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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.
Are there any discounts available on ICBC auto insurance?
Yes, drivers can take advantage of several ICBC discounts such as good driving record, safe driver discount and low-risk vehicle discount.
Can I switch between ICBC auto coverage plans?
Yes, you can switch between ICBC auto insurance plans at any time. However, you may incur additional charges or fees if you want to make changes to your existing policy. Read more: https://www.icbc.com/insurance/Pages/FAQs.aspx
Can the policy be transferred to a family member?
Yes! If you transfer ownership to any of your immediate family members mid-term, your policy can be transferred to the new owner. The recipient of your vehicle would keep the same policy number, effective and expiry date.
Can the policy be transferred to a new vehicle?
Yes! If you purchase a new vehicle while mid-term in your current policy, we can process a transfer of the policy to your new vehicle. This will generate a new policy, with a new policy number, effective and expiry date. Any unused portion of the premium for your previous policy can be applied to the new insurance premium as transfer credit.
Do I have to buy New Vehicle Replacement insurance when I buy my car, or can I get it later on?
Our unique eligibility guidelines allow for any vehicle that is 5 years old or newer to qualify for New Car Replacement coverage. That means you are not required to have just recently purchased your vehicle to qualify and can purchase a policy any time between your vehicle being brand new, and 5 model years old. There is also no kilometre restriction, just as long as your vehicle has not been driven on average more than 40,000 km a year since it was new.
Do I have to buy the same vehicle as I had previously?
No, after a total loss you are not required to buy the same vehicle as you had previously. You are more than welcome to choose a different or better vehicle, or even take the cash settlement if you’d like, however we will only pay up to the replacement value of the same make, model, and trim package as the vehicle that you had previously. It will be in the most current model year.
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.
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