the application process work for a 30-year term life insurance plan?
The application process involves filling out a form with your personal and medical information. Some insurers may require a medical exam. Check with your broker to know about the details of application process related to your case.
What happens if I outlive my 30-year term insurance policy?
If you outlive your policy, the coverage ends. However, you may have the option to renew your policy or convert it into a permanent one.
Are there any pre-existing medical conditions excluded from 30-Year Term Insurance?
Yes, some pre-existing medical conditions and high-risk activities may be excluded or require specialized coverage. We recommend discussing all potential exclusions with your insurer prior to purchase.
Can I convert my 30-year term insurance into a permanent life insurance plan?
Yes, many term life insurance plans offer the option to switch to a permanent life insurance plan during the policy term, without a medical exam. You can discuss the details with your broker for additional information.
How can I get a 25-year term life insurance quote?
You can get a 25-year term life insurance quote from InsureBC simply by filling out the form by clicking on this link.
Can I add riders to my 25-year term policy?
Yes, you can add additional coverage with riders such as accelerated death benefit, waiver of premium, accidental death benefit, etc., depending on your insurance company. These riders give you greater flexibility in customizing your policy and protecting your family.
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.
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.
%20(1).webp)
.webp)