IBC Reminds Home Buyers in British Columbia to Secure Home Insurance

wildfire season

As British Columbia prepares for the wildfire season, Insurance Bureau of Canada has come together with the British Columbia Real Estate Association (BCREA) to emphasize the importance of securing insurance for properties.

The bureau has warned BC residents that it might be difficult to purchase insurance while the wildfire is active. Homeowners should purchase insurance as a precaution. Aaron Sutherland vice-president IBC Pacific issued a statement saying “Home insurance is for unforeseen risks, and it may be more difficult to obtain when a wildfire is threatening your residence or community”.

“When a community is threatened by an active wildfire, it may be more difficult to secure home insurance, which can greatly hinder the sales process,” added BCREA CEO Darlene Hyde.

They suggest buyers should also include an “Insurance clause” in purchase offers. It is a vital clause that would allow buyers to back out of the sale if they can’t find satisfactory insurance. Homeowners should also not cancel their home insurance policy until after the property sale closes.

Home insurers generally renew the home insurance policy for existing customers when a wildfire threat arises; providing coverage despite the risk to properties.

If you’re ready to get your home insured, check out RateSupermarket.ca to compare home insurance rates today!

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