IBC urges B.C. homeowners to check coverage as fire threat looms

The Insurance Bureau of Canada (IBC) is calling on homeowners in B.C. to confirm their insurance coverage as the risk of forest fires intensifies. Insurers paid out more than $200 million in fire-related claims last year when uncontrollable forest fires devastated several communities in the province.The IBC notes that there are currently over 300 active forest fires raging in B.C. "We saw some tragic situations last summer [due to fire losses]. Some homeowners were caught either without insurance or without adequate insurance," says Lindsay Olson, vice president of the Pacific region at the IBC. She notes that during natural disasters, particularly when a "state of emergency" has been issued, insurers may introduce temporary underwriting restrictions which could limit the ability of homeowners to gain instant coverage. "Don’t wait until the fire is roaring down the hill. Understanding your insurance is a year round task, not just a summer one," she adds.Olson says, however, that insurers will continue to renew policies for all existing policyholders even during a state of emergency. Insurers responded in this way during last year’s forest fires which did result in a state of emergency being declared in B.C., she adds.