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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 kind of coverage does international business insurance offer?
International business insurance can provide a range of coverage, including property insurance, liability insurance, commercial auto insurance, and workers' compensation insurance. It can also provide coverage for political risk, kidnap and ransom, and other specialized risks.
Who needs international business insurance?
Any business that operates internationally should consider getting international business insurance. This can include businesses that have overseas offices, employees who travel internationally, or those that conduct business with clients overseas.
What is international business insurance?
International business insurance is a type of insurance that provides coverage for businesses that operate internationally. This can include coverage for property, liability, and other risks associated with conducting business abroad.
What happens if the principal fails to fulfill their obligation?
If the principal fails to fulfill their obligation, the surety company steps in and pays the damages up to the bond amount. The principal then has to reimburse the surety company for the payment made.
Can I cancel my surety bond?
Yes, you can cancel your surety bond, but you need to give a written notice to the obligee and the surety company. The cancellation terms and conditions are usually specified in the bond agreement.
How long does it take to get a surety bond?
The processing time for a surety bond application varies depending on the type of bond, the obligee's requirements, and the complexity of the obligation. Generally, it takes a few days to a week to get a surety bond.
Can I cash out my 20-Year Term Life Insurance policy before the end of the term?
While 20-Year Term Life Insurance policies do not typically have a cash value component like permanent life insurance policies, there may be options available depending on the specific terms and conditions of your policy. It's important to review your policy contract and consult one of our agents to understand if any cash surrender value or surrender options exist for your particular policy.
I’m retiring or losing my insurance from my workplace. How can I replace it?
If you're retiring or your workplace insurance is coming to an end, replacing it with a 20-year term life insurance policy or a permanent life insurance policy, can be a consideration. This provides continuous life insurance coverage that fits your needs. You can receive life insurance quotes directly from our agents or by dropping by one of our offices.
What if I already have insurance through my employee benefits?
Even if you have life insurance coverage through your employee benefits (it is usually quite limited) supplementing this with a personal 20-year term life insurance policy can be beneficial. This can ensure that you have continuous coverage, even if you switch jobs or lose your employee benefits.
Do you have to be Canadian to apply for 20-year term life insurance?
Most life insurance companies in Canada require applicants to be Canadian residents to apply for a 20 year term life insurance plan. However, some policies may extend to non-residents under certain conditions. You can acquire life insurance quotes directly from our representatives or by visiting any of our physical locations.
What happens if I die while my 20 year term life insurance policy is still active?
If you pass away within the term of your 20-year term life insurance policy, your beneficiaries will receive a tax-free lump sum payment, known as the death benefit. This could provide significant financial support, helping your loved ones cover various expenses, from daily costs to substantial commitments such as mortgage payments.
What’s not covered in a 20-year term life insurance plan?
While a 20-year term life insurance plan covers death due to most causes, there can be exclusions. These may include deaths resulting from undisclosed medical conditions or suicide within a specific initial period (typically two years). Understanding the terms and conditions of your specific 20-year term life insurance policy is critical.
What should I do if I think I've been a victim of identity theft?
If you suspect that you've been a victim of identity theft, act quickly. Contact your bank and credit card companies, place fraud alerts on your credit reports, and file a police report. Contact your broker for more details on what steps to take.
Will Identity Theft Restoration Insurance prevent identity theft from happening?
No, InsureBC's Identity Theft Restoration Insurance cannot prevent identity theft from happening. However, it can help protect you financially in the event of an identity theft event.
Can I purchase InsureBC's Identity Theft Restoration Insurance online?
Yes, you can purchase InsureBC's Identity Theft Restoration Insurance online. Simply visit our website by clicking this link and complete the online application to get a personalized quote.
What is identity theft insurance?
Identity theft insurance is a type of insurance policy that helps protect you from financial losses resulting from identity theft. It typically covers expenses related to restoring your identity, such as lost wages, legal fees, and credit monitoring services.
What should I look for when choosing a boat insurance policy in BC?
When choosing a boat insurance policy in BC, it's important to consider the coverage options, deductibles, and premiums. You should also research the insurer's reputation for customer service and claims handling.
What factors affect the cost of boat insurance in BC?
The cost of boat insurance can vary depending on several factors, such as the type and size of your boat, its age and condition, where you operate it, and your driving record. Other factors may also come into play, such as whether you have safety equipment on board, such as life jackets and fire extinguishers.
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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