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What type of coverage do I need?
The type of coverage you need is typically based on the value of the home you live in, and therefore want to insure. The insurance company considers every little thing required to rebuild your home to the same state it was, before experiencing the loss. This includes items such as the number of stories of the home, the area covered by the dwelling, the possible presence of a garage, and even down to the basement, whether it was fully finished or not. It’s important to remember that the value you insure your home for is not necessarily a reflection of the current market value of your home or how much you think you could get for your home if you were to sell it today.
How much should I be paying for home insurance in BC?
The cost of your homeowners insurance policy will depend on a number of factors and can differ greatly between insurance carriers. One of the main factors affecting your premium is the location of your home. All major insurance companies use your postal code to determine the frequency and severity of the claims reported in your neighborhood, and they will use it to determine the risk, and therefore set the rate accordingly. For example, if you live in an area with a high likelihood of break-ins or vandalism, your rate could be higher than what you would pay in an area where those things are rare. The same can be sent for areas prone to flooding, forest fires, etc. Other items that affect your premium are the age, structure and construction type of your home, as well as the heating system you use, the type (and age) of your electrical system and of course your insurance experience, and the various optional coverages you choose to add, such as coverage for Earthquake, overland flooding and others.
Does homeowners insurance cover a home business?
Most homeowners insurance policies do not automatically extend coverage for a business that is being run out of the home. That doesn’t mean it cannot be added, however. Contact one of our insurance advisors if you’re unsure whether your home-based business can be added to your homeowners insurance policy.
Will my home insurance go up if I make a claim?
Depending on the nature of your loss, the premium you pay for your homeowners insurance policy the subsequent year may see an increase, but that’s not a guarantee. Depending on the type of policy you have, you may lose your claims-free status or you may lose your claims-free discount leading to a small increase in your policy premium. Other factors will also come into play, including inflation, the overall performance of your insurance carrier, and even claims-related data within the same period in your postal code.
What should my home insurance deductible be?
Within your homeowners insurance policy, the deductible is the amount that you agree to pay out of your own pocket before the insurance company gets involved to pay the remaining balance of a covered claim, up to the limit you have purchased in your policy. Depending on the homeowners policy you purchase, your main policy deductible can range from $500 to $5,000. The deducible you select should reflect the amount of risk you are willing to take on yourself. Keep in mind, the higher your deductible, the lower your premium, and vice versa.
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.
How much coverage can I get with 10-year life insurance?
The amount of coverage you can get with 10-year life insurance depends on your age, health, and other factors. To determine the right amount of coverage for your needs, it's recommended to speak with your broker.
What are the benefits of 10-year life insurance?
The benefits of 10-year life insurance include affordable premiums, flexibility in coverage, and the ability to easily cancel the policy when you no longer need it. Your broker can provide more information on the specific benefits of 10-year life insurance.
What is 10-year life insurance?
10-year life insurance is a type of term life insurance that provides coverage for a period of ten years. The specifics of 10-year life insurance may vary depending on the insurer and policy, so it's best to contact your broker to learn more details.
Is health insurance for me?
Find out for yourself by answering a few simple questions and allowing one of our Life Insurance experts to contact you in order to give you a free, no obligation quote. Or you can contact us at 1-877-801-7189.
Is 20-year Term Life Insurance for Me?
If you're seeking coverage that's affordable and spans a specific period, a 20-year term life insurance policy may be a good fit for you. This type of life insurance is particularly suited for those who wish to secure their financial obligations during significant life stages, such as raising a family or paying off a mortgage. Regularly paying your premiums is essential to keep your 20-year term life insurance policy active.
Is 10-year Term Life Insurance for me?
If you're looking for short-term life insurance coverage, a 10-year term life insurance might be suitable. It's a good option if you have specific short-term financial obligations or if you're unable to afford longer-term coverage. Regularly paying your premiums keeps your coverage active during the term length. In addition, some companies offer what is known as an exchange feature which allows the insured to extend the term for example from ten year term to a longer term (20 year term). Make sure to check with your Life Insurance specialist to confirm these features.
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.
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.
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.
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.
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.
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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