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I own a condo and rent it to someone else. Should I get Condo Insurance?
Absolutely! But, rather than a Condo policy, you’ll need a Rented Condo policy, also known as a Landlord policy. These differ significantly from a Condo policy where you live in the unit yourself as the exposures are somewhat different. You can get a quote for your Landlord insurance policy here. Those who use their Condo for occasional Airbnb rentals will require a different policy again, as the exposures are somewhat different. If you’re not sure which policy to purchase, don’t hesitate to contact one of our insurance advisors.
How much does condo insurance cost in BC?
One major benefit of condo insurance is that it is generally inexpensive to purchase. Despite condo insurance rates in Vancouver being on the rise recently, the annual cost of a typical condo insurance policy in Vancouver does not have to set you back more than $400-$500/year, depending on the insurance coverage you select. More than anything, however, for those who own or are looking to buy a condo in Metro Vancouver, or other parts of the province, it is important to find a condo insurance policy that fits the unique needs of both your individual unit as well as the strata corporation. Be forewarned that it is not always about the lowest rate when it comes to reviewing insurance quotes. Make sure your insurance company provides coverage for the areas you need, whether that’s a certain type of replacement cost coverage or special coverage to protect you from possible water damage.
What is condo deductible protection?
Your strata corporation has a policy insuring the whole building and common areas. They have a deductible, which is the amount that they are responsible for in the event of a claim. Condo deductible protection helps protect you if the deductible is assessed back on to you by your strata corporation.
If I make improvements or renovations to my unit, will they be covered?
While your Strata corporation’s insurance policy will typically cover original fixtures and fittings, your Condo Insurance will cover any improvements that you have made, including materials and supplies being used to conduct the upgrades. Be sure to review your Strata’s insurance policy to ensure your condo policy has enough coverages to match theirs to avoid being held liable for any gaps.
Is Condo Insurance mandatory in B.C.?
Condo insurance is not mandatory by law, however if you are applying for a mortgage, most lenders will impose this as a condition for mortgage approval. Whether mandatory or not, it is extremely important to protect your investment.
What does home insurance cover?
The basic coverages included in any homeowners policy are coverage for your home and its contents, as well as your personal liability, anywhere in the world. More specifically, for those who live in their homes year-round, your homeowners insurance will typically cover: The building (ie the dwelling) Detached Structures on the premises, like a garage, shed outhouse, etc The Personal Property you own, such as computers, books furniture, electronics, clothing, books, jewellery, etc Any trees and shrubs located outside and on the premises Your Additional living expenses, should you have to relocate as a result of a covered claim The loss of any rental income after making a claim, if applicable. Your homeowners insurance typically also covers the same things for your spouse and any relatives who are living with you in the same household. Keep in mind that you can typically customize your insurance policy to get the right type and amount of insurance for your specific needs, such as adding a high-end bicycle or an expensive piece of jewelry. It’s always good to keep your policy current and up to date with the value of the personal possessions of everyone on the policy to ensure you’re adequately covered.
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 can an insurance advisor help me choose the right plan?
Our insurance advisors are experts in the field. Our insurance advisors are experts in the field. They will take the time to understand your unique needs and financial goals. They will guide you through the various types of life insurance, explaining the benefits and potential drawbacks.
Finally, they will assist you in selecting a plan that aligns best with your situation.
At InsureBC, we're committed to finding the best policy for your needs. As a leading insurance broker in BC, we navigate the complexities of the insurance market on your behalf. Speak to an insurance advisor today for personalized advice and term life insurance quotes.
Do I need a medical exam to apply for term life insurance?
Some insurance policies may require a medical exam, while others may not. It depends on the insurance company and the type of policy you choose. Check in with your insurance broker to see what are the requirements for the policy you are looking for.
What happens if I outlive my term life insurance policy?
If you outlive your policy, you will no longer have coverage. However, you may have the option to renew your policy or convert it into a permanent one.
Can I renew my term life insurance policy?
Yes, most of our term life insurance policies are renewable and convertible, which means you can renew them for another term or convert them into a permanent life insurance policy.
How does term life insurance differ from universal life insurance?
While term life insurance offers coverage for a specified term, universal life insurance provides lifetime coverage. Moreover, universal life insurance combines a death benefit with a savings component, allowing you to build cash value over time that you can borrow against. If you want to learn more about the difference between the two, check out our comprehensive blog post about Term life vs Whole life.
What are the benefits of a term life insurance plan?
Term life insurance offers several benefits. Term life insurance provides extensive coverage at a more affordable price compared to permanent life insurance. This means you can get the most protection for your money. You can customize term life insurance to align with specific financial obligations, providing peace of mind.
Who needs visitor medical insurance for Canada?
All visitors to Canada, including tourists, international students, and temporary workers, should consider purchasing visitor insurance for Canada to protect themselves from unexpected medical expenses.
What is visitor insurance for Canada?
Visitor insurance for Canada is a type of travel insurance that provides medical coverage for visitors to Canada who require emergency medical care during their trip.
Can I purchase travel insurance after I've already booked my trip?
Yes, you can often purchase travel insurance after you've already booked your trip. However, some coverage options may be limited or unavailable if you wait too long to purchase a policy. It's best to purchase travel insurance as soon as possible after booking your trip to ensure maximum coverage.
What does travel insurance typically cover?
Travel insurance can cover a wide range of events, including trip cancellation or interruption, medical emergencies, evacuation or repatriation, lost or stolen baggage, and more. The specific coverage options can vary depending on the provider and plan you choose. Contact your broker for more details.
Can I get a travel insurance quote online?
Yes, you can often get a travel insurance quote online by filling out a form with your trip details and coverage preferences. InsureBC offers an online quote tool for travel insurance, making it easy to get a quote quickly and conveniently.
Why do I need travel insurance?
Travel insurance can help protect you financially in case of unexpected events during your trip. Without travel insurance, you could be responsible for paying out of pocket for medical expenses, trip cancellations, lost or stolen baggage, and more. Travel insurance can provide peace of mind and help you avoid significant financial losses.
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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