provided by The Co-Operators, Strathmore
The Newsy Neighbour
October Issue 108

The new water insurance solution you need

Until now, Canada was the only G7 country where homeowners couldn’t buy insurance to protect their homes from overland flooding. Surprised? If you thought you were already covered, now is a good time to check your home insurance policy.

The good news is that The Co-operators is introducing a new Comprehensive water offering in Alberta. It’s designed to cover sudden water damage from many sources, including flooding of rivers, lakes and streams¹,and offers flexible options for all homeowners in one product. In Western Canada, this coverage is especially needed considering the severe weather and flooding over the last few years.

Not sure if you really need this kind of coverage? In a recent poll, we asked our clients about their take on water damage insurance and responded to their concerns:

Doesn’t my basic home insurance already cover water damage?

A basic home insurance plan covers sudden accidental water damage that comes from inside your home, such as a burst plumbing pipe, hot water heater or hot tub. Most of our Alberta clients have purchased Extended water coverage for sewer backups, but there is still a gap in coverage. Unlike Basic and Extended water, Comprehensive water will cover water entering your home from outside sources like floods, rising water tables or groundwater that flows into your foundation.

I’ve lived here for many years and never had a problem with water. I don’t live in a flood zone or anywhere near the water.

The truth is that water damage has become more of a serious issue recently with the increase in severe storms, aging infrastructures, and many other factors. Even if you don’t live near a body of water, severe storms can bring enough water into your home to cause significant damage. Although many other areas of the country have been affected by major storm events, Alberta, Saskatchewan and Manitoba have been impacted the most. There’s also the possibility of water damage from sewer backups, ground water and other outside drains.

I don’t want to end up paying more if my home isn’t at risk.

Your rates depend on the risk in your specific location. We can tell you exactly where your property lies in the risk zones and base your coverage on your risk. You also have options on the amount of coverage and your deductible, and you may be eligible for discounts if you have water damage prevention devices installed in your home. We’ll make sure you’re not paying more than you should.

Sunday, October 30, 2016

The Co-Operators: The new water insurance solution you need