Over the past 10 years water has surpassed fire as Canada’s leading cause of personal property claims.  Water damage is no longer just the result of a leaky roof or a sewer backup, in fact, it is so prevalent and comes from so many different sources that consumers are now asking and wanting protection that is comprehensive, accessible and affordable.  Climate change is also a factor in the rising frequency and severity of extreme weather events such as flooding, and what used to happen every 40 years in Canada is now happening every 6 years in some regions.

 Starting in 2015, and spurred on by the flooding in Alberta in 2013, home insurance companies started to come out with what is known overland flood coverage.  This new coverage does differ from company to company but generally speaking, overland flood coverage protects insureds and their homes against flooding of freshwater lakes and rivers, surface water flooding cause by rain, as well the sudden rise of ground water.  Overland flood coverage is also more important today than in the past because of the way homes are constructed, no longer is the basement of a home unfinished space used to store “junk”, basements have become finished living spaces filled with furniture, electronics, and other valuable possessions that are often expensive to replace if damage occurs. 

 Prior to insurance companies providing flood coverage it was the Government of the individual provinces that stepped in to assist when flooding occurred.  However, now that flood coverage is readily available governments will no longer be providing assistance.  Recently the government of BC released a memo regarding this, you can find the memo by visiting the BC Government Website. 

 It is important to protect your investment and the best way to do that is to have the proper coverage. To find out more information or to speak with us about your home coverage, please contact Megson FitzPatrick at (250)595-5212.