All about iQ
Home Insurance

You don’t have to be sold on the importance of home insurance, you already get that. It’s the archaic process of setting it up that makes you cringe.

Let’s not make this complicated. At iQ Insurance we work with your realtor and your mortgage broker, we access government databases to get details of your home and then offer you the amount of coverage that you need. You’ll understand your options and can complete it over the phone and online, and your policy will be emailed to you.

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We have Flexible Insurance options that fits your need!



What's included?

We start by using a program that calculates how much it would cost to rebuild your home if it was totally destroyed. What happens if it costs more than we estimate? Don’t worry – Guaranteed Replacement Cost for the building* (GRC) is included in all of our policies; you won’t be paying more after a loss, your home will be rebuilt.

Contents

You then automatically get coverage for what’s inside your home too– your furniture, clothing, computers and so on. Things like jewellery, bikes & artwork are covered under this section, but we’ll need to discuss the amount of coverage you need for these special categories.

Landscaping & Outbildings

Any garages & sheds not attached to your home are covered, as are any landscaping & fences on your property. The amount of coverage you get for each of these is usually more than enough, but we’ll talk about it to make sure.

Additional Living Expenses

While your place is being rebuilt you’ll probably be staying in a hotel or renting for a while. Your policy will pay for these additional costs too, since crashing at your relatives’ place gets old pretty quick. And yes, you’ll still have to take care of your own mortgage.

Liability

If a court decides that you’re responsible for damage to someone else’s property or for their injuries and makes you pay to fix the situation, you’ll definitely appreciate that liability coverage is included in your home insurance policy. A $2 Million limit is our standard.

Sewer back up

Insurance against having the sewers back up through the drains in your home is often considered optional, but not with us. The cost of repairing this kind of damage can really add up & these kinds of losses have been increasing in the past few decades.

What's Optional?

Different Insurance companies sometimes have unique coverage options. For example, Optimum West offers a ‘Green home Extension’ which means you’ll have the option of using more environmentally friendly materials when repairing damaged areas of your home.

Other optional coverages are more universal, like the ability to add protection for your property in the event of an earthquake; if you want your insurance to pay out after the ground starts shaking and your home is damaged or your TV falls off the wall, get Earthquake coverage.

What's included?

We start by using a program that calculates how much it would cost to rebuild your home if it was totally destroyed. What happens if it costs more than we estimate? Don’t worry – Guaranteed Replacement Cost for the building* (GRC) is included in all of our policies; you won’t be paying more after a loss, your home will be rebuilt.

Contents

You will have coverage to replace what you have inside your place like clothing, furniture, appliances and so on. Things like jewellery, bikes & artwork are covered under this section, but we’ll need to discuss the amount of coverage you need for these special categories..

Additional Living Expenses

While any damage to your place is being repaired you may need somewhere to live until everything is done. Rather than having to stay with friends or family, this coverage pays for a hotel room or furnished condo for you to stay in. And yes, you’ll still have to take care of your own mortgage.

Liability

If a court decides that you’re responsible for damage to someone else’s property or for their injuries and makes you pay to fix the situation, you’ll definitely appreciate that liability coverage is included in your home insurance policy. A $2 Million limit is our standard.

Strata Deductible Assessment Coverage

Your strata has their own insurance policy and they pay a deductible every time they use the coverage. Did you know that if the strata can prove that you are responsible for their having to use their policy, you could be responsible for paying the deductible? These deductibles can start at $10,000 and be as high as $250,000, so it’s a critical piece that requires attention in your Condo policy.

What's Optional?

One common optional coverage is protection for your property in the event of an earthquake; if you want your insurance to pay out for damage caused after the ground starts shaking, get Earthquake coverage.

Why do I need a Tenant/Renter's insurance?

We often hear from people who are renting who think that they don’t need insurance, either because they don’t think they have anything worth insuring, or they mistakenly believe their landlord’s insurance will cover them. Let’s be clear on this: Your Landlord’s policy does not insure you or your property.

In fact, if you accidentally cause damage to the building and the Owner’s insurance policy makes repairs, you might be on the hook to reimburse the insurance company! Without Liability coverage (which is built into every Tenants policy), this is coming out of your pocket. The same can apply if someone sues you after injuring themselves on your property.

Now look around you. If there was a fire, how much it would cost to replace all of the movable property in your home – your clothing, your furniture, your appliances, your electronics – all your ‘stuff’? Got a number?

Protect your investment

Income properties are a great way to grow your investment portfolio, but to protect that important asset, you need to insure it correctly; that's where we come in. Our products will protect the building, your rental income, and personal belongings maintained at the property. An iQ insurance representative will be able to advise you on the best product for your needs, how to maximize available discounts, and what you should ask of your tenants to help protect the property.

Whether you are buying a rental property or renting out your seasonal vacation home, iQ can help.

It's not just about a property

Got a place you like to retire to for relaxing weekends in the woods? Or maybe a chalet in the mountains you use as a home base for your family ski trips? When it comes to Vacation properties that you visit only occasionally, your insurance options can vary widely from one company to another.

Maybe you don’t keep much at this location and wonder if you even need insurance on it, but consider what would happen if someone injured themselves while on your property; as the Owner, you might be on the hook for some serious medical bills. And think what it would cost to rebuild even a modest structure after a fire... You might be able to handle such a loss, but is it worth the risk to your hard-earned savings?

Special notes about Vacation Properties:
  • Often Insurers require that you visit the property at least every 90 days and make an effort to properly maintain it (photographs will be required).
  • Renting out your vacation home on a short-term basis makes finding an insurer more difficult, but not necessarily impossible.
  • We don’t need to insure your primary residence in order to quote vacation properties (but it’s often preferred by Insurers).

Depending on whether or not your property is fully fire-protected (by a hydrant or fire hall), rates and coverage options can be all over the place and a professional advisor is key here. Call us with the details of your treasured hideaway and we’ll work to make sure both you and it are properly covered.

* Some conditions apply. Please contact us to find out more! Request a home insurance information
iQ Insurance: The Difference

THE iQ DIFFERENCE

At iQ Insurance, we get it. Minimal touch-points, easy application process and emailed policy documents are our standard practice. We have everything you need to insure your home, vacation and rental properties, as well as business and travel insurance to protect you from financial hardship when the unexpected happens.

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How to contact us

Hours of Operation

MON-FRI, 9AM-5PM (PT)

Toll-free Phone

1.844.467.4747