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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.
How can a small business get group health insurance?
Small businesses can get group health insurance through insurance brokers like us, InsureBC, or directly from insurance providers.
Will group health insurance save money?
Group health insurance often provides cost savings as the risk is spread out over many people, which can lead to lower premiums per individual.
What sets InsureBC's Group Benefits Insurance Plan apart?
Our commitment to providing independent advice, shopping the market on our client’s behalf, and finding the most suitable product at the best value available sets us apart. With more than 80 years of combined expertise, our clients can trust us to find the best policy for their needs.
Discover the unique advantage of InsureBC today. Get in touch with us to find out more about our Group Benefits Insurance Plan and learn how we can contribute to the success of your business.
How does a Group Benefits Insurance Plan work?
Your business pays a premium to the insurance provider, which then covers eligible health-related expenses incurred by your employees.
What is a Group Benefits Insurance Plan?
A Group Benefits Insurance Plan is a comprehensive insurance package that businesses offer to their employees. It typically includes health insurance, dental coverage, disability insurance, and other benefits.
What are the Tax Implications for getting a disability insurance benefits?
The taxation of your benefits hinges on the party responsible for paying the insurance premiums. If you cover the premiums using after-tax dollars, it is customary for your benefits to be exempt from taxes. However, it is advisable to verify the specifics of your individual policy by consulting with your insurance broker.
Can I buy sports equipment insurance online?
Yes! While our 90 locations across BC can assist you with purchasing Sports Equipment Insurance face-to-face, our Online Tool will instantly provide you with a quote and the ability to purchase a policy for your equipment, 24 hours a day, effective immediately. We are the only insurance provider in BC to offer Sports Equipment Insurance as part of our various insurance programs.
What does boat insurance EXCLUDE?
Our product excludes the following: Applicants under the age of 25 years old. Vessel aged 15 years and older. The hull of the vessel that is fiberglass, over wood, wood or Ferro-cement. Vessels with a propane fridge. Vessels with a maximum speed exceeding 50 mph. Vessels that are not checked on a regular basis.
What other benefits does this type of coverage offer?
Special events insurance not only provides financial protection against losses, but it can also help reduce stress and give organizers peace of mind when planning their event. It’s also an important part of risk management that can help protect your business from lawsuits or other litigation if something were to go wrong during your event. InsureBC offers special events insurance for businesses and organizations hosting large gatherings, festivals or other events in BC. With this policy, you can get financial protection against potential losses as well as reduce stress and have peace of mind when planning your event.
Who should consider purchasing special events insurance?
Individuals, organizations and businesses planning any kind of public gathering in BC should consider getting special events insurance in order to protect themselves financially if something were to go wrong during the event they planned.
What types of losses are covered under this policy?
This policy covers financial loss due to legal liability from claims made by third parties resulting from bodily injury, property damage or advertising injury caused by an insured’s negligence at the event site. It also offers coverage for loss due to cancellation of the event and/or non-appearance of key personnel (e.g., speakers) due to illness or accident.
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.
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