In my profession, we are taking steps to try to mitigate the fire risk for clients in an area where the city councils insist every tree be preserved. Wait until a fire in the Squamish area works its way down the 99 to West Vancouver/Horseshoe Bay area. The property carnage will be terrible.
From a recent bulletin:
So what can be done to mitigate these issues? Firstly, REALTORS® should advise their purchasers to obtain home insurance policies as soon as possible in the transaction (ideally in conjunction with or before subject removal). Secondly, REALTORS® should insert subject clauses in favour of the purchaser for obtaining adequate insurance. Finally, Realtors should consider adding clauses into contracts of purchase and sale that contemplate extending the completion date if the purchaser’s mortgage is unable to fund due to active fires within the area or proximity to a fire of note.
When acting for sellers, it’s necessary to advise your clients to maintain their existing insurance coverage until after completion is confirmed in case the deal collapses. You don’t want your seller to be left without home insurance during wildfire season, as they may be unable to bind a new policy.