A recent survey finds many homeowners don't know how to protect their dwellings from weather-related flooding, despite it becoming a growing insurance issue. ratesdotca InsuranceBureau
found that 32% of homeowners don’t know “that standard home insurance policies don’t cover water damage from seepage, overland flooding, or sewer backup.”
While home insurance policies do generally cover water-related mishaps such as burst pipes or malfunctioning appliances, it’s the big weather-related floods that cost the big bucks; but they’re generally not included under standard policies. Insurance companies have increasingly offered these products in recent years — but that doesn’t mean homeowners are taking out those policies. According to the survey, half of respondents said they don’t have additional water insurance coverage.
As well, only 13% said they had “seepage coverage” in their home insurance policy, which would protect against overland flooding — when water pours in from the outside as a result of a street flooding or an overrun river., which pummeled Atlantic Canada in late September, and caused $660M in insured damages, according to the Insurance Bureau of Canada — the most costly extreme weather event in the region.The storm wreaked havoc, tearing up trees, and even sweeping some housing into the ocean.
Nova Scotia, which saw a large number of buildings damaged by fallen trees, extensive flooding, and torn-off roofs, accounted for the majority of insured damage, with an estimated $385M. PEI saw over $220M in insured damages as houses were moved off of their foundations by storm surge.
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