Business Insurance

Business Insurance Victoria BC

Renting Peace of Mind

Whether you’re generating extra income by renting a room or portion of your home – or renting in order to save up for your first home purchase – there are lots of things to think about. When doing so, don’t forget to keep in mind the role that insurance plays in keeping you protected.

landlord-renters-guide-bcAs a landlord:

  • Inform your insurance broker in writing before your new tenant/student moves in. Failure to do so may void your home insurance policy.
  • Your policy only covers your property, contents and personal liability for yourself, spouse and dependents – not your tenant’s or boarder’s

As a tenant, renters insurance:

  • covers the replacement of your items in case of loss
  • covers transition costs like food, shelter, moving expenses after the insured incident
  • protects you and your family from lawsuits in case any damage or harm to the building, guests or other building residents is blamed on you
  • some landlords will request to see a copy of your insurance as part of their policy requirements

For more information on the Residential Tenancy Act click here.

Information courtesy of the Insurance Bureau of Canada

Shaking up BC’s Ideas on Earthquakes

Each year, more than 1,200 earthquakes are recorded in BC. Although many of those quakes are minor, BC has recently experienced quakes up to 7.7 on the Richter scale in the Haidi Gwaii region. To put that into perspective the devastating 2010 earthquake in Haiti measured at 7.0.


Recent studies of the Cascadia Subduction Zone (Vancouver Island to Northern California) have moved potential earthquake epicentres as much as 55kmĀ  closer to Victoria and Vancouver than previous reports. Based on recent models, depending on the severity and location of a major earthquake, insured losses could be as high as $100 billion dollars with 20% of those losses centred in Seattle and Vancouver. And actual economic damage would be 4x that figure.

Earthquake insurance is just the start to putting together what to do in case an earthquake occurs. Plan to keep your family and business safe and protected. Doublecheck what your earthquake insurance does and doesn’t cover and plan accordingly. Put together an emergency kit both at home and at the office that has what you need to look after yourself and your family for at least 72 hours.

Tips on what to do

During an earthquake… drop, cover and hold on
If you are inside, stay inside. DO NOT run outside or to other rooms during shaking.
DROP down onto your hands and knees (before the earthquake knocks you down). This position protects you from falling, but allows you to still move if necessary.
COVER your head and neck (and your entire body if possible) under a sturdy table or desk. If there is no shelter nearby, only then should you get down near an interior wall (or next to low-lying furniture that won’t fall on you), and cover your head and neck with your arms and hands.
HOLD ON to your shelter (or to your head and neck) until the shaking stops. Be prepared to move with your shelter if the shaking shifts it around.

For more details on both earthquakes and tsunamis, the BC Government has a user-friendly smart manual for you and your family.