Water Damage: Are You Protected?

WATER DAMAGE: ARE YOU PROTECTED?

There are few things more frustrating for a homeowner
than a flooded basement. It can happen all too easily
and, often, without warning.

To make sure you’re protected, here are a few things to consider when it comes to home insurance coverage:

Water damage in a basement due to a sewer backup is only covered if specific sewer backup coverage has been purchased and can be subject to certain conditions.
Most home/tenant policies cover costs associated with additional living expenses should you be unable to return home due to insurable damage.
Keep a photo of video inventory of the personal materials should you ever be affected by water damage. Make sure you store this information offsite, and keep it updated on a regular basis.
Sudden and accidental bursting of plumbing pipes and appliances is covered by all residental policies. However, damage may not be covered when freezing causes the escape of water.

CAN I GET FLOOD INSURANCE?

With the Alberta floods in the minds of all Canadians, it’s important to take preventative action against flooding since flood insurance is not available by any Canadian insurance company.

As The Insurance Bureau of Canada explains, since overland flooding affects a small percentage of the population (ie those who live in flood plains or close to rivers and lakes), most homeowners are not exposed to the risk, and therefore would not purchase and share in the cost of flood insurance.

Without large participation, the amount of money it would cost to cover floods makes the coverage unaffordable to those who might require it.