Purchasing Home Insurance During Wildfire Season? Here’s What You Need To Know

home-fire-wildfire

Summer may be one of the hottest seasons for real estate sales, but with the BC summer heat also comes added wildfire risk. This can affect home insurance policies, policy renewals, and even real estate sales in some cases! Read on to learn more about home insurance for wildfires, and how purchasing home insurance during wildfire season can have added obstacles.

BC Wildfire Insurance

Although every insurance policy is different, most home insurance policies have some coverage for fire damage; this includes fire from wildfires, especially in BC. It’s best to contact your current home insurance provider to discuss the exact details of the policy. If you have a home insurance policy with HIP, or if you want to quickly get a free quote at no obligation, contact us now!

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homes near wildfires in BC and their home insurance

Owning Homes Near Wildfires

Homes near common wildfire sites, or worse – close to an active wildfire – are at higher risk of fire damage, so insurance policy premiums are often affected accordingly.

Higher Home Insurance Premiums

Unfortunately, home insurance premiums are often more expensive if the home is in an area that is known for wildfire danger. This is especially the case if you’ve had to submit a home insurance claim due to wildfire damage in the past, or if there is a current wildfire ablaze close to your home.

READ: 9 Tips to Protect Your Home from Wildfire Damage

Home Insurance Policy Complications

Homeowners that plan to buy or own property in wildfire zones can even run into complications when trying to find or renew the home insurance policy. If your home is too high of risk from wildfire damage, home insurance providers may not be able or willing to take on that kind of risk. Of course, this is especially the case during wildfire season and if there is a current live wildfire ablaze. That means having trouble finding home insurance, which would leave the homeowner exposed to a lot of risk; not only from wildfire damage, but also from having their mortgage pulled.

home insurance complications due to wildfire risk

Home Sale Complications

In a worst case scenario, your BC home cannot find a home insurance provider willing to take on the risk; leaving you without insurance for your home. Not only does this leave you at risk of having to cover any damages to the home yourself, but it can put you at risk in other ways too. Banks may not want to finance the mortgage if the home does not have proper insurance, and real estate sales can be affected too.

What To Know

If you own or are looking to own property in BC, keep the common BC wildfires in mind. Homes located near common wildfire areas may be subject to higher home insurance premiums. Even worse, some homes may have trouble finding home insurance for their homes if their homes are too high of risk from wildfire damage or if there is a live wildfire currently ablaze. This can negatively affect and put in jeopardy some important aspects of your home ownership. It’s important to work with a reliable real estate agent and mortgage broker, do your homework, and find a credible home insurance provider.

Contact HIP

Contact the HIP team if you have any questions about how wildfire risk may affect home insurance policies, if you want to review your current policy with The Home Insurance People, or if you want a quick no-obligation FREE home insurance quote!

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