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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 types of coverage are available with ICBC Basic Motorcycle Insurance?
Coverage includes Liability, Uninsured Automobile and Accident Benefits.
When can I renew my personal ICBC Auto policy online?
You can renew your auto insurance online as early as 45 days before your current policy expires, up until the expiry date. If your transaction is eligible, you should be able to do the whole renewal process in a matter of minutes, from anywhere at your convenience.
Will I be covered if something happens while parked at home?
Yes provided you purchased comprehensive coverage; this type of policy should cover losses or damages sustained by your trailer regardless of its location including at home or being stored off-site during non-use periods such as winterizing season.
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.
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.
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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