Keep your home protected with comprehensive homeowners insurance – a current and updated policy tailored to your needs.

Home insurance is a crucial aspect of safeguarding your property and investments. Given that your home is likely your biggest investment, keeping your home insurance coverage current and up-to-date is vital to protecting your financial health and your peace of mind.

And, as your life evolves, it’s essential that you stay informed and make necessary changes to your insurance policy. We think it’s important to remind you of the importance of keeping your insurance up to speed with your life. Below is a brief refresher about how to make changes to your home insurance so you can ensure that your coverage always aligns with your needs.

Understanding home insurance in BC

British Columbia is a unique province with diverse geographical and climatic conditions. These variations can significantly impact home insurance policies.

As an insurance broker, our first piece of advice is to understand the specific risks associated with your location. Our risks are very different than those of our family and friends on the Island or in the Lower Mainland. Factors such as flood risk, earthquakes, and increasingly year by year, wildfires, are crucial considerations in our area.

If you have questions about the risks specific to our region and how that impacts your home insurance, please GET IN TOUCH!

How to keep your policy current

Evaluate your existing policy

Before making any changes to your home insurance, it’s vital to evaluate your existing policy. Take the time to review the coverage, deductibles, and limits. Consider whether your current policy adequately protects your home and possessions. Your insurance broker can help you understand the finer details and pinpoint areas that may require adjustment.

Annual policy review
Home insurance is never a set-it-and-forget-it deal. It requires periodic review to consistently align to your changing needs. Your insurance agent can help you set a schedule for annual policy reviews to make sure that your coverage evolves with your life and circumstances.

Assess your home’s value

As with the rest of the nation and BC, our regional real estate market has seen significant fluctuations in recent years.

As a homeowner, it’s crucial to ensure that your home insurance accurately reflects your property’s current value. Over-insurance can lead to unnecessary expenses, while under-insurance may leave you vulnerable. Be sure to advise your broker of your most recent property assessment or consult with your insurance broker to conduct a home valuation – adjust your insurance coverage accordingly.

Reviewing liability coverage
Liability coverage is often a crucial, yet underestimated, aspect of home insurance. It protects you in case of accidents or injuries on your property. Given increasing legal costs, it’s wise to review your liability coverage to ensure it adequately protects your assets.

Adjust according to the changes you make to your home

Home upgrades and renovations

If you’re planning any upgrades or renovations to your home, it’s a good idea to inform your insurance agent. When you modify the structure and, ultimately the value, of your property, it can impact the home insurance coverage requirements.

What are your plans for your home upgrades or renovations? Depending on the scope and scale of the changes, chances are you will increase the value of your property. That means you will need to adjust your coverage to more accurately reflect the increase. Neglecting to do so could leave you vulnerable in the event of a claim.

Valuable asset additions

When you make valuable purchases, such as jewellery, art, or high-end electronics (home theatre, for example), you should review your policy. Your current policy won’t reflect these additional assets, leaving you short. You want to ensure that these items have the proper protection.

If you have recently purchased valuables, ask about including a floater or endorsement to your policy to provide the necessary additional coverage.

Changes in occupancy or how you use your home

Are you renting a portion of your home? Are you using your home for your business?

If you answered yes to either of these questions, you should talk to your broker about any necessary adjustments to your homeowners policy. If you’re using your home for more than just living or if occupancy will change, there is often changes in the liability and property protection requirements.

Are you anticipating changes to your home? TALK TO US about your home insurance coverage!

Strata insurance

If you live in a strata property, it’s essential to understand the relationship between your individual condo insurance and the strata corporation’s insurance. Changes in strata insurance policies can affect your coverage. We can help you navigate this complex scenario to ensure your policy is always up-to-date and that you have comprehensive protection.

Add-ons and endorsements

Insurance policies often come with various add-ons and endorsements that can enhance your coverage. In BC, these may include earthquake coverage, sewer backup protection, and coverage for high-value items like jewelry or artwork. Discuss these options with your insurance broker to determine if any additional coverage is necessary for your situation.

Discounts and savings

BC homeowners can take advantage of various discounts to lower their insurance costs. Installing security systems, fire alarms, or joining a neighbourhood watch program can make you eligible for discounts. Let us help you explore these options and ensure you’re maximizing your savings while maintaining adequate coverage.

Planning changes to your home? Have you recently made upgrades or renovations? You may need to also change your homeowner’s insurance policy –CONTACT US!

 

Exploring the essentials to commercial coverage: a comprehensive guide to commercial or business insurance in BC.

More and more people are choosing to come to British Columbia to build their lives and businesses. Between the exceptional high-speed internet connectivity and the incredible lifestyle available, it’s hard to think of a better place to do it!

But running a business here comes with its own set of challenges and risks. To protect your enterprise from unexpected events, having the right commercial or business insurance in BC is crucial. Below is a brief guide to explain the different types of commercial insurance available. We want to help you make informed decisions to safeguard your business interests.

Let’s take a look at the more general components often included in commercial or business coverage:

1. Property insurance

   Property insurance is vital for businesses of all sizes, covering the physical assets you rely on to operate. It protects against perils such as fire, theft, vandalism, and natural disasters. Property insurance is especially important in British Columbia, where wildfires and floods can be a concern. It typically covers buildings, equipment, inventory, and other property, ensuring that you can recover financially if your assets are damaged or destroyed.

2. General liability insurance

   General liability insurance protects your business against claims of bodily injury, property damage, and personal injury caused to third parties. It covers legal expenses, medical costs, and compensation for damages. Whether it’s a slip-and-fall accident at your premises or a product liability claim, general liability insurance provides financial protection and peace of mind.

3. Professional liability insurance

   Also known as errors and omissions (E&O) insurance, professional liability insurance is specifically designed for businesses that offer professional services or advice. It protects against claims of negligence, errors, or omissions that result in financial loss for clients. Professionals such as consultants, lawyers, accountants, and architects can benefit greatly from this coverage. It can help cover legal costs and potential settlements.

There are also more specific types of business insurance in BC that address the unique needs of different kinds of entrepreneurs. For example:

For entrepreneurs running businesses from the comfort of their homes, you should understand the significance of home-based business insurance. While your homeowners’ insurance policy may provide some coverage, it often falls short in protecting your unique business needs. Home-based business insurance is specifically designed to address the risks associated with operating a business from your residence. It covers essential aspects such as property damage, liability claims, and business interruption.

There is an increasing popularity of home-based businesses in BC. Securing adequate insurance coverage ensures that you can focus on confidently growing your venture. When you have the right insurance, you know you are protected from unforeseen events that could disrupt your entrepreneurial endeavours.

Cyber liability insurance

With the increasing reliance on technology, businesses face a growing threat from cyber risks. Cyber liability insurance helps protect your business from data breaches, hacking attempts, and other cyber incidents. It covers costs associated with data recovery, customer notification, legal fees, and potential legal settlements. In BC, where more and more businesses rely on digital systems and handle sensitive customer information, cyber liability insurance is a vital component of risk management.

Want to know more about cyber liability as part of your business coverage? TALK TO US!

Commercial auto insurance

If your business uses vehicles for operations, commercial auto insurance is a must. This coverage protects your vehicles, drivers, and third parties involved in accidents. Do you have a fleet of delivery trucks or simply a single company car? Commercial auto insurance provides financial protection against property damage, bodily injury, and medical expenses resulting from accidents.

Safeguarding orchards and speciality livestock

In our picturesque landscape, farms, orchards, and speciality livestock operations thrive, contributing to the region’s rich agricultural heritage. If agriculture is your business, protecting your investment and livelihood is paramount.

Farms insurance provides comprehensive coverage tailored to the unique needs of orchards and speciality livestock operations in BC. This specialized insurance protects against a range of risks, including property damage, equipment breakdown, crop loss, livestock mortality, and liability claims. Whether it’s protecting the bountiful fruit trees of an orchard or ensuring the health and well-being of valuable speciality livestock, farm insurance offers the peace of mind that farmers need to navigate the uncertainties of their industry.

Golf course coverage: protecting the greens and beyond

BC Golf courses are not only places of leisure and recreation but also intricate businesses that require careful protection against various risks. Golf course insurance plays a crucial role in safeguarding these expansive properties and their operations. Whether it’s a public course, a private club, or a resort facility, golf course insurance provides coverage for property damage, liability claims, equipment breakdown, and other potential hazards specific to the golfing industry. In a region where weather patterns can be unpredictable, golf courses in BC face challenges such as natural disasters and vandalism, making insurance coverage all the more essential. Owners and operators need to ensure the protection of their greens, facilities, staff, and patrons. With comprehensive golf course insurance in place, these beloved recreational havens can continue to thrive and offer memorable experiences to golf enthusiasts while mitigating potential financial setbacks.

Understanding the various types of commercial or business insurance available is crucial for protecting your enterprise from unforeseen events. From property and liability coverage to specialized policies like cyber liability insurance, each type plays a unique role in safeguarding your business interests.

By working with a trusted insurance agency, you can tailor a comprehensive insurance portfolio that meets your specific needs, ensuring your business is adequately protected against potential risks and uncertainties.

Do you have questions about your business coverage? TALK TO US!

If you can’t use your property after damage in an insured loss, loss of use coverage offers you valuable protection.

When you suddenly lose the use of your property after a disaster, it can be just that much more disorienting. Fortunately, included in your home insurance policy, there is Loss of Use coverage to help get you by. It offers valuable protection when you lose the use of your property after damage and an insured loss. It’s a common component of most home, condo, and tenant insurance policies.

Essentially, Loss of Use covers you when you find yourself suddenly displaced and cannot live in your home due to an insured incident. It’s coverage that reimburses you for additional expenses when you can’t use your property. For instance, if you need to live elsewhere temporarily during home repairs or rebuild after a house fire.

Components of Loss of Use coverage

You may hear Loss of Use referred to as “Additional Living Expenses” (ALE). It’s the most common use of the coverage but is really only one facet of Loss of Use coverage. There are two other elements to the typical Loss of Use coverage:

Additional Living Expenses (ALE)

If your home is unfit to live in after a catastrophe, ALE covers the additional necessary living expenses you have to pay to relocate temporarily.

Defining ALE

Generally speaking, there are two primary circumstances where Additional Living Expenses coverage applies:

• Direct damage. As mentioned, the most common implementation of ALE is to cover living expenses in the event that your home is suddenly unfit to live in due to insurable damage. For the coverage to apply, the damage results from a peril that your policy covers. For example, fire is a peril included in every home insurance policy. In the event of fire damage, your policy will cover repairs, rebuilding, and your living expenses while you cannot live at home. Pests, on the other hand, are a peril not included in most policies. If termites damage your home and you have to leave during fumigation, it’s not likely that your policy will cover – the termite damage or any ALE.
• Civil authority order. It’s possible to have to vacate your home under a civil authority order. ALE coverage applies so long as the cause for evacuation is insurable under your policy. For instance, ALE will cover your expenses if you have to evacuate due to wildfire if your insurance covers fire. Even if the fire doesn’t touch your property, you can claim ALE. But, if there is a civil authority order to vacate your premises due to flood and you don’t have flood coverage, you cannot make a claim for any ALE. To cover costs under ALE, the evacuation order must be an order, not an alert or advisory, or if you choose to leave your home voluntarily.

The common extra expenses Loss of Use protection can help cover:

• A place to live – ALE coverage will pay for a hotel or to rent a furnished apartment. If you’re a renter, ALE will cover only those costs that exceed your normal rent payment.
• Storage – If you need to store items while your home is repaired or rebuilt, ALE can cover the storage costs.
• Extra utility charges –  There are typically extra charges when you move, suspend, or cancel utility services. ALE can cover some of the extra costs.
• Food – Food costs often increase when you can’t be at home.  Staying in a hotel without a kitchen and eating in restaurants adds up!
• Additional Transportation expenses – A temporary living situation may require additional commuting and travel, making getting to work and school much more expensive. ALE can help cover these increased expenses.
• Pet – Your temporary living circumstances may not allow for your pets. ALE will cover keeping your furry family members in a kennel.

IMPORTANT NOTE: If your situation requires you to make a claim, be sure to keep all of your receipts!

Fair Rental Value

Fair Rental Value is a component of Loss of Use coverage. If you rent all or a portion of your home, you will likely lose rental income if property damage makes the home unliveable – under repair or rebuild. There are policies that will cover lost rental income as part of ALE coverage.

Note: While Fair Rental Value offers coverage for lost rental income in the event of an insured incident, it is not standard coverage on home policies.

For landlords, you have the option to purchase insurance that has rental income coverage included.

Among the most common reasons small to mid-size industrial properties make insurance claims? Losses from hot work.

“Hot work” refers to any work with ignition sources near flammable materials. Types of hot work involve welding, soldering, and cutting and often produce sparks. And the result of a “quick job” in an area not designed for welding or cutting is often fire.

One of the leading causes of fire in Canada for small to mid-size industrial and commercial operations and one of the top three causes of significant property losses? Hot work. A hot work management program, however, can help reduce the risk of fire hazards by welding, soldering, and other hot work.

Mitigate losses – a hot work management plan

When you take the time to design a hot work management plan, you help to reduce significantly or even eliminate hot work hazards and risks. Plans include policy development, procedures, and assigning responsibilities for all facets of hot work, including accountability. A management plan includes:

1. 1. Establish policies:
      • WHERE hot work can occur
      • WHEN hot work can’t occur
      • WHO performs, authorizes, and monitors hot work
   2. Identify procedures:
      • Assessments to perform before permitting/performing hot work
      • Preparation procedures for any hot work area
      • If you can’t avoid hot work, detail how to do it. Particularly in areas that might be hazardous
      • List required tools for hot work
      • Hot work permit – How to get one, when to get one, and who can administer it
   3. Train all relevant personnel – management and employees
      • Supervisors, employees, maintenance workers, individuals who work fire watch, fire crews, and contractors all have different roles, trained accordingly
   4. Communicating the management plan
      • Post procedures in a highly visible place
      • Post policies in a highly visible place
      • Post signage in areas where you do NOT permit hot work

Obtain a hot work permit

You can significantly reduce the hazards of hot work with a permit. A two-part tag system, the permit requires whoever performs hot work to complete a safety checklist before they begin any hot work in areas not designated for hot work. Attach one portion of the two-part tag near the work area until the fire watch is complete. Management keeps the other portion of the permit for records, audited by management.

The permit system ensures the individual performing the hot work follows the appropriate safety protocols. It requires they sign off on a checklist before working and after the fire watch is complete. A hot work permit is available for purchase from most retailers of safety supplies.

Best practices

To help prevent damage and losses from hot work, ensure that, in addition to your standard hot work procedures, ask the following questions before work begins:

• Is all equipment in good operating order?
• Are all appropriate personal protective devices readily available at the site?
• Have you trained each worker properly on how to use, clean, and store protective equipment properly?
• Has someone thoroughly inspected the work area? Are there combustible materials in nearby structures (walls, ceilings, partitions)?
• Has someone moved all flammable and combustible materials away from the work area?
• Can you move combustibles? If not, can you cover them with fire-resistant blankets or shields?
• Have you protected gas lines from hot materials, falling sparks, and other objects?
• Have combustible materials such as sawdust been swept clean around the work zone? If the floors are combustible, keep them wet or covered with fire-resistant blankets or damp sand.
• Are the appropriate fire extinguishers (e.g., ABC fire extinguishers) available and easily accessible?
• Find out more hot work best practices HERE.

Establish a fire watch schedule

A vital component of any hot work management plan is a fire watch. Once the hot work – welding, soldering, grinding, or any other activity that produces heat and sparks – is complete, you MUST conduct a fire watch.

Ensure that no hidden spark or fire has been left that might smoulder or ignite at some point after the hot work is complete. Potentially catastrophic consequences could occur if you miss or skip a fire inspection after the work is done. You might have to pay a properly trained employee to stay longer to inspect and watch the area. But, it’s a worthwhile expense, as many victims of hot work damages and losses will attest.

If you’re unable to afford the extra eyes for an after-hours fire watch, try to limit any hot work to earlier in the day. So, if there are sparks smouldering, they’re caught during the business day. It’s recommended that you keep an eye on the area for up to four hours after the work is complete.

Be sure that your hot work management plan includes ALL hot work activities no matter who performs them, your staff or third-party contractors. Look at your safety policies and be sure that they include hot work. It doesn’t need to be complicated! Simply a page or two will do, outlining specific safety policies and procedures required to conduct hot work.

Questions about a hot work area and your commercial insurance? Talk to us!

Spring is on the way! And that means a rush on kids getting a new BC driver’s license. Here’s what you need to know:

Spring will be here before we know it and, inevitably, that will mean a whole lot of new, fresh-faced youngsters eager to get behind the wheel with a new BC driver’s license – Learners and New permits – throughout the region.

The pandemic has had an impact on the scheduling of BC drivers license exams and road tests. In answer, ICBC has implemented an efficient online booking system so that our kids and other new drivers can easily book their testing sessions. Be sure to get out ahead, mind you, as the appointments book fast. As with everything these days, anticipate and plan for potential restrictions, which may include masks and physical distancing. Plan ahead to ensure the best possible experience for the excited new driver!

In preparation for getting out on the road with a BC driver’s license, we’ve outlined all the important things to know, from preparation to practice to planning for a test. Read on and fasten your seatbelt… it’s going to be an exciting ride!

For BC DRIVER’S LICENSE INQUIRIES, CALL: 1-800-950-1498

They’re ready to jump in and hit the road with their new BC driver’s license. And, of course, you want them to do so. But with confidence and safety. This is an exciting – and scary! – time for young drivers and parents alike. All that freedom and independence; no more relying on rides from mom and dad. It’s a wonderful time in a young person’s life, but it also comes with tremendous responsibility.

What the eager young driver-to-be may not anticipate is how much preparation will be required before they get behind the wheel on their own with a brand new BC drivers license. There are tests, both theory and on the road, but there’s also the expense of a first car insurance policy.

Let’s break things down with a brief outline to help you know what to expect. We’ll also give you let you know where you can find all the information you and the new driver in your life will need:

Pass the knowledge test before driving – the BC Learner’s Permit

To become a legal driver in our province, a knowledge test is the first mandatory step. The first stage in the process to receive a valid BC driver’s license is the Learner’s permit.

With a Learner’s permit, the new driver is able to get real-world practice behind the wheel WITH a licensed adult driver. This is their opportunity to get safe and guided practice. LOTS OF PRACTICE!

To receive the Learners, or “L”, in this, the first step, a first-time driver must achieve a score of, at minimum, 40 out of 50 questions correct on a multiple-choice knowledge test. In order to pass this test they’ll prove that they understand not only the rules of the road, but that they have an awareness about what it means to drive safely. To pass this phase the aspiring driver will:

• Pay a fee to take the Knowledge test.
• Take the test from a computer terminal at a registered testing office.
• Answer questions that include road sign knowledge, driving laws and safe driving practices.
• Once completed successfully, the new driver will receive a BC Learner’s driving permit and an “L” magnet to display clearly on the back of the vehicle. This magnet indicates the driver’s status to others on the road, including law enforcement and other authorities.
• Understand that this Learner’s Permit IS NOT a full BC driver’s license. They are restricted to driving with a licensed adult, not on their own. It is required to progress to the further required exams and advanced, independent, licensing.
• Be authorized to practice driving on the road legally with a fully licensed family member or friend or recognized driving school.

Learner’s (Knowledge) tests are available by appointment only. Book an appointment using ICBC’s online scheduling service.

Graduated Licensing Program

No matter the aspiring driver’s age, every first-time driver in British Columbia must achieve their full BC driver’s license through the Graduated Licensing Program (GLP).

The GLP process provides new drivers with all the information, skills, and perspectives to help make them better, safer drivers who are more competent and confident on the road. Through the GLP, inexperienced drivers gradually become more comfortable as they prepare to become independent drivers. This is achieved first with experienced and trusted supervision and then, eventually, on their own.

To help new drivers make their way through the GLP successfully and receive their BC Drivers License with confidence, there are three tests: a multiple-choice, followed by two on the road. When the new driver proves a level of mastery over the required knowledge and that they can drive safely, the process is typically completed in three years. It’s the years driving as a Learner and New driver that allow ample preparation and practice to develop and reinforce the necessary knowledge, skills, comfort, and confidence they need to drive safely with the rest of us.

The required phases to achieve a full BC driver’s licence – the GLP ‘Learner’ and ‘Novice’ permits:

Phase 1: Learner’s (L) Permit

At any time on or after their 16th birthday, a new driver can receive their L.

The L driving permit – steps:

• If the driver is younger than 19, a parent or legal guardian must sign a consent
• Book the knowledge test appointment and take the test at an ICBC driver licensing office
• Pass the vision screening test

Knowledge tests are available by appointment only. Book an appointment using ICBC’s online scheduling service.

Learn more about the BC Learner’s licence

Phase 2: Novice (N) Driver Permit

The driver must practice with their N permit for a minimum of a year under the supervision of an experienced, licensed driver. Upon completion of a year of practice, the Learner can take their first road test.

Getting the N permit:

• Plan ahead and BOOK the CLASS 7 road test
• Plan that the road test session — including time to review driving performance — will last approximately 45 minutes. The assigned examiner sits beside the driver and decides the route that will test your driving skills best.

Learn more about the Novice licence

Phase 3: Full Driver’s License

The final step! When you complete phase 3, you will be allowed complete independence on the road. The end of mandatory supervision as you drive. When you achieve this phase of the process, you can remove the magnet from your vehicle.

Phase 3 can be completed only after at least two years of safe driving as an N. The requirements for a full driver’s license include:

• You have driven suspension-free for the previous year as an L driver.
• The Class 5 road test – booked in advance.
• Successful completion of the advanced road test. As the driver is more experienced, there will be more difficult and challenging driving environments presented during the road test than was completed for the N. The test along with examination feedback will take approximately 45 minutes.

Learn more about getting the full BC driver’s licence

ALL DRIVERS LICENCING INQUIRIES: 1-800-950-1498

Protecting the new, young driver – auto insurance coverage

When it comes to insuring young drivers, different factors will determine what you will pay for car insurance. Your insurance agent will identify the insurance rate using the following factors:

• For the purposes of auto insurance, a young driver is defined by anyone under the age of 25.
• Multiple risk factors influence the rates for auto insurance, including the increased likelihood of an accident with young drivers.
• In Canada, young drivers make up about 10 per cent of drivers. The fact is, young drivers are more at risk for auto accidents. They account for about 25 per cent of all accidents resulting in serious injury or death.
• Drivers between the ages of 16 and 24 are simply assumed to be at higher risk.

If you have questions about auto insurance for young or new drivers or any other insurance information, CONTACT US!