Check Insurance Coverage before Disaster Strikes

This information was passed out to the Realtors in my brokerage the other day, but I do not know from where it originated. It certainly is something to keep in mind...

"Although this year's summer season in BC hasn't been the warmest, the risk of forest fires and the devastation of years past are on the minds of many. Realtors should advise their clients to check their insurance coverage now, rather than waiting until their communities are threatened.

During natural disasters, such as wildfires, insurance companies may have temporary restrictions on taking new business, which may result in difficulties for homeowners to purchase or upgrade their policies at that time. These same factors could also slow real estate transactions during a state of emergency, potentially affecting Realtors and those looking to buy or sell a home.

"In these situations, new policies are provided on a case-by-case basis," said Lindsay Olson, Vice President of the Insurance Bureau of Canada's Pacific Region. "In general, it will greatly increase the amount of time it takes to obtain insurance."