Special Risk

At InsureBC, we understand that every property and homeowner faces unique challenges and circumstances. That's why we've tailored our Special Risk program for Personal Lines to address a wide range of specific needs that conventional policies may not cover. Whether you own a vacation home, are dealing with renovations, or have special property conditions, our team is equipped to provide you with the insurance solutions that fit your situation. Please reach out to us at specialrisk@insurebc.ca or contact Tina Knox directly at tknox@insurebc.ca for all inquiries.

Types of Risks We Can Address

Our Special Risk program accommodates various types of property and situations including, but not limited to:

• Vacant and Seasonal Dwellings: Properties that are unoccupied or used seasonally.
• Rental Properties: Standalone rented dwellings, condominiums, and properties with multiple tenants.
• Properties with Special Features or Conditions: This includes homes with oil tanks, specific electrical services, or primary wood heat.
• Financial and Legal Circumstances: Coverage for homes with multiple mortgages, properties in estates, or those with a history of non-payment of premiums.
• Unique Property Types: Log construction, properties with business operations, and homes undergoing renovations (cosmetic, non-structural).

We also address less common risks such as homes owned by private lenders or those in holding company names, ensuring a comprehensive approach to insurance underwriting.

Frequently Asked Questions (FAQ)

• What is the maximum coverage limit for vacant or rented dwellings?
  ‍For both vacant dwellings and standalone rented dwellings, the maximum coverage limit is $1 million.
• Are there any properties that the Special Risk program does not cover?
  ‍Yes, the program does not cover rooming houses with four or more tenants, farms, standalone liability, and other specific exclusions. For commercial-related inquiries, please contact commercial@insurebc.ca.
• What are the deductible requirements for this program?
  ‍The minimum deductible for our Special Risk program is $1,500. For Water Damage and Sewer Backup coverages, there is a $2,500 Minimum Deductible with a coverage limit up to $25,000.
• Can I obtain earthquake coverage for properties in Richmond or on Vancouver Island?
  ‍Currently, Earthquake coverage is not available for properties located in Richmond and on Vancouver Island through this program.

For further details or if your situation does not align with the listed scenarios, please contact us for a review. We're here to help find the right solution for your unique insurance needs.