Overland Flood Insurance - Are You Protected?

According to a recent study completed by J.D. Power, 48% of Quebec respondents stated that they had overland flood coverage; however, the Insurance Bureau of Canada estimates that only 10% to 15% of homeowners across Canada actually have this type of coverage. The numbers aren’t adding up - people are assuming that they are protected - and it’s the homeowner that ends up suffering when disaster strikes.

Your General Home Insurance Policy Probably Doesn’t Cover Flood Damage

Overland flood insurance is offered as an add-on to insurance policies. This product came onto the market in late 2015, as prior to that the proper flood risk maps had not been created.

The main problem is the lack of understanding surrounding flood coverage. As depicted above, many Canadian homeowners believe their basic home insurance policy includes flood coverage. If you already think you’re covered, there’s no reason to go digging for more information.

More so, most Canadians only interact with their insurance broker when it’s renewal time - meaning that uptake on additional coverages is a slow process.

Make Sure You’re Protected

If you’re unsure whether or not you have coverage against overland flood damage, be sure to contact your broker to learn more. Keep in mind that this coverage is not available in all areas and not every insurer offers it.

For more information on Flood Insurance, visit https://www.alberta.ca/flood-insurance.cfm.