Vancouver, BC – October 29, 2009 – The start of the Olympic Torch Relay on October 30 signals the fact that the 2010 Olympic and Paralympic Winter Games are fast approaching. Insurance Bureau of Canada (IBC) is reminding BC homeowners to make sure they are properly insured before renting out their property to visitors.
Since last year, IBC has been encouraging homeowners who are planning to rent their homes or apartments, in whole or in part, to contact their insurance professionals to discuss their insurance coverage.
“Scores of visitors will be coming to BC next February,” said Lindsay Olson, IBC’s Vice-President, British Columbia, Saskatchewan & Manitoba. “Renting out your home or apartment to some of them could affect your insurance coverage. Consumers should not assume they are covered for damage done by occupants simply because they have home insurance.”
Olson reminds homeowners that it’s better to be safe than sorry. “Let your insurance professional know what you plan to do. Be clear with your intentions and don’t be afraid to ask questions.” Olson advises, “In some cases, your existing coverage may be adequate. In other cases, you may have the option to purchase additional coverage.”
Insurance Bureau of Canada also encourages consumers to maintain a complete, up-to-date home inventory. Know Your Stuff, IBC’s free home inventory tool, allows homeowners and tenants to build a room-by-room record of their belongings and calculate replacement costs. To learn more about this tool, or for more information about home insurance, visit www.ibc.ca .
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.