Did you know that water damage is the leading cause of personal property claims? Considering the severe weather and floods we have experienced lately, it's essential you get informed!
To inform our valued clients of important water damage facts we've created a four part blog series on water damage. In part one of this four part series, we highlight the importance of water coverage insurance in Ontario.
1 | The Northern Hemisphere is warming.
Warmer temperatures are pushing more moisture into the atmosphere. This is causing more storms and severe weather. By 2050, major weather events that happened once every 50 years, can occur once every 35 years. Western Assurance reports that 40% of recent property losses were weather-related.
2 | Flood zones are changing.
In Canada, areas that were once safe might not be anymore. Homeowners might not realize they are living in a flood zone. Floods cause more damage to buildings and their contents than any other water-related claims. In 2013, floods set new records for insurers, with Western Assurance managing over 15,000 water damage claims. Heavy rainfall, ice jams, and rapid spring thaw are causing overland floods. In cities, there is not a lot of green space and trees to absorb water. The most common flood claims include building damage, content damage, and additional living expenses.
3 | Insurance companies are offering additional coverage.
Sewer Backup coverage is optional and only covers damage caused by sewer backup, septic, or sump losses. Insurance companies are now offering additional protection for damage caused by floods, surface water, or groundwater. It is important to review your water coverage options to protect yourself from extreme weather events.
We hope that you have found this information on water damage valuable - be sure to check out the rest of the blogs in this series.
>>Contact Youngs Insurance for a QUICK home quote
WATER DAMAGE BLOG SERIES
>> PART 1 | Three Facts About Water Damage In Canada
>> PART 2 | Identifying the Source of Water Damage
>> PART 3 | What do you mean, “Flood”?
>> PART 4 | Four Common Questions Surrounding Sewer Back-up Coverage