What is the difference between Replacement cost and Actual Cash Value?
Replacement Cost will replace items or property on a like, kind and quality basis. Actual Cash Value will reflect the current market value and life expectancy of the item.
Can I buy Flood Insurance?
Flood for homes and residences has only been recently added as an optional coverage. But not with all insurance companies. You will need to contact our office to confirm the availability. Flood for commercial risks has always been available but is an option similar to adding the peril of Earthquake.
What about renovations to my home?
Construction material is not covered by the typical Homeowner policy. Minor improvement such as painting, changing of carpeting, flooring and tile work does not need to be disclosed but if a contractor is being used, you should be asking that they have a current Liability policy. And if major renovations are being done you will need to discuss this with your Broker.
What is the cost to finance my auto insurance on monthly payments?
The current rate for ICBC financing is 2.5% plus a $15.00 initial setup fee.
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