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What is renters insurance?
Renters insurance protects tenants by covering their personal belongings, liability, and living expenses if something happens to the rental unit. Your landlord’s insurance only covers the building but not your possessions or your liability as a tenant.
Can condo insurance cover special assessments?
No, standard condo insurance usually does not cover special assessments that your strata may charge for building repairs, upgrades, or maintenance. However, it does include protection for strata deductibles, which is when you are held responsible for paying a portion of the strata’s insurance deductible (for example, after a water damage or earthquake claim).
Do I need water damage coverage in a condo?
Yes, water damage is one of the most frequent and costly condo claims in BC. A burst pipe, appliance leak, or overflow can affect multiple units, and if you are deemed responsible, the strata’s water deductible may be passed down to you. These deductibles can range from $25,000 to over $100,000, depending on the building, so it’s critical to ensure you have enough coverage. We also offer strata water deductible top-up policy to help cover any gaps you might have.
It’s also important to understand that if another unit causes water damage to your unit, their insurance will not pay for your loss. Each unit owner is responsible for insuring their own contents, upgrades, and living expenses.
What does condo insurance cover?
A condo insurance policy typically includes:
- Personal property – furniture, clothing, electronics, bikes, jewelries and more
- Unit improvements & upgrades – custom finishes or renovations
- Personal liability – if you cause damage to another unit or someone is injured in yours and they sue you
- Additional living expenses – hotel stays, meals, and storage if your unit is uninhabitable after a covered loss
- Strata deductible coverage – protection if you are held responsible for the strata’s building insurance deductible (for example, if you caused damage to the common area in the apartment building)
Please see the policy wordings for more details*
How much condo insurance coverage do I need?
You should insure for the full replacement value of your personal belongings, along with protection for unit improvements (such as upgraded floors, countertops, or fixtures) and personal liability coverage.
Condo owners also need to be aware of their responsibility for strata deductibles which are usually water, sewer backup, flood and earthquake deductibles. Earthquake strata deductible is a bit different from others because in the event of an earthquake, the strata’s earthquake deductible is shared among all unit owners. The amount you’re responsible for your unit varies based on your unit’s size, floor level, and location in the building.
Standard condo insurance policies usually cover up to $25,000 of earthquake strata deductible, but in many cases, this amount is typically lower than what owners are actually charged.
InsureBC offers a top-up earthquake deductible policy to provide extra protection, ensuring you won’t be left underinsured or facing a large unexpected cost. Our insurance advisors can help calculate the right amount of coverage for your situation.
How much is condo insurance in BC?
Condo insurance premiums in BC vary based on your unit’s value, location, building type, and the amount of coverage you select. On average, premiums are lower than single-family homes since your strata corporation’s master policy covers the building structure.
Tip: Condo insurance mainly protects what’s inside your unit — your belongings, improvements, and liability.
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.
Can I switch insurance companies midway through my term?
Yes, you can switch insurance companies during your term. However, it's advisable to compare life insurance products before making any changes. You may also incur certain costs and penalties if you choose to switch companies during the term. It's best to speak with an insurance advisor to understand the exact costs before making a decision.
What happens if I outlive my 25-year term life insurance policy?
At the end of the term, you can choose to renew your policy or convert it into a permanent life insurance plan. This allows you to extend your coverage and benefit from additional features such as an accumulative cash value.
Can I purchase life insurance even if I have a pre-existing condition?
Yes, although it may affect your life insurance premiums, having a pre-existing condition doesn't automatically disqualify you from getting coverage.
What if I want to cancel my policy before the end of the term?
Most life insurance policies allow you to cancel at any time. However, you will not receive a refund for the premiums you've already paid. Your broker can provide more information on the cancellation process.
Can I get a 15-year term life insurance policy if I smoke?
Yes, but keep in mind that smokers generally pay higher life insurance premiums than non-smokers. For more details, we recommend reaching out to your broker.
What happens to my 15-year term life insurance policy at the end of the term?
At the end of the term, you have the option to renew your policy, typically at a higher premium, or convert it into a permanent policy without a medical exam.
Who needs visitor medical insurance for Canada?
All visitors to Canada, including tourists, international students, and temporary workers, should consider purchasing visitor insurance for Canada to protect themselves from unexpected medical expenses.
What is visitor insurance for Canada?
Visitor insurance for Canada is a type of travel insurance that provides medical coverage for visitors to Canada who require emergency medical care during their trip.
Can I purchase travel insurance after I've already booked my trip?
Yes, you can often purchase travel insurance after you've already booked your trip. However, some coverage options may be limited or unavailable if you wait too long to purchase a policy. It's best to purchase travel insurance as soon as possible after booking your trip to ensure maximum coverage.
What does travel insurance typically cover?
Travel insurance can cover a wide range of events, including trip cancellation or interruption, medical emergencies, evacuation or repatriation, lost or stolen baggage, and more. The specific coverage options can vary depending on the provider and plan you choose. Contact your broker for more details.
Can I get a travel insurance quote online?
Yes, you can often get a travel insurance quote online by filling out a form with your trip details and coverage preferences. InsureBC offers an online quote tool for travel insurance, making it easy to get a quote quickly and conveniently.
Why do I need travel insurance?
Travel insurance can help protect you financially in case of unexpected events during your trip. Without travel insurance, you could be responsible for paying out of pocket for medical expenses, trip cancellations, lost or stolen baggage, and more. Travel insurance can provide peace of mind and help you avoid significant financial losses.
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