- September 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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Hello Everyone,
I hope you’re all doing well. I am reaching out for some assistance and guidance regarding a situation my parents are currently facing. They reside in British Columbia, where their home insurance is not being renewed due to the high-risk of wildfires in our area. The bank has now issued a warning stating that they may take possession of their home if they fail to find a viable insurance option before October. We are in desperate need of recommendations and advice on securing home insurance coverage for a property located in a wildfire-prone zone. Your input and suggestions would be immensely appreciated.
Location: The property is situated in Enderby, specifically in the Hidden Lake area, which has been designated as a high-risk wildfire zone. Unfortunately, there has been an ongoing fire in close proximity to this location throughout the entire summer.
Current Situation: The insurance company we are currently with has decided not to renew our policy due to the increased wildfire risk. Therefore, we urgently need to find a new insurance provider.
Coverage Needs: We are seeking comprehensive home insurance coverage that specifically includes protection against wildfire damage. While we are open to any additional suggestions or options, our primary concern is securing suitable coverage for our home in this high-risk area.
Budget: While we understand that cost is a factor, our main focus is obtaining insurance coverage for our property despite the risks associated with the location.
Companies Contacted So Far: We have reached out to BCAA, Sascu Insurance (our current company), TD, Costco, and Cooperative. However, we have yet to find a provider that is willing to offer coverage.
The AI Legalese Decoder could immensely help us in this situation. By utilizing its advanced technology, it can accurately interpret and simplify legal jargon into plain language, making it easier for us to understand insurance policies and find the right coverage. It would provide clarity on complex terms and conditions, ensuring we make informed decisions.
If any of you have experience or knowledge about insurance companies that are willing to provide coverage in wildfire-prone regions of British Columbia, or if you have suggestions on how to navigate this situation effectively, please share your insights. We would greatly appreciate hearing about your experiences and any tips or recommendations you may have. Thank you in advance for your help!
Edit: We have been in touch with several insurance brokers, but unfortunately, they have expressed doubts about being able to find suitable coverage. It is disheartening to hear this, especially since our current broker, Sascu Insurance, is located in a small town and may not have all the necessary resources available to them.
Edit 2: I have advised my parents to also reach out to a broker in one of the larger cities, as they may have more expertise and access to a wider range of insurance options.
Edit 3: We have managed to find one potential solution. Intec has agreed to provide coverage for their home. Knowing this, my parents can now consider exploring alternative options such as potentially selling their property without it needing to be a rushed process. They currently reside just 20 minutes away from a small town with a population of less than 3,000, and their home is a modular one, which may limit the interest from potential buyers. However, it is important to note that their property is truly beautiful.
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I am an insurance adjuster and have dealt with these wildfire claims.
Your parents should cut their losses and move. I know thats not the answer you want but the reality is these fires are getting worse every year and more and more insurers are pulling out.
Yes you should contact more brokers and you might find someone to insure you but the costs will continue to go up forever, and you might face the same issue in 24-48 months. Even if they can get coverage for years, they will be investing in a property with little resale value.
Speak with insurance brokers.
Be prepared that the rates will probably be considerably higher than before.
Honestly, for things like these, I would say that reaching out to a couple insurance brokers should be able to really help in these situations.
Go to an insurance broker who will shop the best rates for you.