CREB: Flood Info Session Highlights
This afternoon, CREB held an online information session regarding the flood situation and its affect on homeowners, homes and real estate. If you weren’t able to catch it, here’s some the highlights, as taken from Twitter.
@CREBNow:
If your condo has too little in the reserve fund to repair or rebuild then what? Check the by laws of your condo property.
@CREBNow:
In commercial insurance, flood insurance is available. Revenue generating properties can possibly have it as well.
@DougF_yyc:
Tang Lee. Beware: “anyone can call themselves a contractor.”
@CREBNow:
Building code stipulates that if you build you can not have water coming in. You must take measures to ensure it does not.
So what can you take from this if you’re a flood victim or involved in a real estate flood debacle? Here are some things to remember:
- If you recently listed, bought or sold a home in a flooded community, contact your lawyer immediately. There is no quick answer to what will happen, it’s all on a case-by-case basis.
- While it’s unclear for some people what will be covered by insurance companies, your best bet is to contact them anyways and see what your options are.
- Be careful when hiring contractors for clean-up. Be diligent and only hire accredited tradespeople.
