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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.
How much does a surety bond cost in British Columbia?
The cost of a surety bond depends on various factors, such as the type of bond, bond amount, the risk associated with the obligation, and the creditworthiness of the principal.
What is the difference between a surety bond and insurance?
Insurance covers potential future losses, while surety bonds ensure that obligations are fulfilled. In other words, insurance protects against unexpected losses, while surety bonds protect against non-performance.
Who needs a surety bond?
Surety bonds are often required by contractors, government agencies, and individuals who want to ensure the fulfillment of obligations or compliance with regulations.
What is a surety bond?
A surety bond is a three-party agreement that ensures the fulfillment of a contractual obligation between the obligee and the principal, backed by a third-party surety company.
How much does home-based business insurance cost in BC?
Home-based business insurance is much more affordable than most small (home-based) business owners think. Depending on the nature of your business, how much equipment you have at home that is used for business purposes and how much revenue you anticipate generating, a home-based business insurance policy will only set you back as little as$50-75 monthly.
How much does Directors & Officers Insurance Cost in BC?
A Directors and Officers Liability policy is not nearly as expensive as people think. Depending on the roles the Directors and/or Officers are required to fulfill, a policy can start as low as $400 annually. Please contact one of our 90 locations for a free, no-obligation quote for D&O insurance.
Can I utilize the cash value in my Permanent Life Insurance policy to cover premiums?
Yes, one of the benefits of Permanent Life Insurance is the ability to use the accumulated cash value to pay premiums. As the policy builds cash value over time, you may have the option to tap into this value to offset premium payments. This feature provides flexibility and can help ensure that your policy remains in force even if you encounter financial challenges. However, it's important to understand the implications of utilizing the cash value, such as potential impacts on the death benefit and policy performance.
How do I select the ideal Permanent Life Insurance policy and insurer?
Choosing the right Permanent Life Insurance policy and insurer requires careful consideration. Start by assessing your long-term financial goals and protection needs. Consider factors such as the coverage amount, premium affordability, policy features, and customer service reputation of the insurer.
Can I transfer my Permanent Life Insurance policy to another person?
Permanent life insurance policies are generally non-transferable. The policy owner and the insured individual are typically the same person. However, you may have the option to change the policy's ownership or beneficiary designation, allowing you to transfer the benefits to another person or entity.
It is crucial to carefully review the terms of your policy contract and seek guidance from our agents regarding any potential transfers.
Are there any medical exams required to qualify for Permanent Life Insurance?
The medical exam requirements for permanent life insurance vary depending on factors such as your age, coverage amount, and the insurance company's underwriting guidelines. Generally, larger coverage amounts may require a medical exam, which typically includes a physical assessment, blood tests, and medical history review.
Is Permanent Life Insurance suitable for retirement planning?
Yes, permanent life insurance can be a valuable component of retirement planning. It provides lifelong coverage and builds cash value over time, which can be used to supplement retirement income or cover expenses during retirement. The cash value growth in permanent life insurance is tax-deferred, allowing for the potential accumulation of funds that can be accessed in retirement.
Can I convert my Term Life Insurance policy into Permanent Life Insurance?
Most term life insurance policies offer the option to convert to a permanent life insurance policy within a specified timeframe. This allows you to transition from temporary coverage to lifelong protection without the need for a new medical exam. It's important to review your policy terms and conditions to determine if conversion is available and understand any associated costs or limitations.
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.
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