When buying a home setting up for home insurance can often by one of the last things a buyer does. However, when you live in the sunny, and often rainless, Okanagan this is one of the first things that should be done.
An insurance company will allow you to confirm your insurance policy 30 days before you take completion/possession on a new home. This will ensure you will be protected if a fire starts 25kms from your new home. If you do not have your insurance in place and you are within 25kms of a fire many insurance providers aren't providing insurance thus making it very difficult for you to complete on your new home purchase. Some of the remedies for this may be to have your lawyer create a irrevocable letter or create a tenancy agreement between the buyer and seller until the buyer can get insurance. As well, being a seller please make sure your insurance policy doesn't run out if there is a fire in your area.
If you have any questions or comments please let us know.
Thank you,
Shannon & Tamara Stone
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