Update on Rented Dwelling – BC

March 17, 2023
Personal Lines

We have made several changes, including rate changes effective April 1, 2023 for new business and June 1, 2023 for renewals.

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Last month, we shared our strategy that helps position us for the future, ensuring we are Built for Success.

We’re clear on our path forward and as a result are making changes to our Rented Dwelling product to ensure a sharper focus on performance.

Rented Dwelling

Recently, we’ve noticed an increase in new Rented Dwelling business as our competitors have limited their offerings. As a result, we’re making changes to ensure the quality of the business we write with our broker partners.

What’s changing?

Effective immediately, all Rented Dwelling policies now require a completed and signed Rental Dwelling questionnaire, available on GoBroker, and accompanied by the requested images in order to be reviewed and bound by an underwriter. Once all appropriate documentation is received, a member of our underwriting team will contact you to advise of risk acceptance or decline. You can still generate quotes in Guidewire, however, a message will appear in Guidewire to advise that the risk must be referred in order to complete the binding process.
Effective April 1, 2023, for, New Business and June 1, 2023, for Renewals, we will be increasing our rates for stand-alone rental properties. Our manuals have been updated to reflect these changes and are available on GoBroker.

If you have any questions, please reach out to your Business Development representative