Managing Your Risk
Life is full of risks. Some of these are risks we eagerly take on, as they are also opportunities to learn new skills, prosper financially and have fun. Others, such as the risk of loss from unforeseen events, can be devastating and costly.
Success is about managing your risk. There are two ways to do this:
- Transfer your risk. When you buy an insurance policy, you're in effect transferring specific risks to the insurance company. If you suffer a loss due to fire, theft or other covered peril, the insurer will compensate you or restore the property to pre-loss condition. With this assurance, banks are more able to loan money for buying a home or growing a business. In this manner, insurance provides the foundation for a strong economy.
- Reduce your risk. Many losses are preventable. Insurance doesn't cover things that wear out over time, or that can be prevented through proper maintenance. By taking mitigating measures, you and your family can stay safe and avoid many costly losses. Often a loss can extend to neighbours and others in the community. By protecting your own property and helping others do so as well, you're contributing to a safe, liveable community.
Insurance brokers are risk managers who can obtain the right insurance coverage for you and provide advice on mitigating risks. Follow these links for some basics and contact your insurance broker for more information. Find an insurance broker near you.
Transferring risk with insurance
Insuring your home:
Home insurance protects your investment
Home insurance renewal checklist
Insure your home to its proper value
Strata building and unit insurance
Tenants' need insurance too
Insuring your vehicle
Insuring your business
Travel insurance is the first thing to pack
Reducing risk through prevention
Safe at home:
Checklist for moving into a new home
Take inventory and store important items for fast recovery
Safe in the community:
Cycling safety
Pedestrian safety
Crime free community
Safe on the road:
Be ready for B.C. driving conditions
Don't be distracted
Specific perils:
Theft: Burglar-proof your home
Avoid water damage
When a tree falls
Protect against fire, inside and out
Earthquake preparedness
Overland flooding
Additional Resources - covers consumer tips, road safety, emergency planning, homeowner information and other topics related to insurance and risk management.
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