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What is strata water deductible, and why would I need to top it up?
As a Condo owner, you have a Strata corporation that has insurance for the building as a whole including shared common areas, in addition to your own condo policy which covers your individual unit. Your strata’s insurance policy has certain deductibles that they would charge each owner in the event of a claim. Your base policy will provide coverage for this in Condo Deductible Protection, so be sure to match this coverage with what your strata requires. Unfortunately, in recent months a large number of BC Strata Corporations have seen their water deductibles increase significantly, which now far exceeds the limit offered by the insurance carrier covering the individual condos. In other words, the strata deductible offered in your base policy can be much lower than what the strata corporation requires. Therefore, to ensure you are not held personally responsible for the difference in the event of a claim, you can purchase a top-up or buy-back coverage to match what the strata requires. Our buy-back option addresses the exposure after both the building policy and the personal condo policy have exhausted their limits, essentially closing the gap.
Why do I need tenant insurance? Isn’t insurance my landlord’s responsibility?
Both parties should have an insurance policy as each one will cover different things. The landlord's insurance covers the property itself, their contents, loss of rental income, and premise liability. This coverage does not extend to tenants. Tenants insurance covers your personal belongings, your own tenant liability insurance, and any extra living expenses that you would incur should you have to temporarily relocate while your place is being repaired.
How many roommates are allowed on a tenants insurance policy?
Roommates are not covered by tenant insurance policies, as each tenant must have their own policy. Please note, immediate family members do not qualify as roommates and will be automatically covered by the policy.
Is tenant insurance mandatory in British Columbia?
Many landlords in British Columbia require their tenants to purchase tenant insurance prior to moving in. Luckily, it is among the most affordable and simple insurance products in the marketplace. Depending on coverages, your policy can start as low as $20 per month.
How much does Tenant's Insurance cost in BC?
Tenants insurance is among the most affordable and simple insurance products in Vancouver and the rest of the BC marketplace. In many situations, the cost of tenant insurance is far lower than people expect. Depending on the coverages you select and the number of possessions you own, a typical tenants insurance policy can start as low as $20/month. All of our offices specialize in Tenants insurance and represent Canada’s largest and most reputable insurance companies. Our online system is backed by a number of licensed insurance brokers who are true experts in the field of Tenants Insurance. We have just put the entire purchase experience online to allow you to purchase it on your own. Give it a try and get a quick renters insurance quote.
You may also be eligible for discounts by bundling your tenant insurance with other policies, such as car insurance.
Despite what some people believe, renters insurance can actually be purchased at a relatively low cost. Before we cover the insurance rates, however, let’s have a closer look at the coverage offered within a renter insurance policy, offered by one of Canada’s largest insurance companies.
What does landlord insurance cover?
Landlord insurance covers the property itself (and any unit improvements), the landlord’s contents (i.e. appliances, furniture, etc.), loss of rental income, and premise liability. Our landlord insurance policy is customizable to suit your coverage needs.
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.
What is permanent life insurance?
Permanent life insurance is a type of life insurance that provides coverage for the entire life of the insured. It also has a savings component that accumulates cash value over time.
How much does 20-year term life insurance cost?
When it comes to the cost of 20-year term life insurance, several factors can influence it. Your age, health status, and other underwriting criteria can impact the cost of your policy. While premiums for 20-year term life insurance are typically affordable and cost-effective, the exact amount you will pay may vary. Therefore, for more details on the cost of a 20-year term life insurance policy, it is best to contact your broker.
Who is eligible for 20-year term life insurance?
For term 20 life insurance, most healthy individuals, depending on their age and lifestyle, are generally eligible. A medical exam is often part of the application process. This exam allows life insurance companies to assess the health risks associated with the applicant. 20-year term life insurance rates can vary based on these assessments.
What is 20-year term life insurance?
A 20-year term life insurance, also known as term 20 life insurance, provides a coverage period of20 years. The insured pays regular insurance premiums to the insurance company during this period. If the insured passes away within these 20 years, the company provides a tax-free death benefit to the chosen beneficiaries.
Can I convert my 10-year life insurance policy to a permanent policy?
Yes, you may be able to convert your 10-year life insurance policy to a permanent policy before the end of the term. However, the specifics of policy conversion may vary depending on the insurer and policy, so it's best to contact your broker to learn more details.
How do I apply for 10-year life insurance in BC?
You can apply for 10-year term life insurance in BC by contacting your broker. They can help you choose the right policy and guide you through the application process.
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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