Flood Coverage.. yes, it's that time of year again!

By: Homicity - Apr 6, 2018

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Did you know that flooding causes the most costly damage or destruction to property? From 2009 to 2014, in Canada, insured losses from weather-related events were close to or above $ 1 billion each year, with most of the losses being a result of water damage. Canadian insurers paid out a record $ 3.2 billion to policy holders for losses from weather-related events in 2013 alone.

If you're wondering how much it costs to repair a flood coverage, according to The National Flood Insurance Program (NFIP) it’s estimated that a 6-inch flood in a 2,000-square-foot home is likely to cause about $40,000 in damage. At this point you're probably asking yourself if you have the right coverage. It's a good idea to make sure you've got the right policy in place.

Floods can occur as a result of excessive rainfall, snow runoff, landslides, overflowing rivers and other weather-related events. So even if you don’t live in a flood prone area, you are still at risk of flooding.

Here are some ways to help proactive homeowners to be prepared for such events:

  • Checking your home regularly for potential water damage vulnerabilities

  • Properly storing important personal documents

  • Keeping an up-to-date home inventory

  • Having a home emergency kit

  • Having an emergency preparedness plan

  • Having flood insurance coverage

If you want to make sure you've got the best coverage, we recommend you look at your current insurance policy. If you'd like an insurance quote to make sure you're getting the best coverage options and price, click here to get started!

 

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