Water damage and flood – what’s covered?

With The Co-operators, it doesn’t matter how high your risk is, or if damage is caused by overland flooding, a buildup of surface water caused by extreme rain, or septic or sewer backup. In every case, you’re protected.

Last year, we became the first Canadian insurer to include overland flooding as part our water damage insurance for Alberta homeowners. Now, we’ve extended our coverage to the homes of our Alberta farm clients*.

In recent years, extreme weather has led to an unprecedented increase in – and severity of – water-related events, including floods. In fact, floods are now the most common type of natural disaster in Canada, and the costs of damage from extreme weather have more than doubled every five to 10 years since the 1980s.

Given these facts, and with everything we’ve learned following the severe flooding in southern Alberta in 2013, we know it’s time to start thinking differently about water damage insurance.

But having an insurance product that covers you in the event of a flood is only one part of the bigger picture. While we continue to introduce this coverage throughout Canada, and advocate for investment in community infrastructure, there are steps you can take to prevent water damage to your home right now.

If you’re not sure if your home is at risk for flooding and water damage, get a Water Risk Assessment. It only takes 30 seconds and you’ll receive valuable information on risk mitigation and the importance of having the right coverage.

If you’re ready to talk, contact your Financial Advisor.

*This product is currently only available to Co-operators General Insurance Company Ontario and Alberta homeowners and farm policies (covering farm package dwellings, which includes homes, personal property and detached structures – with the exception of structures designed or used for agricultural purposes). Condominium, tenant, Farm non-package dwellings, residential and seasonal policies are not currently covered.