According to the Insurance Bureau of Canada (IBC), water damage has now surpassed fire as the #1 cause of home insurance payouts. IBC is now calling for a flood mitigation plan to address the increasing threat.

IBC Data suggests that payouts for damages caused by severe weather (mainly flooding) has is 4x higher in the past 25 years. Where yearly payouts used to equal $100 million annually, it’s now averaging at $400 million annually. To read the full article on insurancebusinessmag.com, click here.

Canadians across the country are calling for better protection, and better flood risk identification. Knowing about potential flood hazards can and should influence future building plans and decisions. So why has there not been much action on this front? Some leaders are worried that making flood risks public knowledge will decrease property values and possibly increase the city’s liability. We’re fortunate here in Edmonton as a lot of flood information is made available to us. Check out how your neighbourhood stacks up. To read the full article on insurancebusinessmag.com, click here.

Protection from floods, overland water and water damage differ policy to policy, so it’s important for homeowners to talk to their broker or insurance company to make sure they are adequately protected. The more information that is made available to the public, the better you’ll be able to protect your home.

For more information on what water damage is covered in a standard home insurance policy, talk with the experts at ARC Insurance Brokers.