
July 5, 2024
Fighting Fire With Knowledge: What You Need To Know About Your Insurance Policy’s Fire Coverage This Wildfire Season From Our Experts At Waypoint Insurance
Did you know that the 2023 wildfires were BC’s costliest insured event ever at $720 million in losses paid? With such devastating statistics, it makes sense that you may have concerns about insuring your own property against potential wildfire damage. But what exactly does your policy cover? Are you renewing your policy at an optimal time? And are you taking the other necessary precautions to prepare yourself against wildfires? Well, today, our experts at Waypoint Insurance have compiled everything you need to know to help you navigate your insurance policy’s fire coverage with ease.
Plan For The Worst
The unfortunate reality is that BC residents will continue to face an increasing number of wildfires in the coming years due to climate change. Not only that but fire seasons are becoming longer and more devastating. However, the good news—that many people don’t often realize—is that all standard property policies will insure you for wildfire damage. This means that as long as you’re not somehow breaching the policy itself, fire is always covered, whether it’s the most limited form of a policy or the broadest form. And if you’re reading this but don’t yet have an insurance policy for your home or business, we suggest starting there (and our agents are more than willing to help!).
So, now that we’ve established that all policies will cover you in the event of a fire, here’s a piece of advice we tell all our clients: move your insurance policy expiration date away from fire season. Have your renewal come up in late fall or early spring, when you’re not under threat of wildfires to help streamline the process. Why? Consider this: you’re trying to insure your home or business but there’s an active wildfire within 25 kilometers of your home, meaning each insurer your broker approaches won’t be able to write a new policy for you and you’re left with an uninsured property and an active wildfire nearby. Instead of this worst-case scenario, just move your policy’s expiration date outside of fire season—you can thank us later.
Protecting Your Property
Beyond these points, the best thing you can do is stay educated and vigilant. For example, you might want to confirm your Fire Underwriters Survey (FUS) rating to ensure that your insurance premium properly reflects the risk in your area. Many people aren’t aware of the factors that go into their FUS rating, such as the availability of professional firefighting services in the area, so it’s important to do your research and ask these questions. Then, of course, it’s also crucial to pre-emptively mitigate the risks around your property. Clear away dead brush and vegetation, allowing for ideally three to five feet of space around the house, and consider replacing your siding and roofing with nonflammable materials. You may even decide to completely rethink your landscaping, utilizing decorative rocks around the house and adding in a sprinkler system. Or, if an active fire is nearby, you can use screens on your vents to prevent embers and ash from entering your home.
And finally, an insurance article about fire safety wouldn’t be complete without a reminder to have an escape route prepared and to keep a detailed inventory of your property and its contents stored off-site. This is important for homeowners but is especially critical for business owners. Your employees need to know the evacuation plan, you need to document key equipment and inventory, and you need to be regularly reviewing your coverage limits prior to any loss with your insurance broker to ensure you have sufficient coverage. Nobody wants to become a victim of wildfire damage, but staying informed of your local fire conditions and knowing what to do in case of an emergency can make all the difference.
Final Thoughts
Though we may be insurance agents, we’re also parents, coaches, and members within our local communities, meaning we understand the importance of peace of mind when it comes to insuring your home or business against the threat of fire. We hope this article has provided you with valuable information to help you feel more confident about your coverage; however, if you still have any questions or need further assistance, our experts at Waypoint Insurance are here to help. Contact us today to ensure you have the right coverage and are fully prepared for wildfire season. Together, we can fight fire with knowledge and protect what matters most!
Visit Waypoint.ca for more information on our services or to connect with a team member today.