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Why Water Is the New Fire – And What You Need to Know

Aug 22, 2019

We all dread the thought of a late-night smoke alarm, the smoke-filled rooms, and the loss of our home. And while house fires happen every day in major cities, your home is more likely to encounter water damage.

In 2019 alone – we saw major flooding in Lake Ontario, throughout the Ottawa area, much of Ontario, and Quebec.

Whether it’s a natural disaster, plumbing problems, or a backed-up city sewer, floods, and other water damage can happen for a variety of reasons.

And when they do happen, they’re expensive problems to fix. The average cost of a flooded basement is around $43,000. Many Canadians rely on their insurance policies to cover water damage, but not every plan offers equal protection.

Certain plans may only cover specific types of water damage, so we recommend that you review your insurance policy to see what you are actually covered for.

What Types of Water Damage Does Standard Home Insurance Cover?

Most home insurance policies will cover sudden and accidental water damage. This refers to water damage that is sudden and leads to additional damage to your home.

Here’s an example.

Your home insurance would likely cover any damage caused by a burst pipe in your kitchen that leads to damage elsewhere. However, your policy may not cover the source of the damage – only the aftermath.

What Types of Additional Water Coverage Are Available?

Insurance companies do offer additional coverage that you can use to top up your existing home insurance policy. These plans may include:

Sewer and backup protection. This type of insurance would cover you from sewer backups and water damage caused by city water systems.
Flood insurance (overland flooding). Floods are expensive disasters that can severely damage your home. Flood insurance provides you with protection against overland flooding and other natural disasters.
Enhanced plans for specific issues. You can request specific types of water coverage for your home. Just discuss your needs with your broker to see what options are available.

Questions About Your Water Coverage?

The Cane and Co. team is here to help you make sense of your insurance policy, what types of water damage you’re covered for, and to help you navigate this often confusing area of insurance coverage.

Give us a call at 519-601-1100 and we can explain what your covered for and what your additional options may be.

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