Why You Need Overland Water Coverage for Your Home

Due to severe weather events, flooding is the most frequent and costly natural disaster in Canada.
Categories: Personal Insurance
Mar 20th, 2019 | By: CapriCMW

Due to severe weather events, flooding is the most frequent and costly natural disaster in Canada. There has been a lot of confusion with respect to flooding which was generally considered to be water damage from the rising and overflow of a natural body of water.

Obviously, water can enter your home through the foundation, walls, basement floors, doors, windows and other openings or as a result of spring runoff, downpours and many other natural causes other than flood as described above. 

Until recently home insurance coverage for most of these types of events was not available.

Since 2000, there have been over 80 large-scale floods in Canada. During spring of last year, thousands of residents from Grand Forks and Osoyoos. In 2017, water levels in BC hit record-highs, particularly in the Thompson Okanagan region where  2,500 residents were forced to evacuate from their homes.  You may also remember the Calgary flooding in 2013. 

Floods can hit anywhere at anytime and homeowners are usually caught offguard and unprepared. It only takes a few centimetres of water to cause thousands of dollars worth of damage.  As standard home insurance policies exclude damage caused by flood, Canadians are paying around $600 million each year out of pocket for flood damage.

Until recently, there was no option in the insurance marketplace in Canada for homeowners to purchase this type of coverage.

Coverage is now available for all kinds of properties, including houses, condos and rental or seasonal residences. It is important to note that overland water does not include coastal salt water (i.e. tsunamis and tidal waves).

If you would like to find out more about overland water coverage and to see if coverage is available in your area, please contact a CapriCMW Personal Insurance Advisor.

In addition to securing the insurance coverage you need, ensure that you are diligent in taking measures on your property to prevent and minimize the potential impact of water damage. Read "Three Ways You Can Prevent Water Damage in Your Home" for tips on getting your property water-ready.

 

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