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Flood insurance may not be on your radar, especially if you do not live by a river or lake. Even so, overland water damage to your home can be caused by a myriad of factors other than rising water levels. This is especially the case over the past 5 years as weather patterns in Alberta and the rest of Canada have witnessed more rain and snow than ever before. The rise in overland water damage to homes in Alberta and across Canada have prompted insurance companies to reassess home insurance risks, and introduce to the country, for the first time, fresh water flood insurance.
We’ve outlined the top 5 reasons why you need Overland Water Insurance sooner than later:
- Floods are the most costly natural disasters in Canada for property damage.
- Floods can occur in every region across Canada: city, urban, country, and can occur at any time of year.
- Floods have impacted the lives hundreds of thousands of Canadians.
- Water related insured losses from catastrophic events average 1 billion a year since 2009!
- Some insurance companies have placed stricter regulations on sewer backup coverage to exclude flooding as the causing factor. Meaning, if you have a sewer back up claim, but it was caused by flooding in the area, your claim can be denied.
For more information on how floodinsurance.ca can help you with Overland Water Insurance, visit our https://floodinsurance.ca/#quote page and an expert broker will contact you to discuss any questions or concerns you may have about water coverage.