This was sent to me by a local insurance agent and worthy of the 2 minute read.
It seems we got through Fire season and now we are in the midst of flood season.
Please know that insurance companies will not permit flood coverage when a property is near an active flood zone. Commercial Insurance calls it flood coverage, home insurance calls it Overland Water or Ground Water coverage. While lenders are not specifically requesting Flood or Overland Water coverage, they may soon do so and I wanted to keep my real estate associates aware of these concerns.
Home and Business Insurance will be affected by this and below are some of the areas we have received flood warnings on.
High Streamflow Advisory in effect (Vancouver Island):
· Englishman River area in Parksville
· Chemainus River area near Westholme (between Duncan and Chemainus)
· Cowichan River area in Duncan
· Koksilah River area in Cowichan StationAlso hard to believe but we still have active forest fires in BC according to the BC Wildfire website… thankfully nothing out of control on the island:
· 9 active fires in the Prince George Area.
· 2 active fires in Coastal region
· 6 active fires in Kamloops area.
· 0 active fires in the Southeast BC.
· 4 active fires in Cariboo area.
· 2 active fires in the Northwest
1 Fire still noted on Vancouver Island: near Naka Creek shows as Under Control
Joanne Freelund | Commercial Account Executive
Toll Free 1.888.595.5212 | Fax 250.595.2900 | Cell 250-739-9888 | Direct 250.824.2453
96 Wallace St | Nanaimo BC | V9R 5C4 | megsonfitzpatrick.com
So what’s your best course of action? Get your insurance bound and paid for as soon as possible. Your home may be closing in 2 or 3 months but get the insurance paid for immediately. In this past summer we had several buyers running into challenges and were scrambling for insurance the day before closing. We also has several other deals closing at the same time and they had put their insurance in place 30 or 60 days earlier so there was not problem. The recent deluge has reminded us that it is always prudent to get these details taken care of at the earliest time possible.
