DEEP COVE INSURANCE
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Rental Home Insurance
Income generation through property ownership is very common these days. There is the same exposure to financial loss as an owner would have with a principal detached dwelling. Rental Home insurance often provides coverage on a Replacement Cost Basis for the Dwelling Building and Detached Private Structures, loss of Rental Income in the event the dwelling is uninhabitable due to an insured claim and premises liability for unintentional injury at the insured location only.
Depending on the location and condition of the dwelling there may be factors that could make the property undesirable for a regular insurance market (company). There are other specialty markets that are available for these risks, however, coverage is often limited in terms of damage that will be covered and to Actual Cash Value (replacement value less depreciation).
Rental Home coverage is generally provided for long-term tenant occupied dwellings with limited discounts available. Most insurers will require landlords to complete Rented Dwelling Questionnaires to gather details on the tenants that will be occupying the property.
Do I need home insurance in British Columbia?
Home insurance is not required by law in British Columbia, but virtually every mortgage lender requires it as a condition of financing. Beyond the lender requirement, a homeowners policy covers the structure, your belongings, additional living expenses if the home becomes unliveable, and personal liability. Fawcett Insurance in North Vancouver quotes homeowners coverage across multiple insurers through the InsureBC Group.
How much is home insurance in North Vancouver?
Home insurance premiums on the North Shore depend on the rebuild cost of the home, its age, roof and wiring, distance to a fire hall, claims history, and your coverage limits and deductible. North Vancouver properties are also rated for local exposures such as slope, wildfire interface near Seymour, and water and sewer backup. Because rates vary widely between insurers, a broker quote comparison is the only reliable way to get a real number. Fawcett Insurance provides free estimates at 604-929-3494.
What insurance do I need if I own a condo or townhouse in BC?
Strata owners need their own condo policy even though the strata corporation insures the building. The strata policy covers common property and the original standard unit; your personal policy covers your contents, upgrades and betterments, personal liability, additional living expenses, and — importantly — your share of the strata's deductible if a loss originates in your unit. Strata deductibles in BC can run into the tens of thousands, so deductible assessment coverage matters. Fawcett Insurance writes condo and townhouse policies throughout North Vancouver.
Do renters need tenant insurance in BC?
Tenant insurance is not required by provincial law, but most BC landlords and strata rental rules now require it in the tenancy agreement. A tenant policy covers your personal belongings, personal liability if you accidentally damage the building or injure someone, and living expenses if the unit becomes uninhabitable. It is typically one of the least expensive policies available. Fawcett Insurance quotes tenant insurance for renters in North Vancouver and Deep Cove.
What insurance do I need as a landlord in BC?
A standard homeowners or condo policy does not cover a property you rent out. Landlords need a rental dwelling policy, which covers the building, loss of rental income while the property is being repaired, and landlord liability. Rental condo owners need an equivalent policy covering their unit, contents left for tenants, and their share of the strata deductible. Fawcett Insurance writes both rental home and rental condo policies in North Vancouver.
What is the difference between an insurance broker and an insurance company?
An insurance company underwrites and issues policies. An insurance broker is licensed to shop multiple companies on your behalf, compare coverage and pricing, and advocate for you at claim time. Fawcett Insurance is a brokerage, and its membership in the InsureBC Group gives it access to every insurance company operating in British Columbia rather than a single insurer's products.