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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 type of businesses qualify for Home Based Business Insurance in BC?
Any type of business operating out of a residential property may be eligible for a Home Based Business (HBB) policy with InsureBC as long as they meet certain criteria such as gross annual revenue thresholds and having fewer than 10 employees working at the premises on any given day. Home-based business insurance covers the things you need to run your business. Whether it’s your office contents, your general liability or items pertaining to legal expenses you may incur, our home-based insurance packages offer you peace of mind so you can focus on what’s most important—growing your business.
What if I need to make changes to my policy?
Changes can be made to your Home Based Business insurance policy at any time by contacting your InsureBC broker. Your broker can help you to make the necessary adjustments or explain any available options.
Is it possible to purchase Home Based Business Insurance online?
Yes, this policy can be purchased online in a matter of minutes!
Are there any special endorsements available for Home-Based Business Insurance?
Yes, we offer additional coverage for Home-Based Business policies such as Professional Liability and Cyber Liability Insurance. These endorsements help to provide tailored protection for your specific business operations.
Do I need to purchase separate liability insurance for my home office or workplace?
Yes, it is important to ensure that your personal Homeowner’s policy does not provide the required protection. A dedicated Home-Based Business insurance policy from InsureBC provides tailored protection for your unique needs.
What happens to the death benefit of my Permanent Life Insurance policy?
The death benefit of your permanent life insurance policy is typically paid to the designated beneficiaries upon your passing. It provides a tax-free lump sum payment that can be used to cover various expenses, such as funeral costs, outstanding debts, income replacement, or any other financial needs your beneficiaries may have.
Is the cash value component of Permanent Life Insurance tax- deferred in Canada?
Yes, the cash value component of permanent life insurance is generally tax-deferred in Canada. This means that the growth of the cash value is not subject to immediate income taxation. However, if you withdraw the cash value from your policy, it may be subject to tax implications.
Can I customize my Permanent Life Insurance policy to suit my specific needs?
Yes, one of the advantages of permanent life insurance is its flexibility. You can customize your policy to suit your specific needs by adjusting the coverage amount, premium payments, and death benefit options. Additionally, some permanent life insurance policies offer optional riders or additional coverage options that can be added to tailor the policy further.
How are the premiums calculated for Permanent Life Insurance?
The premiums for permanent life insurance are calculated based on various factors, including your age, gender, health condition, coverage amount, and the type of permanent life insurance policy you choose. Generally, the younger and healthier you are, the lower the premiums will be. It is important to note that permanent life insurance premiums are typically higher than term life insurance premiums due to the lifelong coverage and cash value component.
How much coverage do I need with Permanent Life Insurance?
The amount of coverage you need with permanent life insurance depends on various factors, including your financial obligations, income replacement needs, and long-term goals. Consider factors such as outstanding debts, mortgage payments, education expenses for dependents, and the standard of living you wish to maintain for your loved ones. For information on Calculationg the amount of Insura ce you sould have please visit our Insurance Needs Calcuator.
What are the benefits of Permanent Life Insurance compared to Term Life Insurance?
Permanent Life Insurance offers several benefits compared to term life insurance. Firstly, it provides lifelong coverage, ensuring that your loved ones are financially protected no matter when you pass away. Additionally, permanent life insurance builds cash value over time, which can be used for various purposes, such as supplementing retirement income, funding educational expenses, or covering emergencies.
It also offers potential tax advantages, as the cash value growth is tax-deferred. Unlike term life insurance, permanent life insurance allows you to accumulate cash value and potentially receive a portion of the premiums paid back.
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
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