Insurance FAQ

What protection is afforded to me in my home insurance policy?

A standard homeowner’s policy provides coverage for loss or damage to the building structure, permanently affixed structures including a detached or attached garage. Standard coverage is extended to contents found within the home such as furniture, clothing, and appliances. Additional coverage can be provided for jewellery, antiques, art, sporting goods, musical instruments and other personal items that are important to you. Talk to a professional broker today about your coverage needs. They are there to help find you the best protection at the best price.

*Conditions and exclusions may apply; your InsureOne broker can help explain the common exclusions included with any policy. All coverage decisions are made by insurance company

I have some valuable pieces of property, will it be covered under my home owner’s policy?

Depending on the type of item of property, coverage can be made available under your home owner’s insurance via a personal property floater or scheduled items list. Talk to your insurance broker about your unique insurance needs for your home and contents.

Do I need an appraisal for my jewellery?

Yes. Jewellery needs to be appraised by a qualified and professional appraiser so that the value of the item can be determined and agreed to ensure that the item will be protected. Find out more from an InsureOne broker.

I am a homeowner but my home is occupied by tenants. What am I covered for?

As the owner of the property, a responsible landlord will have coverage for the physical buildings and permanently fixed structures including plumbing and electrical fixtures. Your tenants should have coverage of their own to protect their personal belongings and contents. Click here for tips for landlords.

Lease/Tenancy Agreement

The provincial governments provide guidelines for the minimum requirements of tenancy agreements to ensure that both landlords and tenants are protected. Click here for more information about the guidelines in BC.

Some Landlords require that a prospective tenant show proof of personal liability insurance upon presentation of a certificate of insurance.

I am a Strata / Condo Member. Am I covered by the Strata’s Insurance Policy?

No. While the Strata Corporation is required to have property and liability insurance, the Strata Corporation’s insurance policy will not extend coverage to the individual units which comprise the Strata Corporation. The Strata Corporation’s insurance policy rather is intended to provide coverage for damage to the common property and common areas.

Check with your Strata Corporation’s President and/or Strata Corporation’s Bylaws for more information specific to your Strata Corporation.

What is a charge-back?

In BC and other provinces, pursuant to the Strata Property Act (Section 158, subsection 2) and in conjunction with the Strata Bylaws, the Strata Corporation is permitted to “Charge Back” or otherwise recover the deductible portion of an insurance claim if the condo. owner is responsible for the loss or damage that gave rise to the claim irrespective of negligence. A Strata Corporation’s deductible might range from $10,000 to $100,000.

To view the Strata Property Act click here.

My belongings and contents is not worth that much so why should I bother paying for insurance?

Tenants insurance does not just protect your contents from loss or damage but it also includes essential liability coverage (also known as third party insurance).

You may be held personally liable for injury or damage to persons or property belonging to other people because of your actions or inactions. Liability coverage is standard within a tenant’s insurance policy will provide protection for your personal actions anywhere in the world.

What are some specific insurance needs for travellers?

Insurance needs for travels can vary but travel insurance intends to provide coverage for Trip Cancellation and Interruption and Delay, Emergency Medical and Dental, Accidental Death and Dismemberment, Body Repatriation, Baggage/luggage protection and Delay, Rental Car Coverage.

What is Loss Control and Risk Management?

Loss control is a risk management technique that aims to reduce the possibility that a loss will occur and reduce the severity of those that do occur. A loss control programme should result in a reduction in the frequency and severity of incidents and claims.