Third liability Insurance-duration??
- Thread starter Loulou79
- Start date
I don't see why it can't be prorated to the length of your lease. Renter's insurance is very cheap though - my own is about $20 I think with decent coverage.Loulou79 said:
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The policy period for most insurance products in Canada is one year. Auto insurance policies can be the exception ... some policies are issued for 6 months at a time. It is simplest and least expensive to pay the premium for an annual insurance policy in a single lump sum payment, although semi-annual, quarterly, bi-monthly and monthly premium payments can generally be arranged with most companies for a small service fee. Insurance companies will not typically write policies for partial terms. When you move to another residence or buy a new auto/dispose of an old one you simply notify the insurance company and they will issue a refund for the unused portion of the policy (computed on a daily pro-rata basis).Loulou79 said:
As seton mentioned, Renters Insurance is cheap. To give you a better idea of what you might expect, here some details from my policy...
I live in a 2-bedroom/2-bath (ca. 100 sq. meters/1125 sq. ft.) hi-rise condo in downtown Vancouver. I'm insured by BCAA (CAA). My annual premium is $378 with a $200 deductible. My policy includes the following coverages:
(Property Coverage Limits)
Personal Property $82,500
Additional (Emergency) Living Expenses $41,250
(Liability Coverage Limits)
Legal Liability $1,000,000
Voluntary Medical Payments $25,000
Voluntary Payment for Damage to Property $10,000
My policy premium also includes riders (optional supplemental coverages) for Earthquakes, Water Damage, Replacement Cost (rather than the standard cash value) and increased policy limits for Tools ($5,000), Jewelry ($25,000) and Computer Equipment & Electronics ($10,000).
I receive several discounts that help reduce my overall premium amount. The following discounts apply to my policy:
1) Type of Construction (Concrete)
2) Age of Building (2004)
3) Proximity to Fire Hydrant (less than 300 meters)
4) Proximity to Fire Hall (less than 8 km)
5) Monitored Fire/Intrusion Alarm
6) 24-hour Building Concierge
7) BCAA Membership
8) Multi-Policy Discount (I also insure my 2 autos with the company)
9) Claims-free History
10) Loyalty Discount (For every year with the company the annual premium drops by a few dollars)
I elected to go with BCAA since I was already a member (BCAA = British Columbia Automobile Club). Prior to arriving in Canada I was a member of AAA (U.S.) and BCAA gives credit for years of membership in many foreign automobile associations. If you are not already a member, I highly recommend it ... premiums start at around $100 annually and benefits include free maps, 4 free service calls (flat tires/out of gas/dead battery/lockouts/etc.) per year, free towing, and much more. Membership also gets you a discount if you insure through them, which can add up to a substantial amount as the discount increases with each year of membership.
One final thing ... If you have a fairly clean claims history with your current insurance company, be sure to get a letter from them stating how long you've had renter's insurance coverage through them and attesting to your claim-free history. Although BCAA (and other insurance companies) can verify insurance records from U.S. (and a few other nations') companies, most countries do not have an electronically accessible central clearinghouse for insurance data.
Best of luck to you.