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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.
How much does Travel Trailer Insurance Cost in BC?
Most Travel Trailer products are very competitively priced. Each company offers different coverages and coverage limits. Contact one of our offices to find the best product for your needs.
Is New Vehicle Replacement Insurance worth having on a leased vehicle?
Yes! Nowadays, most leasing companies will build GAP insurance into their contracts, but most people don’t realize that GAP is more designed to protect the Lessor as opposed to the Lessee. In the event of a Total Loss, GAP insurance will make up the difference between what a person owes on their leasing contract and the vehicle’s actual cash value. This leaves the Lessee with no vehicle, and nothing to put towards a new one. Our New Car Replacement policy would pay the Insured the difference between the actual cash value settlement that the Lessor received for the loss vehicle, and the cost of the brand new model year, which can then be applied as a down payment towards a new lease or financing contract for a replacement vehicle.
Is there a discount if I have more than one motorcycle insured with ICBC?
Multi-vehicle discounts may be applicable depending on the number of motorcycles insured under the same policy. Speak to your InsureBC broker to find out about this option.
My transaction is not eligible online, now what?
No problem! If you cannot renew your policy online, our licenced insurance agent can assist you in one of three simple ways: Step 1: Visit an office near you to renew your policy in-person. Step 2: Call any of our offices to renew your policy over the phone. Step 3: Complete the renewal request form online and we will contact you to renew your policy via email or over the phone.
What cannot be done online?
You cannot renew your policy online if: It is for a jointly owned vehicle It is for a leased vehicle. It is for a company-owned vehicle It is for a motorcycle It is for a collector vehicle It is a commercial policy It is expired You want to add, remove or change your ICBC optional coverages during the renewal You have outstanding debt owed to ICBC Other potential ineligibilities
What does basic auto coverage from ICBC provide?
Basic coverage from ICBC includes third-party liability, accident benefits and uninsured motorist protection.
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.
