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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.

Renters Insurance

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.

Strata Water Deductible

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.

Strata Water Deductible

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.

Strata Water Deductible

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.

Strata Water Deductible

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.

Earthquake Insurance
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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.

Car Insurance

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

Car Insurance

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.

New Vehicle Replacement Insurance

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.

New Vehicle Replacement Insurance

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.

New Vehicle Replacement Insurance

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.

New Vehicle Replacement Insurance
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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.

Professional Liability Insurance

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.

Professional Liability 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.

Professional Liability Insurance

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.

Directors & Officers Liability Insurance

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.

Directors & Officers Liability Insurance

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.

Home Based Business Insurance
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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.

30-Year Term Insurance

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.

30-Year Term Insurance

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.

30-Year Term Insurance

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.

30-Year Term Insurance

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.

25-Year Term Insurance

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.

25-Year Term Insurance
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Can I buy sports equipment insurance online?

Yes! While our 90 locations across BC can assist you with purchasing Sports Equipment Insurance face-to-face, our Online Tool will instantly provide you with a quote and the ability to purchase a policy for your equipment, 24 hours a day, effective immediately. We are the only insurance provider in BC to offer Sports Equipment Insurance as part of our various insurance programs.

Sports Equipment Insurance

What does boat insurance EXCLUDE?

Our product excludes the following: Applicants under the age of 25 years old. Vessel aged 15 years and older. The hull of the vessel that is fiberglass, over wood, wood or Ferro-cement. Vessels with a propane fridge. Vessels with a maximum speed exceeding 50 mph. Vessels that are not checked on a regular basis.

Boat Insurance

What other benefits does this type of coverage offer?

Special events insurance not only provides financial protection against losses, but it can also help reduce stress and give organizers peace of mind when planning their event. It’s also an important part of risk management that can help protect your business from lawsuits or other litigation if something were to go wrong during your event. InsureBC offers special events insurance for businesses and organizations hosting large gatherings, festivals or other events in BC. With this policy, you can get financial protection against potential losses as well as reduce stress and have peace of mind when planning your event.

Special Events Insurance

Who should consider purchasing special events insurance?

Individuals, organizations and businesses planning any kind of public gathering in BC should consider getting special events insurance in order to protect themselves financially if something were to go wrong during the event they planned.

Special Events Insurance

What types of losses are covered under this policy?

This policy covers financial loss due to legal liability from claims made by third parties resulting from bodily injury, property damage or advertising injury caused by an insured’s negligence at the event site. It also offers coverage for loss due to cancellation of the event and/or non-appearance of key personnel (e.g., speakers) due to illness or accident.

Special Events Insurance

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.

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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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