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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.
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.
How can a small business get group health insurance?
Small businesses can get group health insurance through insurance brokers like us, InsureBC, or directly from insurance providers.
Will group health insurance save money?
Group health insurance often provides cost savings as the risk is spread out over many people, which can lead to lower premiums per individual.
What sets InsureBC's Group Benefits Insurance Plan apart?
Our commitment to providing independent advice, shopping the market on our client’s behalf, and finding the most suitable product at the best value available sets us apart. With more than 80 years of combined expertise, our clients can trust us to find the best policy for their needs.
Discover the unique advantage of InsureBC today. Get in touch with us to find out more about our Group Benefits Insurance Plan and learn how we can contribute to the success of your business.
How does a Group Benefits Insurance Plan work?
Your business pays a premium to the insurance provider, which then covers eligible health-related expenses incurred by your employees.
What is a Group Benefits Insurance Plan?
A Group Benefits Insurance Plan is a comprehensive insurance package that businesses offer to their employees. It typically includes health insurance, dental coverage, disability insurance, and other benefits.
What are the Tax Implications for getting a disability insurance benefits?
The taxation of your benefits hinges on the party responsible for paying the insurance premiums. If you cover the premiums using after-tax dollars, it is customary for your benefits to be exempt from taxes. However, it is advisable to verify the specifics of your individual policy by consulting with your insurance broker.
What is travel insurance?
Travel insurance is a type of insurance policy that can provide financial protection against unforeseen events that may occur while traveling. It can cover things like trip cancellation or interruption, medical emergencies, lost or stolen baggage, and more.
What types of equipment can I insure?
We insure a variety of sorts equipment, including bikes, canoes, kayaks, skis, snowboard, surfboards, windsurfers, paddle boards, golf clubs and more.
I have to cancel my event. Is event cancellation covered?
Event cancellation coverage is an important element to prevent financial hardship in case of the event’s cancellation. This coverage can also be particularly useful when the event is not entirely canceled as even certain expenditures due to unforeseen circumstances may be covered. These circumstances can include things such as catastrophic weather and other unpredictable circumstances. The coverage may include financial reimbursement to the insured for deposits and other charges paid or contracted to be paid for transport, catering services, accommodation, photographs, flowers or dress hire booked for but not used and other non-refundable cancellation expenses incurred. If you’re not sure whether your Special Events Insurance contains this coverage, do not hesitate to contact us. Our online product does not have the event cancellation coverage, but if you would like to have the option to be included, please contact us.
Where can I buy cheap Special Events Insurance in BC?
We are now pleased to offer Special Event Insurance online, through our website. We have made the buying process so simple, you merely have to answer a few easy questions and you’ll instantly have access to the insurance policy for your event. Not sure what you need? With over 90 insurance offices across BC, we are one of BC’s largest writers of Special Event Insurance. Each of our offices can assist you in finding you the best Special Event Insurance for the lowest possible price. Whether you are getting married soon, planning an anniversary party or attending a convention, we will find you the best coverage for your circumstance.
I keep my bike in my backyard or at a stand outside of my condo building overnight. Is this covered?
At night bikes must be kept locked and secure INSIDE a building. This means that they have to be locked inside your home, condo, or a secure condo bike room. During the day the bike can be outside, however it must be locked and secure.
Do you insure e-bikes?
Yes, we do insure e-bikes! Please fill out the quote form here, and once it’s submitted, we’ll reach out with a tailored e-bike quote. Please note the maximum watt allowance is 500W.
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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