Cottage Insurance Is Getting More Difficult

With all the fires, cottage insurance is getting more difficult in and around Winnipeg in certain areas.😖 They are not offering insurance in certain postal codes, and no insurance means no mortgage.😳 So, unless you have cash, it means that you can't buy a cottage. 🫤

Why? Lenders have a clause in their mortgage that you have to have insurance.✅ And lawyers can't give you the keys or issue the mortgage until they have the proof that you have home insurance. Which means you can't close on the deal without that insurance.👈 

If you are thinking of buying a cottage, this means having a bit conversation about the location you are thinking of buying in, as many areas may be off the table.👎