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Do I need landlord insurance if I’m only renting out rooms or a separate section of my home (like a basement suite)?
Yes. If you’re renting out part of your home, whether it’s a basement suite, a secondary unit, or just a few rooms, you’ll need a home insurance policy that includes a rental suite. This type of policy is essentially landlord insurance built into your home insurance.
It makes sure you’re protected not only for the usual risks to your home, but also for tenant-related exposures, such as liability claims or damage caused by renters. This way, both your living space and your rental space are properly covered under one policy.
How much does landlord insurance cost?
You can get a quick online quote with InsureBC and adjust your coverage limits to see how it affects your premium. It’s a great way to explore your options and find a policy that fits your budget.
Keep in mind, the final cost depends on factors like the location, value of the rental unit, and coverage selections (such as liability, loss of rental income, or water damage).
If your rental is a strata property, we strongly recommend reviewing your strata documents especially the strata’s insurance deductible amounts for things like water damage, sewer backup, or earthquakes. Matching your landlord insurance limits to those deductibles ensures you're not left paying out-of-pocket if a claim falls back on you as the unit owner.
What is landlord insurance?
Landlord insurance is a policy designed for property owners who rent out their home, condo, or investment property. Unlike standard home insurance, which assumes you live in the property, landlord insurance recognizes the unique risks of renting. It protects against damage to the building, loss of rental income, liability claims, and optional add-ons like earthquake or sewer backup coverage.
What does renters insurance cover?
Three core protections:
- Personal property: Reimburses you for lost, stolen, or damaged belongings like clothing, furniture, appliances, and electronics. Coverage usually applies even if items are stolen outside your home (e.g., from your car).
- Personal liability: Protects you if you accidentally injure someone or cause damage to their property.
- Additional living expenses: Pays for hotel stays, meals, and other costs if your rental unit becomes uninhabitable after a covered loss, such as a fire or major water damage.
Is renters insurance required in BC?
Renters insurance is not legally required by law in BC. However, many landlords and property managers now make it a mandatory condition of the lease. Even when not required, carrying renters insurance is strongly recommended because:
- It ensures you can recover the cost of your belongings after a fire, theft, or other loss.
- It protects you from potentially large liability claims (which can be tens of thousands of dollars).
- It covers temporary housing costs if you’re forced out of your rental.
Are renters insurance and liability insurance the same?
No. Liability insurance is just one part of a renters policy. It protects you if you unintentionally cause damage or injury to others.
Renters insurance, however, goes beyond liability. It also protects your:
- Belongings – so you’re not paying out of pocket to replace them after a fire, theft, or other covered event.
- Living expenses – if you need to move out temporarily while your rental is repaired.
Think of it this way: liability coverage protects others, while renters insurance protects you and your lifestyle.
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.
How can an insurance advisor help me choose the right plan?
Our insurance advisors are experts in the field. Our insurance advisors are experts in the field. They will take the time to understand your unique needs and financial goals. They will guide you through the various types of life insurance, explaining the benefits and potential drawbacks.
Finally, they will assist you in selecting a plan that aligns best with your situation.
At InsureBC, we're committed to finding the best policy for your needs. As a leading insurance broker in BC, we navigate the complexities of the insurance market on your behalf. Speak to an insurance advisor today for personalized advice and term life insurance quotes.
Do I need a medical exam to apply for term life insurance?
Some insurance policies may require a medical exam, while others may not. It depends on the insurance company and the type of policy you choose. Check in with your insurance broker to see what are the requirements for the policy you are looking for.
What happens if I outlive my term life insurance policy?
If you outlive your policy, you will no longer have coverage. However, you may have the option to renew your policy or convert it into a permanent one.
Can I renew my term life insurance policy?
Yes, most of our term life insurance policies are renewable and convertible, which means you can renew them for another term or convert them into a permanent life insurance policy.
How does term life insurance differ from universal life insurance?
While term life insurance offers coverage for a specified term, universal life insurance provides lifetime coverage. Moreover, universal life insurance combines a death benefit with a savings component, allowing you to build cash value over time that you can borrow against. If you want to learn more about the difference between the two, check out our comprehensive blog post about Term life vs Whole life.
What are the benefits of a term life insurance plan?
Term life insurance offers several benefits. Term life insurance provides extensive coverage at a more affordable price compared to permanent life insurance. This means you can get the most protection for your money. You can customize term life insurance to align with specific financial obligations, providing peace of mind.
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.
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