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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 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

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.

Strata Water Deductible
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Do I need to keep a copy of my renewal documents in my car even if I renewed online?

You must print out your renewal documents and keep them in your vehicle at all times. If you do not have a printer, your local office would be happy to print this for you free of charge. Alternatively, you can request a copy be mailed to you via Canada Post (please allow up to 10 days for delivery)

ICBC Online Renewal

Does being in a car accident affect my car insurance premium?

For an estimate, the impact of an at-fault claim will have on future Autoplan premiums, visit the premium impact estimator.

Optional Car Insurance

Does my policy cover personal items inside the trailer?

It depends on the provider but many will offer additional property replacement provisions which can include reimbursement costs incurred for personal items stored inside a travel trailer. Such coverage may extend to things like furniture, appliances, electronics and other belongings that are lost or damaged due to an eligible risk situation. It is important to check with your insurer to determine the level of coverage available.

Travel Trailer Insurance

How Much Does Auto Insurance Cost in BC?

ICBC bases your car insurance premiums on a variety of factors including the principal operator’s driving experience, the territory of operation of the vehicle, the location of the vehicle when not in use, the use of the vehicle (pleasure only, business, artisan, etc.), the type of car, and any applicable discounts that may apply. If you have more than 10 years driving experience and a good driving record, a private carrier may provide better value for your optional coverages. Ask one of our agents to see if private auto insurance is right for you. Car insurance is expensive in Canada, particularly if you have recently obtained your driver’s license and do not have any driving experience. Let one of our licensed team members assist you or your teenager with getting the best car insurance quotes for first-time drivers. They will reach out to all applicable insurance companies to find a good product for young drivers, while keeping the insurance cost as low as possible, saving you money.

Car Insurance

How can I log in to access my online Autoplan Renewal?

You can log in using your BC Service Card app on your mobile device. This is used to prove your identity when accessing online government services. Learn how to set up and use the BC Service Card App. To complete the set-up of this app, you must verify your identity. This verification process may take a few days, so we recommend completing it in advance of your policy’s expiry date.

ICBC Online Renewal

How do I buy, sell or import a motorcycle?

Our licensed insurance agents can transfer a motorcycle or even a scooter and get you back on the road pronto. Even if you are planning to import a motorcycle into BC from another Province or internationally, our team can assist you with all the paperwork required to get your two-wheeler back on the road. Please give our office a call in advance to find out which documentation is required to obtain a motorcycle insurance policy given your specific situation.

Motorcycle Insurance
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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.

International Business Insurance

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.

International Business Insurance

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.

International Business Insurance

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.

International Business Insurance

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.

International Business Insurance

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.

International 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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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.

Identity Theft Insurance

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.

Identity Theft Insurance

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.

Identity Theft Insurance

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.

Identity Theft Insurance

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.

Boat Insurance

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.

Boat Insurance

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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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