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Media Releases 2008December 10, 2008Many BC homeowners to accommodate guests in 2010: Insurance Bureau of Canada wants them to be properly insured
Insurance Bureau of Canada (IBC) wants you to make sure you are properly insured. “The world is coming to BC in 2010,” said Lindsay Olson, IBC’s Vice-President, British Columbia, Saskatchewan & Manitoba. “Renting out your home or apartment to visitors, could affect your insurance coverage. Consumers shouldn’t assume they are covered for damage done by occupants simply because they have home insurance.” Insurance Bureau of Canada encourages all BC homeowners who intend to rent or lend out any part of their premises to contact their insurance representatives to find out if they are properly covered. Olson advises homeowners to be clear about their intentions. “Let your insurance professional know what you plan on doing, and don’t be afraid to ask questions. In some cases, your existing coverage may be adequate. In other cases, you may have the option to purchase additional coverage. Either way, it’s better to be safe than sorry.” Olson also encourages all BC homeowners and tenants to maintain a complete, up-to-date home inventory. “Having a personal inventory is just as important for tenants as it is for homeowners,” added Olson. “Many tenants don’t bother, but are surprised to learn just how much they own, and how much it would cost to replace everything they own in the event of a tragedy.” To learn more about home insurance, or to download a free copy of Know Your Stuff, Insurance Bureau of Canada’s easy-to-use home inventory software, please visit www.ibc.ca. Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent nearly 95% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 108,000 Canadians, pays more than $6 billion in taxes to the federal and provincial governments, and has a total premium base of $36 billion. - 30 - For more information or to arrange an interview please contact: Ellen Woodger, (416) 483-2358 James Geuzebroek, (416) 362-2031 ext. 4364 |
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Vancouver, BC - British Columbia is expecting over 200,000 visitors from around the world to attend the 2010 Olympic and Paralympic Winter Games. Many BC homeowners plan on renting their homes in whole or in part to visitors. But what happens if the persons renting your home damage your property during their visit?