MAP *Parking in rear

MAP    *Parking in rear

#200-678 West Broadway
Vancouver, British Columbia
Canada V5Z 1G1


Phone: 604.876.7999
Fax: 604.876.7909


Monday to Friday: 8:30AM - 5:00PM
Saturdays: 9AM - Noon, (BY APPOINTMENT ONLY - please phone)


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Home/Condo/Tenant Insurance

Does my home insurance cover AirBnB rentals?

No, short-term rentals such as AirBnB are not covered under your typical home insurance policy. However, coverage is available through specialty insurers.  Call us for more information.

 

MY PHONE WAS STOLEN AND I WANT TO CLAIM IT ON MY HOME INSURANCE BUT WITH THE $500 DEDUCTIBLE, YOU SAY IT’S NOT WORTH IT.  SO WHAT’S THE USE OF HAVING INSURANCE THEN?

The main purpose of having home insurance is to protect you from catastrophic events such as fires, water damage, smoke damage and liability claims; These are the types of losses that would “put you in the street” without insurance. Having your phone stolen is a major inconvenience and in some cases it may be worthwhile claiming. However, with the deductible and the loss of your claims-free discount for future years makes it not worthwhile claiming. Every policyholder should be prepared to absorb small losses and save the insurance claim for big losses.

I’M OPERATING A BUSINESS FROM MY HOME; DO I NEED INSURANCE?

In most cases, yes.

Your home insurance does not provide any liability coverage for business operations and very basic coverage for business equipment/ tools.  A “home-business” rider can be added to cover the additional exposure or a separate business insurance policy can be obtained.

If you do not report the business operating from your home, it may void your home insurance coverage in the event of a claim.

MY HOT WATER TANK BURST AND MY BASEMENT IS FLOODED; WHAT DO I DO?

First, stop the water by shutting off the main water supply. Move property from the affected area to prevent further damage or raise furniture off the ground.

Call our office or your insurer directly; 24- hour assistance phone numbers are shown in the “Claims” section.

You may also contact a plumber or restoration company directly however, please note that you will be responsible for any expenses until an Adjuster can determine the cause of the loss and confirm coverage.

HOW DO CLAIMS AFFECT MY FUTURE PREMIUMS?

For home insurance plans, one claim seldom affects the future premiums although you may lose part or all of your claims-free discounts the following year.

After two claims within a 3-year period, some insurers surcharge the premium by 10% or increase your deductible.

Every insurer assesses the situation differently so call our office and we will provide advice.

DO I NEED TO INFORM YOU OR THE INSURANCE COMPANY IF I’M GOING AWAY?

It’s not necessary to inform us if you are temporarily away from home on vacation or other reasons, however, if you are away from your home during the winter season for four days or longer, there won’t be coverage for water damage caused by frozen burst pipes unless you have drained the plumbing or had someone check your house daily. If you vacate your home ( ie: you moved out), you must inform us within 30 days.

WHAT’S THE DIFFERENCE BETWEEN YOUR INSURANCE COMPANIES AND THE CHEAPER DIRECT INSURANCE COMPANIES?

Mainly service and flexibility. Our insurers will provide faster service and do more work for you. They’ll contact the restoration companies and other contractors to get your home repaired quickly. The cheaper direct insurers will make you do the calling around for the cheapest quotes. When it comes to claims settlement, our insurers are more flexible; if you would rather replace that stolen obsolete equipment with something more useful to you, the insurer will usually approve within reason. The cheaper insurers usually won’t because flexibility means higher administration costs to them.

When you call these direct insurers, you likely be speaking to a different person each time. Is that any way to trust someone with your most valuable possession, your home?

WHY DOES THE COST OF MY HOUSE INSURANCE GO UP EVERY YEAR?

Premiums normally increase every year due the the increase cost of the Dwelling replacement cost which the insurance is based on (for homeowners). Occasionally the cost to rebuild will go down, or rates will drop due to less claims being paid out by the insurer. Sometimes new discounts can be applies (ie: Age Discounts) which will bring your premium down. If we feel the increase is not justified, we will gladly switch you to another insurer with better rates.

Condo and Tenants policies may increase since most people acquire more personal belongings every year. But that is not always the case. If you feel that you are overinsured, we will gladly reduce the limit of coverage, however, most people underestimate the cost of replacing everything they own. A typical closet full of clothes can easily exceed $10,000 to replace. 

I JUST BOUGHT A COMPUTER. CAN I BUY INSURANCE FOR IT?

Sure. You can cover it under a home insurance policy. But that’s not why you need to buy the insurance. You should be buying the insurance to protect you from financial ruin.  Having your computer stolen will not put you on the streets; But having a fire in your apartment could wipe out everything you own. If you accidentally injured someone while riding your bike and they sued you, you could have your wages garnished for a very long time. Home insurance will cover both of these incidents and get you back on your feet.

Nowadays with computers being so cheap, it’s probably not going to be worthwhile making a claim for a stolen computer since there will be a deductible and possibly loss of a claims-free discount.

HOW CAN  I PAY FOR MY INSURANCE?

We accept VISA, Mastercard, cash, cheque and debit. You may also apply for a monthly payment plan which has a 3% service charge. Call us for more information.