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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 type of businesses qualify for Home Based Business Insurance in BC?
Any type of business operating out of a residential property may be eligible for a Home Based Business (HBB) policy with InsureBC as long as they meet certain criteria such as gross annual revenue thresholds and having fewer than 10 employees working at the premises on any given day. Home-based business insurance covers the things you need to run your business. Whether it’s your office contents, your general liability or items pertaining to legal expenses you may incur, our home-based insurance packages offer you peace of mind so you can focus on what’s most important—growing your business.
What if I need to make changes to my policy?
Changes can be made to your Home Based Business insurance policy at any time by contacting your InsureBC broker. Your broker can help you to make the necessary adjustments or explain any available options.
Is it possible to purchase Home Based Business Insurance online?
Yes, this policy can be purchased online in a matter of minutes!
Are there any special endorsements available for Home-Based Business Insurance?
Yes, we offer additional coverage for Home-Based Business policies such as Professional Liability and Cyber Liability Insurance. These endorsements help to provide tailored protection for your specific business operations.
Do I need to purchase separate liability insurance for my home office or workplace?
Yes, it is important to ensure that your personal Homeowner’s policy does not provide the required protection. A dedicated Home-Based Business insurance policy from InsureBC provides tailored protection for your unique needs.
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.
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.
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