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I am looking for Rented Condo/Landlord Insurance, however the unit is not tenanted yet. Can I still purchase insurance before the tenants move in?
In order to purchase rented condo/landlord insurance, the unit must be tenanted within 30 days of the policy effective date. Vacant properties pose a greater risk, as nobody would be there to report an incident should one occur, which can lead to further damage. Therefore, vacant condos are not eligible for a standard rented condo policy through our online platform. However if you still wish to purchase insurance prior to your unit being tenanted, give us a call and we will look into separate vacancy insurance options for you.
Does my homeowners policy cover my rental property?
If you are just renting out a suite in your primary residence, yes this can be added onto your homeowners policy. However, if you are renting out a place that is not your primary residence, you will need separate landlord insurance for that.
I rent my home seasonally. What kid of coverage should I get?
A seasonal property, like a cottage or a cabin, requires insurance coverage for the entire year. If you rent out your home on a seasonal basis, the type of coverage you require depends on how you decide to rent it out. If your rental is primarily being rented out, then you should cover it under a landlord policy. If you only rent it out from time to time, contact one of our advisors to make sure you have the best policy to fit your situation. Please remember that your possessions are not covered for theft while your cottage is being rented out to others, and the belongings of any tenants, roomers or boarders are also not covered. They are required to have their own policy in place.
Does landlord insurance cover tenant damages?
Even when you think you have found yourself the perfect tenants, the unexpected could happen and your ‘ideal’ tenant could damage your rental property. Should that happen, your landlord insurance may cover the damage they cause, depending on your landlord policy, the type and the extent of the damage caused. Keep in mind, the easiest way to differentiate between what is and isn’t covered is as follows: the property owner’s landlord insurance policy typically covers the structure of the building and the tenant's renters insurance covers the tenant’s personal belongings. And don’t forget, landlord insurance does not provide any coverage for the tenant’s personal belongings, regardless of how the property was damaged.
Why should landlords require renters insurance?
A key reason for landlords to require tenants to purchase renters insurance when they move in is to reduce the exposure to potential legal action. When a tenant does not carry renters insurance, the landlord may actually be held liable in the event that the tenant has a guest visiting, who subsequently injures him/herself and sues for medical compensation. Asking your tenants to carry renters insurance can also act as a good screening tool. If potential renter complaints about the cost or tenants insurance, it could be an indication that the potential tenant may not be able to afford the rent either. Finally, rental insurance also protects the tenants in the event of a claim that gives way to them losing their possessions. Should that happen, renters insurance also provides them with coverage for additional living expenses so they can find alternative accommodation.
What does Condo Insurance cover?
Condo insurance covers your personal property, personal and premise liability, additional living expenses, unit betterments and improvements, loss assessment and strata deductibles. The Strata has their own policy in place that covers damage to the building itself and common areas, however it does not protect your unit. As a result, Condo Insurance is designed to protect the gaps that may exist in the Strata’s insurance.
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.
How do I get started with professional liability insurance with InsureBC?
To get started, you can fill in the quote form on our website, or contact your local office to discuss your specific needs. We'll tailor a policy that’s right for you.
How much does Professional Liability Insurance Cost in BC?
A Professional Liability policy is not nearly as expensive as people think. Depending on the type of service your company offers, a policy can start as low as $700 annually. Please contact one of our 90 locations for a free, no-obligation quote for E&O insurance.
Why do I need professional liability insurance?
Professional liability insurance gives you peace of mind that your business has protection against potential legal costs related to a claim. It also helps protect your assets, employees, and reputation should any allegations be made against you or your organization.
What types of risks does D&O liability protect against?
D&O policies typically cover negligence related claims against individual directors and officers related to financial loss caused by mismanagement, errors in judgement etc., libel/slander claims arising out of publications made within the scope of their corporate role; breach fiduciary duty claim which arise when there has been a failure by the insured person(s) to carry out their legal duties; securities litigation claiming that false information was given to the public through a press release or other form of announcement; and wrongful employment practices such as breach of contract, discrimination, sexual harassment etc.
When should I get D&O insurance?
As soon as you become a director or officer in a business, it’s important to consider getting this coverage. In some industries such as finance or health care organizations are required by law to have certain levels of D&O insurance in order to operate.
What types of Home-Based Business Insurance policies are available?
We offer a range of home-based business insurance policies, including Liability, Property and Business Interruption coverage.
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.
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.
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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