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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 do I get started with professional liability insurance with InsureBC?
To get started, you can fill in the quote form on our website, or contact your local office to discuss your specific needs. We'll tailor a policy that’s right for you.
How much does Professional Liability Insurance Cost in BC?
A Professional Liability policy is not nearly as expensive as people think. Depending on the type of service your company offers, a policy can start as low as $700 annually. Please contact one of our 90 locations for a free, no-obligation quote for E&O insurance.
Why do I need professional liability insurance?
Professional liability insurance gives you peace of mind that your business has protection against potential legal costs related to a claim. It also helps protect your assets, employees, and reputation should any allegations be made against you or your organization.
What types of risks does D&O liability protect against?
D&O policies typically cover negligence related claims against individual directors and officers related to financial loss caused by mismanagement, errors in judgement etc., libel/slander claims arising out of publications made within the scope of their corporate role; breach fiduciary duty claim which arise when there has been a failure by the insured person(s) to carry out their legal duties; securities litigation claiming that false information was given to the public through a press release or other form of announcement; and wrongful employment practices such as breach of contract, discrimination, sexual harassment etc.
When should I get D&O insurance?
As soon as you become a director or officer in a business, it’s important to consider getting this coverage. In some industries such as finance or health care organizations are required by law to have certain levels of D&O insurance in order to operate.
What types of Home-Based Business Insurance policies are available?
We offer a range of home-based business insurance policies, including Liability, Property and Business Interruption coverage.
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 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.
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