May 15, 2018 09:45
The owners of the British Columbia and Nova Scotia can now be protected against damage caused by storm waves. The Co-operators has added protection in its guarantee Water household.
The insurer indicates that the waves caused by the storms and hurricanes, storm surges, present a high risk of flooding, especially in coastal regions where extreme weather conditions are significantly intensified due to climate change “. The storm surges were not insurable until now.
The cause of damage, the most common
The Co-operators considers its warranty Water fire is the only insurance against overland flooding in Canada offered to those whose field is the most likely to experience flooding. Are covered the floods caused by the overflow of an expanse of water, backflow of water from sewer or septic tank, and accumulation of water caused by heavy rainfall or storm waves.
“The overland flooding are considered to be the cause of damage, the most prevalent and most costly to canadian homeowners. However, most owners do not have sufficient coverage against the risk of higher and higher, ” says Rob Wesseling, president and chief executive officer of Co-operators.
An essential role
“The insurance industry has a vital role to play in strengthening the resilience of canadian communities and the management of major risks such as flooding,” says Paul Kovacs, executive director of theInstitute for catastrophic loss reduction.
A study by Partners for Action indicates that 94% of Canadians living in areas at high risk of flooding are not aware of the risks they face.