TORONTO, Dec. 16, 2008 – 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?
Insurance Bureau of Canada (IBC) wants you to make sure you are properly insured.
“The world is coming to B.C. in 2010,” says 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 B.C. 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 B.C. 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,” adds 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
About Insurance Bureau of Canada:
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. For more information, visit www.ibc.ca.