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What is an Overland Water Endorsement?

May 20th, 2015 / FAQs - The Basics /

Home, condo and tenant’s insurance policies typically do not include overland water damage coverage. Due to the increase in water-related weather events, many insurance companies are now offering optional coverage add-ons that are called endorsements. The overland water endorsement, which could vary from insurer to insurer, will usually protect you from losses resulting from damage caused by fresh water entering your home from the surface area.

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What’s the difference between an Overland Water Endorsement and “flood insurance”?

May 20th, 2015 / FAQs - The Basics /

Historically, the term flood in the Canadian insurance industry applies to water originating from a body of salt water, while overland water is defined as originating from fresh water bodies of water such as lakes and rivers. Flooding caused by any body of salt water such as a tsunami, tidal waves, currents, etc., is still excluded from insurance policies. The introduction of Overland Water Endorsements mean that fresh water flooding is now an insurable option in Alberta and other parts of the country. Overland water includes coverage for water damage resulting from excess rainfall and rising river waters.

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What is covered by an Overland Water Endorsement?

May 20th, 2015 / FAQs - The Basics /

Most Overland Water Endorsements will cover losses resulting from damage to your house, condo and contents cause by fresh water entering your home. This includes damage resulting from melting snow, excess rain, and overflowing riverbeds.

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Is Overland Water Coverage available where I live?

May 20th, 2015 / FAQs - The Basics /

Overland Water Endorsements are available to most homeowners, condo owners and tenants in Alberta, but a small percentage of dwellings will not qualify because the risk of flooding in that area is too high. The best way to determine your coverage eligibility is to fill out the form below and one of our expert brokers will contact you with more information.

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Should I purchase an Policy with an Overland Water Endorsement?

May 20th, 2015 / FAQs - The Basics /

Water damage due to the overflow of riverbanks and excessive rain has been an increasing concern for many Canadians, especially Albertans. In fact, it is well known in the insurance industry that changing  weather patterns are resulting in a significant increase in weather related claims.

The 2013 Alberta flooding was an example of how unpredictable our environment can be. It is uncertain when flooding will occur again, but you can now purchase additional coverage for your home and contents and be protected from losses related to future weather events.

If your home is damaged by overland water from excessive rain, melting snow or an overflowing river, the repair costs could add up to tens of thousands of dollars. Overland Water Coverage is an affordable insurance add-on option to ensure you are covered for future fresh water flood claims.

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Why should I contact floodinsurance.ca to purchase Overland Water Coverage?

May 20th, 2015 / FAQs - The Basics /

Two of Canada’s top brokerages, Sharp Insurance and Rogers Insurance, have partnered to provide you with the most comprehensive fresh water flood insurance online resource available. Our expert brokers are here to give you advice, quotes and recommendations. Simply submit the online form and we will contact you to answer all of your questions and provide a free quote.

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Why is this coverage being offered now?

May 20th, 2015 / FAQs - The Basics /

Until now, fresh water disasters such as flooding were excluded from home insurance policies because  the risk levels are so high. Insurance companies need to have a certain amount of funds available at any given time to cover catastrophic wide-spread claims such as damage due to severe wind and hail storms, tornadoes or fires.

When many homes are affected by a single event, the costs may be greater than the funds available to pay all of the claims. For example, if one insurance company in Calgary was responsible for covering all of the damages resulting from the 2013 floods, they would go bankrupt.

That being said, many insurance companies across Canada recognize the need to offer some form of protection for homeowners, condo owners, and tenants from losses resulting from fresh water flooding, and that offering is in the form of an Overland Water Endorsement.

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What’s the difference between the Sewer Back-up Endorsement and the Overland Water Endorsement?

May 20th, 2015 / FAQs - The Basics /

A Sewer Back-up Endorsement and an Overland Water Endorsement are two very different types of coverage. Sewer Back-up covers damage caused by the back-up of sewers, septic tanks, eaves troughs and downspouts. For example, it covers claims resulting from your toilets or taps overflowing into your home causing damage.

An Overland Water Endorsement covers damage from water entering your home from the ground level. This includes overland water from melting snow, torrential rain and the overflow of river banks.

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Do I need flood insurance if I don’t live in a high risk area?

May 20th, 2015 / FAQs - The Basics /

As we saw in 2013, flooding causes billions in damages and can devastate an entire community. Water damage can happen at any time and during any season from water entering your home as a result of torrential rain, melting snow or the banks of a river overflowing. No matter where you live, you should consider all of your coverage options.

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Do I still need flood insurance if I am a renter?

May 20th, 2015 / FAQs - The Basics /

We recommend that you add Overland Water Coverage to your tenant’s policy, especially if you live on the ground level or below grade. In the event of a fresh water flood, you could lose all your contents to water damage, costing you thousands of dollars. An Overland Water Endorsement, along with your tenant’s policy, will help pay for clean-up, contents replacement and accommodations while your apartment is being repaired.

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