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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.
What are Employee Health Insurance, Health benefits & Group Health?
Employee Health Insurance is a plan provided by employers covering their employees' medical expenses. Health Benefits encompass Employee Health Insurance and can also include other forms of coverage like dental, vision, and disability insurance. Group Heath is a type of insurance plan where the employer and employees collectively share the cost of coverage.
What is a companion benefit in group health insurance?
A companion benefit in group health insurance refers to additional coverage or services that complement the base health insurance plan. This could include services like mental health counselling or wellness programs.
What is employer-sponsored healthcare coverage?
Employer-sponsored healthcare coverage is a health insurance plan provided by a company to its employees. The employer typically pays a portion of the premium and the employee pays the rest.
How to choose the best group health insurance?
Choosing the best group health insurance involves considering the specific needs of your employees, the cost of the plan, the extent of coverage, and the reputation of the insurance provider.
How should startups get Group health insurance?
Startups can acquire group health insurance the same way any other business would, by reaching out to an insurance broker or provider. It's important for startups to consider the specific needs of their team and business model.
How does an employer start a group health insurance plan?
Starting a group health insurance plan involves contacting an insurance broker or provider, discussing the needs of the business and employees, and choosing a plan that suits those needs.
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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