Are you adequately insured?
With all the concerns around the recent flood in the North Okanagan, many insurance companies are not issuing new policies to those who are in higher risk areas. I feel that this would be a good time to remind everyone to check your policies!
There are many definitions of “flooding” and at a time like this, it is important to know what your policy may or may not cover. I am sure we have all experienced some sort of water related incident at some point in our lives, my hot water tank once gave up in the middle of the night and filled my basement with water. At the time, I told friends and family that my basement flooded, because in my mind it had! When I spoke to my insurance company, from their perspective, it was not considered a flood but just water damage. Their definition of a flood is when a large amount of water seeps over dry land and into a home. This most commonly occurs from spring run off, a drastic storm, tidal flooding or some sort of structural failure.
Helping my clients stay protected through the home buying process is my first priority. I currently have two clients whom are in the midst of purchasing a home. So, when I drew up their contract to purchase I ensured that one of the conditions I put forward was confirmation of insurance coverage. Which is obviously more important right now because of the flood risk. It is imperative that they are able to obtain adequate binding insurance coverage before we remove that condition. If something does occur that affects their new home, they won’t end up in a financially burdened situation because they had a great realtor working with them to ensure their new investment is taken care of no matter the circumstance.
If you have questions or concerns regarding flooding, you can get more information at
If you have been effected by the flood and are seeking financial aid you can get more information by going to:
To see if your area qualifies for government aid visit:
My hope is that all of you are currently safe and dry this wet spring season!