IBC Reminds Homeowners Accommodating Guests To Check Insurance Coverage

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Vancouver, BC – January 23, 2009 – With the 2010 Olympic and Paralympic Winter Games only one year away, and with VANOC’s (Vancouver Organizing Committee’s) recent launch of its volunteer homestay program, Insurance Bureau of Canada (IBC) wants to remind BC homeowners who will be renting out their property during the Games to make sure they are properly insured.

Next winter, scores of visitors from around the world will descend upon the lower mainland to witness the 2010 Winter Games. Many British Columbians will be renting their homes or apartments, in whole or in part, to some of these visitors.

“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 should not assume they are covered for damage done by occupants simply because they have home insurance.”

Insurance Bureau of Canada encourages those thinking of renting out any part of their premises to contact their insurance representatives to see if they are properly covered.

Olson advises homeowners to be clear about their intentions when speaking with their insurance representatives. “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.”

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 110,000 Canadians, pays more than $6 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $38 billion.

To view news releases and information, visit the media section of IBC’s website at www.ibc.ca.