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If I make improvements or renovations to my unit, will they be covered?
While your Strata corporation’s insurance policy will typically cover original fixtures and fittings, your Condo Insurance will cover any improvements that you have made, including materials and supplies being used to conduct the upgrades. Be sure to review your Strata’s insurance policy to ensure your condo policy has enough coverages to match theirs to avoid being held liable for any gaps.
Is Condo Insurance mandatory in B.C.?
Condo insurance is not mandatory by law, however if you are applying for a mortgage, most lenders will impose this as a condition for mortgage approval. Whether mandatory or not, it is extremely important to protect your investment.
What is high value home insurance?
High value home insurance is designed for properties that exceed the coverage limits of most standard insurance markets. While many insurers cap at $1M–$1.5M in replacement cost, specialized high-value programs extend coverage significantly higher. For example, some markets can insure up to $2.25M in metro areas and $1.825M in other hydrant-protected regions, with options available for homes valued even higher.
These policies go beyond insuring the structure of the home. They’re tailored to protect the lifestyle that often accompanies luxury properties by automatically including:
- Higher overall limits for the building, contents, and liability.
- Increased sub-limits for valuables such as jewelry, wine collections, artwork, and collectibles.
- Broader coverage for unique features like elevators, home gyms, or custom studios.
- Enhanced protection options such as fraud coverage and higher equipment breakdown limits.
Since the average replacement value of a home in B.C. is now around $1.2M, homes valued above $2.5M typically require placement in the high-value home market, as they fall outside standard insurer limits.
What is the best insurance company for high-value homes?
As with all of our products, InsureBC has a wide variety of Insurance Companies that offer coverage tailored to high value homes including:
- Aviva Ovation
- Intact Prestige
- Chubb
- InsureBC Underwriting
- Forward Insurance
- Special Risk Insurance Managers (SRIM)
- Cansure
- Burns & Wilcox
Do I need high-value home insurance?
High-value home insurance is designed for homeowners whose properties and assets go beyond the limits of standard insurance.
You may need this coverage if you:
- Own a home with a replacement cost above the regular market’s limits.
- Have custom architecture, luxury finishes, or heritage features.
- Maintain valuable collections such as art, jewelry, wine, or watches.
- Own lifestyle assets like boats, luxury vehicles, or multiple residences.
Unlike standard policies, high-value programs offer higher limits, broader protection, and specialized claims service. They’re built to safeguard not just your home, but your entire lifestyle.
We take time to understand the full scope of your assets, liabilities, and lifestyle considerations. By comparing coverage and costs across multiple insurers, we ensure you receive the most competitive and comprehensive options—delivering tailored protection that reflects your unique circumstances.
How does high value home insurance differ from standard homeowners insurance?
A standard home insurance policy is designed to meet the needs of most households. It covers the structure of your home, your belongings, liability, and living expenses if you can’t stay in your home after a loss. For many families, this level of protection is enough.
High-value home insurance is different. It’s designed for properties and lifestyles that need more than the basics. With a high-value policy, you can expect:
- Higher limits for your home, contents, and liability.
- Full replacement of custom finishes, luxury materials, and unique design features.
- Stronger protection for valuables like jewelry, art, wine, or collectibles. Often without the hassle of individual appraisals.
- Dedicated claims support from specialists who understand high-value properties.
- Broader coverage with fewer exclusions and added protection for risks like water damage, fraud, or equipment breakdown.
Here’s an example: a standard policy may only cover about $6,000 worth of jewelry and would require a recent appraisal for each item. A high-value policy could include $50,000 or more automatically. That means your most important possessions are protected without extra paperwork.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Can I get a boat insurance quote online in BC?
Yes! InsureBC offers hassle-free online boat insurance quotes for BC residents. Simply visit our website and fill out the online form to get started.
Do I need boat insurance in BC?
In most cases, yes. Boat insurance is not legally required in BC, but it is highly recommended. Without insurance, you could be held personally liable for any damages or injuries you cause while operating your boat. Additionally, many marinas and yacht clubs require proof of insurance before allowing you to dock or store your boat.
What is boat insurance in BC?
Boat insurance is a type of insurance that provides coverage for your boat, as well as any liability you may have while operating it. It can protect you financially in case of accidents, theft, or other unforeseen events.
How long does visitor insurance for Canada cover me?
Visitor insurance for Canada typically covers you for the duration of your trip to Canada, up to a maximum of one year. Contact your broker for more details.
What is private health insurance for visitors to BC?
Private health insurance for visitors to BC is offered by insurance companies and covers additional benefits not covered by MSP, such as prescription drugs, dental care, and ambulance services. Private health insurance may also offer higher coverage limits than MSP.
What are the types of visitor insurance for Canada?
There are two types of visitor insurance for Canada: public health insurance and private health insurance. Public health insurance is provided by the province of British Columbia (BC) to eligible visitors, while private health insurance is offered by insurance companies and covers additional benefits not covered by public health 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.
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