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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.

Renters Insurance

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).

Condo Insurance

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.

Condo Insurance

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*

Condo Insurance

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.

Condo Insurance

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.

Condo Insurance
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What factors influence the cost of my auto insurance?

Several factors such as make and model of your vehicle, driving record, age and gender can affect the cost of your ICBC auto insurance.

Car Insurance

What is Income Replacement benefit offered by ICBC?

The Income Replacement Benefit offered by ICBC is a part of the Enhanced Accident Benefits, designed to assist British Columbians injured in a crash who are unable to work due to their injuries. This benefit replaces the previous system where lower benefits were provided, and the non-responsible party had the option to sue for additional lost wages. Now, with Enhanced Care, individuals receive 90% of their net income as wage loss replacement, up to a maximum of $113,000 in annual gross income, in regular, non-taxable payments. This benefit is available for as long as medically needed and is accessible to those injured in crashes in Canada or the U.S. It's important to note that any income replacement received from other sources like employer benefits or Employment Insurance will be deducted from the ICBC payment. The benefit is intended as a temporary measure to support income loss during recovery, with different provisions for severe injuries and transitioning to retirement benefits at retirement age. For a comprehensive understanding, please refer to the full bulletin provided by ICBC: Income Replacement Benefit Bulletin.

Optional Car Insurance

What is the difference between new car replacement insurance and gap insurance?

The difference between New Car Replacement and GAP Insurance is this: GAP Insurance only pays the difference between what a person owes on their leasing contract and the vehicle’s actual cash value at the time of the loss. This means that you don’t owe anything for that vehicle but also aren’t left with anything to put towards a new one. A New Car Replacement policy pays the difference between the Actual Cash Value settlement received by the Lessor from the Primary Insurer, and the cost of the same make, model, and trim level vehicle, in the newest model year available. The New Car Replacement policy settlement can then be applied to a new lease or finance contract as a down payment towards the replacement vehicle.

New Vehicle Replacement Insurance

What other types of coverage can I get from ICBC?

In addition to basic auto insurance, ICBC also provides optional coverage such as collision, comprehensive, all-perils, and specified perils insurance.

Car Insurance

What should I do if I get into an accident?

After any emergency medical care, contact your broker or ICBC directly and follow the instructions provided by their representatives. Be sure to keep detailed record of all details and expenses associated with the incident.

Car Insurance

What types of coverage are available for travel trailers?

Depending on the provider, you can typically get liability insurance coverage, collision and comprehensive coverage, damage due to theft protection, and emergency roadside assistance.

Travel Trailer 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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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.

25-Year Term Insurance

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.

25-Year Term Insurance

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.

25-Year Term Insurance

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.

15-Year Term Insurance

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.

15-Year Term Insurance

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.

15-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

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.

Exterior of a house in BC

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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Condo Insurance

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Condo Insurance

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