That is why this is essential: In recent years, climate change has led to more frequent harmful precipitation events (reminiscent of heavy rain and thunderstorms), and certain regions are naturally vulnerable to flooding. Repairing a flooded basement is not low cost—the typical cost to repair this sort of damage is over $40,000.
The Insurance Bureau of Canada (IBC) notes that extreme weather events on average result in 2 billion dollars in annual losses across the country – primarily on account of water damage. “Over the past decade, there have been more than 35 catastrophic floods across Canada where insured losses exceeded $30 million per flood,” the IBC reports on its website. “Total insured losses from these events have averaged nearly $800 million per year over the past decade.”
Unfortunately, many householders in flood-prone areas are unaware of the hazards to their homes.
Many Canadians wouldn’t have flood insurance for his or her homes
If you might be unfamiliar with the small print of your private home insurance policy, you must read it rigorously – it’s possible you’ll have to make an insurance claim for water damage.
A survey by TD Insurance found that just over half of Canadians (51%) wouldn’t have prolonged water damage coverage or are unsure in the event that they have it. About 20% of householders worry they will not be adequately insured against water damage. Half of householders ages 18 to 34 are concerned in regards to the increased risk of water damage to their property on account of climate change and extreme weather conditions. Looking at home insurance more broadly, only a couple of third of Canadians imagine their current policy adequately covers their needs. That’s plenty of fearful homeowners!
Maybe it is time to rethink your private home insurance – especially in case you’re among the many 23% of Canadians who haven’t got prolonged water damage protection, based on the identical TD Insurance survey. About 16% of Canadians have experienced water damage to their home, making this sort of coverage essential for a lot of households.
What kinds of water protection do you wish?
Every homeowner has unique home insurance needs, however it’s essential to search for prolonged water damage coverage and coverage for above-ground water. A normal home insurance policy will cover some kinds of water damage—reminiscent of a burst pipe or sprinkler system—but not all.
- Extended water damage protection, available through TD Insurance, focuses on situations related to ground and surface water that are not covered by a normal home insurance policy: sewer backups and sewage pump overflows, surface water from a stream or other flooded body of water, and melting snow or heavy rain seeping in from underground (for instance, a crack in your private home’s foundation).
- Above-ground water cover, available through TD Insurance, protects against sudden and accidental damage brought on by things like overflowing gutters, downspouts or roof drains, or heavy rain seeping through a roof, door or other above-ground source.
Both kinds of coverage are essential components of a house insurance policy, but are frequently add-ons that you will have to talk to your insurer. If you reside in one in every of Canada’s known flood risk zones, reminiscent of Toronto or Vancouver, this may impact your renters insurance quote.
Protect your private home from water damage
If you are undecided if you’ve gotten adequate coverage for water damage or if you ought to upgrade your coverage, contact your current insurer. Preventing water damage is the best-case scenario for any household, but when it does occur, try to be prepared with good insurance coverage. Your house is value protecting – regardless of what the weather forecast says.
