By Catherine Hansen

Wildfires Affecting Real Estate Deals

Aug 20, 2018 | 1:43 PM

PRINCE GEORGE – Real estate deals in the city are being affected by area wildfires, and it comes down to insurance.  Many underwriters won’t insure a home with a new policy if there is a forest fire 50 kilometres as the crow flies from city limits.

Local providers are working with customers on a case by case basis to help buyers, and there may need to be some flexibility on closing dates as wildfires change on a daily if not hourly basis. 

Lee Hill with Porter and McMillan Insurance says it’s not only home sales that are impacted,  the 50-kilometre rule could touch commercial real estate as well as some recreational vehicles including boats. He recommends little patience for homebuyers along with flexibility on closing dates.

Realtor Kristine Newell recommends clients double and triple check with their insurance providers to make sure their deals won’t be affected.