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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.
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.
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 is travel insurance?
Travel insurance is a type of insurance policy that can provide financial protection against unforeseen events that may occur while traveling. It can cover things like trip cancellation or interruption, medical emergencies, lost or stolen baggage, and more.
What types of equipment can I insure?
We insure a variety of sorts equipment, including bikes, canoes, kayaks, skis, snowboard, surfboards, windsurfers, paddle boards, golf clubs and more.
I have to cancel my event. Is event cancellation covered?
Event cancellation coverage is an important element to prevent financial hardship in case of the event’s cancellation. This coverage can also be particularly useful when the event is not entirely canceled as even certain expenditures due to unforeseen circumstances may be covered. These circumstances can include things such as catastrophic weather and other unpredictable circumstances. The coverage may include financial reimbursement to the insured for deposits and other charges paid or contracted to be paid for transport, catering services, accommodation, photographs, flowers or dress hire booked for but not used and other non-refundable cancellation expenses incurred. If you’re not sure whether your Special Events Insurance contains this coverage, do not hesitate to contact us. Our online product does not have the event cancellation coverage, but if you would like to have the option to be included, please contact us.
Where can I buy cheap Special Events Insurance in BC?
We are now pleased to offer Special Event Insurance online, through our website. We have made the buying process so simple, you merely have to answer a few easy questions and you’ll instantly have access to the insurance policy for your event. Not sure what you need? With over 90 insurance offices across BC, we are one of BC’s largest writers of Special Event Insurance. Each of our offices can assist you in finding you the best Special Event Insurance for the lowest possible price. Whether you are getting married soon, planning an anniversary party or attending a convention, we will find you the best coverage for your circumstance.
I keep my bike in my backyard or at a stand outside of my condo building overnight. Is this covered?
At night bikes must be kept locked and secure INSIDE a building. This means that they have to be locked inside your home, condo, or a secure condo bike room. During the day the bike can be outside, however it must be locked and secure.
Do you insure e-bikes?
Our self-serve online policy only provides coverage for pedal pikes, however we have a separate e-bike policy that can be purchased. If you contact us at 778-945-2761 or email contact@insurebc.ca, we will get your e-bike covered. Please note, the maximum watt allowance is 500W.
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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