Over the years, incidents of extreme weather and flooding in our country have become more sudden, more frequent and more severe. And so has the cost to Canadians. This is a trend we expect to continue.
But, prior to 2015, Canadians were unable to get the coverage they needed to protect themselves and their belongings against the many potential causes of water damage and flooding. We wanted to change that, responding to the need for proper coverage for all Canadians - even those who are most at risk.
Protecting you from water damage
Convenient and flexible, Comprehensive Water coverage is everything you need to protect your home and belongings against sudden and accidental water damage.* Available whether you own or rent, and whether it’s a condo or a seasonal property, it provides coverage for water damage caused by:
- Water, septic or sewer backups: overflow that can enter your home through inside/outside drains or a sump-pit drainage system.
- Storm surge: a rise in lake or ocean level (above the normal, predicted level) during a storm.
- Waves and spray: when resulting from a storm or hurricane.
- Flooding from the overflow of a natural or man-made body of water: including lakes, rivers, creeks and streams, and any overflow caused by breaking dams, levees or other water-containment systems.
- Surface water: the build-up of water caused by heavy rainfall, fast snow melts and extreme weather.
- A rising water table: when underground water rises to the surface, causing leaking through walkways, driveways, foundations, walls or floors.
If you live in Quebec, please visit our Quebec Home insurance page for specific details.
Putting you in control of your policy
Comprehensive Water coverage is all-inclusive, which makes protecting your home and belongings easy. And it’s flexible, which means that you can use it however you choose. Based on your policy type, your benefits could include:
- Personalized coverage: enjoy a single limit to use for your personal property, including buildings, detached structures, loss of use, cleanup and debris removal, outdoor swimming pool and/or hot tub.
- Flexible deductible:instead of paying a flat dollar amount, your deductible will be a percentage of your claim amount
-from 2% to 35%, subject to a minimum.
- No obligation to rebuild: in the event of a total loss (i.e., if your home is damaged beyond repair), you receive the actual rebuilding cost with materials of similar quality, up to your insurance limit, with no deduction for depreciation. You can even choose to rebuild in another location.
- Landscaping coverage: coverage to replace your outdoor trees, shrubs and plants.*
- A loss prevention reimbursement: up to $5,000 for costs incurred to protect your property in the event of a flood warning (for example, any costs associated with sand bagging).
- Additional Living Expenses reimbursement: expenses (up to a specified limit) that result from water damage keeping you out of your residence.
You may be eligible for discounts
If you’re a home, residential or seasonal property owner, and you have water-loss prevention devices - like a backflow prevention device installed on the sewer or septic line, or a secondary sump pump with an automatic backup - you may be eligible for discounts.**
Are you at risk?
When it comes to potential water damage, there are many factors - like where you live and what type of property it is. Take our Water Damage Risk assessment now.
*Some conditions may apply. Contact your Financial Advisor for details.
**Before you install one, check with your city or licensed plumber to confirm which devices are permitted in your area and most effective for your home.