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I am looking for Rented Condo/Landlord Insurance, however the unit is not tenanted yet. Can I still purchase insurance before the tenants move in?
In order to purchase rented condo/landlord insurance, the unit must be tenanted within 30 days of the policy effective date. Vacant properties pose a greater risk, as nobody would be there to report an incident should one occur, which can lead to further damage. Therefore, vacant condos are not eligible for a standard rented condo policy through our online platform. However if you still wish to purchase insurance prior to your unit being tenanted, give us a call and we will look into separate vacancy insurance options for you.
Does my homeowners policy cover my rental property?
If you are just renting out a suite in your primary residence, yes this can be added onto your homeowners policy. However, if you are renting out a place that is not your primary residence, you will need separate landlord insurance for that.
I rent my home seasonally. What kid of coverage should I get?
A seasonal property, like a cottage or a cabin, requires insurance coverage for the entire year. If you rent out your home on a seasonal basis, the type of coverage you require depends on how you decide to rent it out. If your rental is primarily being rented out, then you should cover it under a landlord policy. If you only rent it out from time to time, contact one of our advisors to make sure you have the best policy to fit your situation. Please remember that your possessions are not covered for theft while your cottage is being rented out to others, and the belongings of any tenants, roomers or boarders are also not covered. They are required to have their own policy in place.
Does landlord insurance cover tenant damages?
Even when you think you have found yourself the perfect tenants, the unexpected could happen and your ‘ideal’ tenant could damage your rental property. Should that happen, your landlord insurance may cover the damage they cause, depending on your landlord policy, the type and the extent of the damage caused. Keep in mind, the easiest way to differentiate between what is and isn’t covered is as follows: the property owner’s landlord insurance policy typically covers the structure of the building and the tenant's renters insurance covers the tenant’s personal belongings. And don’t forget, landlord insurance does not provide any coverage for the tenant’s personal belongings, regardless of how the property was damaged.
Why should landlords require renters insurance?
A key reason for landlords to require tenants to purchase renters insurance when they move in is to reduce the exposure to potential legal action. When a tenant does not carry renters insurance, the landlord may actually be held liable in the event that the tenant has a guest visiting, who subsequently injures him/herself and sues for medical compensation. Asking your tenants to carry renters insurance can also act as a good screening tool. If potential renter complaints about the cost or tenants insurance, it could be an indication that the potential tenant may not be able to afford the rent either. Finally, rental insurance also protects the tenants in the event of a claim that gives way to them losing their possessions. Should that happen, renters insurance also provides them with coverage for additional living expenses so they can find alternative accommodation.
What does Condo Insurance cover?
Condo insurance covers your personal property, personal and premise liability, additional living expenses, unit betterments and improvements, loss assessment and strata deductibles. The Strata has their own policy in place that covers damage to the building itself and common areas, however it does not protect your unit. As a result, Condo Insurance is designed to protect the gaps that may exist in the Strata’s insurance.
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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