August 28, 2018 09:45
Photo : Freepik
The inhabitants of New Brunswick, Newfoundland and Labrador, Prince Edward island, Saskatchewan, Yukon and the northwest Territories may now be protected against overland flooding and storm waves by the Co-operators.
Their insurance product Water multi-peril is available for the owners of these provinces and territories against storm surges, the overflow of lakes, rivers and streams, even as sewer backups or septic tank.
Higher risk near lakes and rivers
The insurer states that the coastal regions are particularly at risk of storm surges, including the increases in the level of the water and the waves caused by the storms. “However, due to the intensification of extreme weather conditions, the risk of storm surges have increased, the scale of Canada, near lakes and rivers,” adds the Co-operators.
“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 this growing risk. This is why we have launched the insurance against overland flooding in Canada, ” says Rob Wesseling, president and chief executive officer of Co-operators.
Protection against storm surges and overland flooding was already available in British Columbia and in Nova Scotia since last may and in Alberta for 2015.