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Flood insurance in Canada.
Flood insurance is an optional coverage that an increasing number of homeowners are buying as damage from severe weather becomes more common in Canada.
While many home insurance policies cover water damage from within a home, coverage for damage from water outside is often excluded.
For example, your home may be covered for damage from a burst pipe, but not for damage from water that enters your basement following a downpour.
To make sure your home is protected, know your insurance options.
A licenced broker at DirectRate.ca will help you examine what type of flood insurance is best for your home.
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Types of flood insurance
To be protected from flood damage, update your homeowners insurance with additional coverage.
Most policies do not automatically include it.
Consider what type of flooding your home needs protection against:
Overland flooding – Refers to water that floods or seeps into your home after overflowing from a nearby lake or river. Overland flooding is common during a natural disaster, severe thunderstorm or during a thaw.
Connect with a broker at DirectRate.ca to find out if your property qualifies for overland water protection coverage.
Tidal flooding – Refers to saltwater that floods your home following a tidal wave or tsunami.
This type of flooding is less common in Canada.
Sewer back-up – Refers to water damage after a flood of sewage in your basement. This typically happens when the stormwater system in a low-lying area is overwhelmed causing sewage to back-up into a home.
If you live below sea level or on a flood plain, this insurance coverage type may be a very wise investment.
Frequently Asked Questions about flood damage insurance.
Home insurance rates are determined by how companies measure a range of risk factors associated with an applicant and their property.
Your home’s location is one of the most important factors they look at.
If your home is in an area that’s prone to flooding, consider adding flood insurance to your existing policy.
Speak with a licenced broker at DirectRate.ca to find the best coverage for the lowest rate.
If your home is damaged in a flood, you will be protected according to the flood insurance coverage you added to your home insurance policy.
Most home insurance policies don’t cover flood damage unless you’ve added optional coverage to it.
Most home insurance excludes flood coverage.
To be protected, you must add on to your policy, selecting optional flood insurance coverage.
When examining an insurance claim, companies look at how water entered a home.
Water damage refers to damage that comes from inside the home, such as via a burst pipe.
A flood refers to damage from water that comes from outside the home. For example, if water seeps into a basement after overflowing from a nearby waterway.
Speak with a licenced broker at DirectRate.ca to review flood insurance coverage requirements to figure out what type is right for your home.
An increasing number of homeowners in Canada have overland flooding insurance because their homes are being threatened more often by severe weather.
After millions of dollars of damage following a historic downpour in Toronto, Ontario in 2013, flood insurance became more common in Canada.
Insurance companies are now optional coverages to help manage an increasing volume of claims as jurisdictions across the country deal more and more often with the damaging effects of severe weather.