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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.
How do I get my decal?
As of May 1st, 2022, you no longer need a decal on your licence plate
How do I know how much insurance is right for me?
It depends on multiple factors including vehicle type, where you live and use the motorcycle, as well as other unique circumstances. Your InsureBC broker can help determine which types of coverage are best suited for you and provide quotes accordingly.
How do I know if Private Auto Insurance is for me?
Get in touch with one of our 80 Autoplan locations who can assess your individual situation and help you determine whether a Private Auto Insurance carrier is for you. We’ll give you a number of car insurance quotes so that you can be sure you’re getting the best possible deal. Our offices can also assist you in obtaining a quote for your home insurance, travel insurance, business insurance and a number of other insurance products. Regardless of the insurance company, we will get you the most comprehensive coverage at the lowest possible price.
How do I make a claim for my new vehicle replacement policy?
All claims are processed in-house by our dedicated Optional Auto Division, Drivesure, and can be submitted in a number of different ways. You can submit your claim via an online submission form located on our website, through your issuing insurance agent or broker, or by contacting our auto department directly at 1-888-480-6641. Documents can be submitted via email or fax, and claims are processed within 1-2 business days of receiving all documentation.
How do I renew your license, or book a road test?
Visit the nearest ICBC Service location to you.
How much does Optional Auto Insurance cost in BC?
Similar to your Basic ICBC Auto Insurance, the cost for Optional Car Insurance depends on a number of factors, including your age, driving experience, the type and use of your vehicle, the limit of coverage you purchase and the size of the deductible you select. The higher your deductible, the lower your annual premium and vice-versa. Let one of our Autoplan agents assist you with getting an accurate quote for the most suitable insurance coverage.
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.
Can I cash out my 20-Year Term Life Insurance policy before the end of the term?
While 20-Year Term Life Insurance policies do not typically have a cash value component like permanent life insurance policies, there may be options available depending on the specific terms and conditions of your policy. It's important to review your policy contract and consult one of our agents to understand if any cash surrender value or surrender options exist for your particular policy.
I’m retiring or losing my insurance from my workplace. How can I replace it?
If you're retiring or your workplace insurance is coming to an end, replacing it with a 20-year term life insurance policy or a permanent life insurance policy, can be a consideration. This provides continuous life insurance coverage that fits your needs. You can receive life insurance quotes directly from our agents or by dropping by one of our offices.
What if I already have insurance through my employee benefits?
Even if you have life insurance coverage through your employee benefits (it is usually quite limited) supplementing this with a personal 20-year term life insurance policy can be beneficial. This can ensure that you have continuous coverage, even if you switch jobs or lose your employee benefits.
Do you have to be Canadian to apply for 20-year term life insurance?
Most life insurance companies in Canada require applicants to be Canadian residents to apply for a 20 year term life insurance plan. However, some policies may extend to non-residents under certain conditions. You can acquire life insurance quotes directly from our representatives or by visiting any of our physical locations.
What happens if I die while my 20 year term life insurance policy is still active?
If you pass away within the term of your 20-year term life insurance policy, your beneficiaries will receive a tax-free lump sum payment, known as the death benefit. This could provide significant financial support, helping your loved ones cover various expenses, from daily costs to substantial commitments such as mortgage payments.
What’s not covered in a 20-year term life insurance plan?
While a 20-year term life insurance plan covers death due to most causes, there can be exclusions. These may include deaths resulting from undisclosed medical conditions or suicide within a specific initial period (typically two years). Understanding the terms and conditions of your specific 20-year term life insurance policy is critical.
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.
