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It is time for the government to step in and deal with insurance companies when it come to all these fires.
Their process of denying coverage when there is a fire has evolved now to the point of absurdity.
After the big Kelowna fire of 2003, insurance companies started tightening up coverage when there were wildfires in the vicinity. That evolved into a 25-kilometre radius. For some companies, that is now a 50-km radius.
And, these days, it doesn’t matter where the fire is, how remote or even whether there is a lake or two or three in between. Nope, if there is a fire, not even a wildfire, any fire within 50 km, they won’t write new business.
This is making life very difficult for people who have bought homes and are trying to take possession.
Some companies, even though they already insure the home for the seller, won’t give insurance to the new buyer by choosing to call it “new business.”
One broker recently told an acquaintance that it's not a good idea to buy property in the Okanagan during the summer months. Perhaps that company should find a different business to be in.
I get that insurance companies are in business to make a profit, however as insurance is an essential product, they also have a moral obligation to not leave people out in the cold.
Unless the government gets involved, it will just continue to evolve in favour of the insurance companies. Don’t be surprised if at some point, without any intervention, we will hear “sorry, if there is any smoke within a 100-km radius, no insurance for you.”
Ken Quesnel
