With our province being in a state of emergency right now, one thing to consider is Fire Insurance. Most people have some sort of fire insurance protection for their home. Home insurance is a mandatory precaution required by the bank even before they will consider financing your home purchase. While this complicates things for us Realtors a bit, we do have actions we can take to try to move forward in situation like this.
Being that most insurers are not issuing policies at this time, one thing that can be done, is to try to transfer the current home owner’s insurance to the new home owner. In some cases, this will help the new home owner to be insured during the time when insurers are not issuing new policies. This can often give the new home owners time to get into a new policy, or change the policy to their comfort level, once the danger has passed.
The other thing that can be done in this situation, is to grant the new home owner early possession. The new owners are able to move in, and get settled, but the old owner still owns and insures the home. Once the fire threat has been considered removed by the province, then insurers will start to issue policies again. At this time, the new home owner will be able to receive binding insurance, so the financing can complete and the title can be moved into the new home owners name.
If you are effected by the fires, be sure to get in touch with your insurance company and start the claims process immediately. Most policies will cover, accommodation for your self and your pets. In addition to meals and of course the cost of replacing any damaged items, from smoke or fire.
If you do not have insurance, you can apply for financial aid by visiting the government of BC website.
This link will provide information on what areas are eligible for financial aid:
This link provides forms and further information if you have been effected by the fires: