INSURANCE FAQS

FROM VALLEY WIDE INSURANCE

What do I have to do when I go away from my home for more than a couple of days?

Make arrangements to have someone check on your home when you are away for extended periods of time and pick up mail and newspapers, and turn lights on and off so it looks like you are still at home.

Most insurance companies exclude water damage caused by freezing of pipes; therefore it is important to maintain the heat throughout your home and shut off the water supply and drain water systems. Or you can connect your heating system to an alarm which is monitored by a central monitoring system.

Do I have coverage for a strata deductible under my condominium insurance policy?

Most insurance companies do provide some coverage for your condominium strata deductible, but it is important for you to check with your strata to find out the amount of coverage you require and then contact us so we can confirm that you have enough coverage.

Am I covered for flood?

Home insurance policies do not usually provide coverage for flood damage in BC. Flood includes, but is not limited to, waves, tides, tidal waves, tsunami, dam breaks, seiche or the rising of, the breaking out or the overflow of any body of water or watercourse, whether natural or man–made. Many Companies are now offering overland water coverage call the office for a quote.

Can I transfer the plate and insurance from my old vehicle to my new one?

Yes, if you maintain the same ownership as the old vehicle you can transfer the plate and insurance from your old vehicle to the new one, but in most situations you must complete the transaction before putting the plate onto the new vehicle. Doing this can save you some of the fees associated with newly registering and insuring a vehicle.

Why does my insurance cost go up every year?

Insurance costs go up each year for a couple of reasons. Insurance companies adjust their rates, usually on a yearly basis, so that the premiums reflect the cost of claims paid out, taking into consideration the types of claims and the frequency. While you may not have had any claims, the claims of your neighbours can affect the rates that an insurance company charges for insurance in your area. Another reason is that your insurance is based on replacement values which means the amount of insurance you have increases each year to cover increased values.

My landlord has insurance, so why do I need it?

The insurance your landlord carries is for the building and his liability does not cover your contents. If there is a loss—let’s say due to a fire—you would be responsible to replace your personal property; and if the fire was due to your negligence, you could be responsible for the repair of damages to the building. If you carry your own tenants insurance you would be covered under your own policy for not just your contents but also legal liability.

Is my car covered under my house insurance while parked in my garage?

No, motorized vehicles are not covered under your house insurance because insurance is available through different carriers (ie. ICBC and/or other private carriers). In most cases, exceptions to this include powered-assisted bikes, wheelchairs or scooters having more than two wheels (specifically designed for a person who has a physical disability), lawn mowers and motorized golf carts.

I do business from home—do I have coverage under my house insurance?

No, home insurance does not automatically cover your business pursuits. It is important that you contact us to discuss what type of business you are doing from your home as many insurance companies exclude loss or damage to structures or buildings used in whole or in part for business purposes unless otherwise stated in the policy.

I renovated my kitchen and built a large deck on my home—do I need to inform you of these improvements?

Yes, any time you make changes to your home—whether it is renovations, additions, or updates like replacing the roof—you need to let your insurance broker know so that the building value can be updated and your insurance company advised. Note that unreported changes of $5,000 or more can affect your coverage.

I am taking my spouse and children on a vacation. Will the travel medical coverage from my workplace benefits cover us all?

You will need to verify this with your employer to see who is covered, length of time permitted per trip and amount of coverage to know if it will be adequate coverage for your family. If you require a family travel medical policy please contact our office.

Why is it important for me to advise if there are additional drivers on my vehicle?

After September 1st, 2019 ICBC implimented the new individual driver factor rating.  If you don't list your all your drivers that are living in your household or drivers that live outside of your home more then 12 times there could be financial consequenses.