Home Inspection For Insurance Purposes in Vancouver

Published by Mahdi Sanei on August 28, 2019August 28, 2019

My research has shown that without a doubt, having premium residential and commercial insurance in Canada is a mandatory practice.

The cost of home damages in the event of accidents can easily reach tens of thousands of dollars.
Therefore, any misrepresentation in the insurance contract will cause the insurance contract to be revoked.

The insurance certificate is one of the required documents to receive a loan and conduct official transactions with financial institutions when buying real estate.

Financial institutes do not give loans or mortgages to homes without insurance.
Since insurance companies generally do not send insurance representatives to inspect the property, this means insurance certificates are issued based on self-reported questionnaires.
The result is inadequate or wrong information which can lead to revoking the insurance in the occurrence of an accident.

The questionnaire and insurance companies’ questions regarding technical items and systems of the property are highly detailed. It is not possible to respond correctly to them without having a technical building report.

If there are technical problems as listed below, insurance companies may avoid the issuance of insurance for a property or add a premium of up to 30%. In the case of wrong or inadequate provision of technical information at the time of buying insurance coverage, the insurance company may refuse to pay for damages after the malfunction.