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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.
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 kind of coverage does international business insurance offer?
International business insurance can provide a range of coverage, including property insurance, liability insurance, commercial auto insurance, and workers' compensation insurance. It can also provide coverage for political risk, kidnap and ransom, and other specialized risks.
Who needs international business insurance?
Any business that operates internationally should consider getting international business insurance. This can include businesses that have overseas offices, employees who travel internationally, or those that conduct business with clients overseas.
What is international business insurance?
International business insurance is a type of insurance that provides coverage for businesses that operate internationally. This can include coverage for property, liability, and other risks associated with conducting business abroad.
What happens if the principal fails to fulfill their obligation?
If the principal fails to fulfill their obligation, the surety company steps in and pays the damages up to the bond amount. The principal then has to reimburse the surety company for the payment made.
Can I cancel my surety bond?
Yes, you can cancel your surety bond, but you need to give a written notice to the obligee and the surety company. The cancellation terms and conditions are usually specified in the bond agreement.
How long does it take to get a surety bond?
The processing time for a surety bond application varies depending on the type of bond, the obligee's requirements, and the complexity of the obligation. Generally, it takes a few days to a week to get a surety bond.
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.
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.
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