Can insurance issues stop a real estate transaction?

Can insurance issues stop a real estate transaction?

Insurance companies will review a variety of factors in determining both the availability of property insurance, including the persona records of the applicant. They will review the age of the home, it’s “insurance history” and look for any of the issues identified. In rural properties, insurance companies may also review the certification of the well and septic system.

There are no insurance industry standards as each insurance company can develop their own policy requirements. The Insurance Bureau of Canada (IBC) does publish recommendations for standardized criteria to member companies, but these are recommendations only.

This information is by

CREA

The Canadian Real Estate Association

Info@crea.ca