B.C. floods affect new homeowners insurance
The B.C. floods are spilling over and affecting homeowners who are not in the flooded areas.
Coquitlam resident Jorge Alvarez was shocked when TD Insurance yanked his quote for homeowners insurance at the last minute, nearly scuttling his ability to close on the purchase of a new home in Coquitlam.
"They let me know that they couldn't sell me the insurance because of the flooding that was going on in B.C.," Alvarez said.
CTV News confirmed with the City of Coquitlam that his home wasn't even in a flood plain.
Lenders require homeowners to get insurance in order to secure a mortgage. On Sept. 23, Alvarez received the TD Insurance quote for the new home. It stated the quote was good until Dec. 22, but just days before his Dec. 7 closing, TD Insurance informed him it wouldn't honour it, leaving him less than three business days to find a new insurer.
"It's already a stressful process," Alvarez said, referring to home-buying. "Don't think just because you have a quote in writing from your provider, don't think it's all said and done."
Ironically, TD was also providing the mortgage for the new home. CTV News reached out to TD and received an email response.
"During unusually severe and catastrophic events including extreme weather like what many British Columbians have recently experienced, it is our normal practice to briefly pause some new client activities, including binding home insurance quotes, while we fully evaluate how extensive the impact is to surrounding regions and communities and continue to focus on supporting our impacted customers," stated Paolo Pasquini, corporate and public affairs for TD.
The Insurance Bureau of Canada told CTV News it hadn't heard of any companies not honouring quotes for new insurance because of the floods. However, IBC media relations manger Vanessa Barrasa stated, "Each insurance company operates independently and makes individual business decisions on risk appetite. The changing climate and increase of severe weather events are changing the risk profile of certain homeowners and could influence the insurability with certain particular insurance providers."
If you need new insurance or a renewal, don't leave it to chance. Alvarez has some valuable advice.
"If I had to do it all over again, I think I probably would have gotten a couple more quotes," he said.
You can also lean on insurance brokers to help navigate the marketplace to help you find an insurance company to satisfy your needs.
CTVNews.ca Top Stories
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.
BREAKING Ottawa public school board, 3 Toronto-area school boards launch lawsuit against social media giants
The Ottawa-Carleton District School Board and three school boards in the Toronto-area have launched legal action against social media giants, accusing them of "disrupting students' fundamental right to education."
Rainfall warnings of up to 90 mm among weather alerts in effect for 7 provinces
Rainfall warnings of up to 90 millimetres, air quality advisories and other alerts have been issued for seven Canadian provinces, according to the latest forecasts.
Tipping is off the table at this Toronto restaurant
A Toronto restaurant introduced a surprising new rule that reduced the cost of a meal and raised the salaries of staff.
A Nigerian woman reviewed some tomato puree online. Now she faces jail
A Nigerian woman who wrote an online review of a can of tomato puree is facing imprisonment after its manufacturer accused her of making a “malicious allegation” that damaged its business.
Donald Trump assails judge and his daughter after gag order in N.Y. hush-money criminal case
Donald Trump lashed out Wednesday at the New York judge who put him under a gag order that bars him from commenting publicly about witnesses, prosecutors, court staff and jurors in his upcoming hush-money criminal trial.
A fight to protect the dignity of Michelangelo's David raises questions about freedom of expression
Michelangelo's David has been a towering figure in Italian culture since its completion in 1504. But in the current era of the quick buck, curators worry the marble statue's religious and political significance is being diminished.
Doctors visiting a Gaza hospital are stunned by the war's toll on Palestinian children
An international team of doctors visiting a hospital in central Gaza was prepared for the worst. But the gruesome impact Israel’s war against Hamas is having on Palestinian children still left them stunned.
China's latest EV is a 'connected' car from smart phone and electronics maker Xiaomi
Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars.