According to the Insurance Bureau of Canada, water damage claims are consistently on the rise1 and it is important to use that you understand what type of water damage insurance coverage you have/need on your policy and what steps you can reduce your risk of water damage in your home. Most standard residential insurance policies cover water damage resulting from water damage in your home (for example, damage to your contents from a burst pipe) but sewer back-up and overland water (water originating from outside of your home) are not included in the basic policy wording. These two types of insurance can often be purchased as add-ons to protect you in the event of damage to your home or personal property as a result of sewer pipes backing up or overland water (originating from the abrupt overflow of natural or man-made bodies of water, excluding salt-water sources) and the availability and cost of these endorsements are determined based on several factors determined by each individual insurance company. We strongly recommend that you contact us if you wish to discuss your current water damage coverage or inquire about increasing or adding this type of coverage to your policy. In additional to obtaining the proper insurance for your home, here are some tips from the IBC that can help you avoid costly and time-consuming spring thaw damage to your home:
Canadians are no strangers to extreme weather conditions and we know that winter isn’t the only time Mother Nature can bring storms and other challenging weather. Where you live can have an effect on how your home is put at risk due to storms and other perils – but there are some things you can do to understand the risks – and to prepare.