Home Insurance During Wildfire Season
Wildfires have had a devastating impact on communities across BC in recent years. This year's wildfire season has already begun and, as a REALTOR®, you can help protect your clients by reminding them of the importance of home insurance, both year-round and when buying or selling a home.
If your client is buying a home, remind them to secure home insurance early in the sales process. They should also include an insurance clause in their offer of purchase. Homebuyers may find it more difficult to secure home insurance during wildfire season and delays in securing insurance can hold up the sales process.
If your client is selling their home, advise them to wait to cancel their home insurance until after the closing so that they are still protected if the deal goes south. Amidst other factors that could interfere with a sale, if the buyers find it difficult to obtain home insurance, the sale could be unexpectantly derailed.
In general, if you work with clients in a fire-prone community, remind them to seek insurance protection before a wildfire threatens their home. Although insurers will renew home insurance policies when an active wildfire is threatening a home or community, it may be more difficult to obtain this coverage until the wildfire is contained or the threat passes.
To learn more about wildfires and wildfire safety, visit the Insurance Bureau of BC's website.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
What we do
Popular tags within Practice Tips
Popular posts from BCREA
Housing Market Update – January 2023Jan 16, 2023
New Statutory Holiday on September 30, National Day for Truth and ReconciliationSep 09, 2021