How to go about securing the best policy for your insurance in Canada.
Latest News
The best travel credit cards in Canada for 2025 + MORE Jul 31st
Whether you’ve got a big international trip or the cross-country Canadian vacation of a lifetime coming up, the right travel credit card is one of the best things you could pack. Travel credit cards can earn you rewards on top of common purchases like flights, gas, and dining out, but they can als.... More »
Compare high-risk auto insurance quotes for Ontario Feb 8th
The cost of auto insurance—which is required for drivers in Canada—can vary widely. Why? Because it’s all about risk. How risky your car is—is it prone to safety issues that could cause an accident? Is it a car-thief magnet? How risky your neighbourhood is—whether you live in an urban or r.... More »
Ages 13 to 17: Teaching teens to budget Aug 24th
It happens so fast you could miss it. But in their teens, kids need to start moving from thinking about money in small amounts (weekly) to larger amounts (monthly). “They should start getting more money for longer periods of time, but now they also need to start taking personal responsibility for .... More »
Best cash-alternative ETFs for Canadian investors 2026 Apr 30th
If the only investment account you have is a registered retirement savings plan (RRSP), you probably don’t need to concern yourself with cash or cash-equivalent holdings. But let’s say you’re in the market for your first home and you’re saving up a down payment. You can’t afford to lose mo.... More »
BMO Ascend World Elite Mastercard review 2022 May 11th
If you’re itching to travel again, BMO has a card designed to help you get there. With an attractive insurance package and perks like airport lounge access, the BMO Ascend World Elite Mastercard seeks to tempt users into the BMO Rewards program. But here’s the big question: Is the card good enou.... More »
Do I need flood insurance?
– moneysense.ca
Flood insurance is still pretty new to Canada—it was only introduced in 2015. And while only 19% of Canadians live in flood-prone areas, like along the coasts or in the Maritimes, the Government of Canada reports that floods are the most common natural hazard here, causing over $1 billion in damages annually. But what about you? Do you need it?
What is flood insurance?
Flood insurance is a type of home insurance that covers losses due to overland flooding. In Canada, this type of insurance used to be quite uncommon, but the increase in natural flooding disasters due to climate change has altered that. While there’s currently no national flood insurance program, planning has begun at the federal level. For the time being, individual homeowners have to determine how (and whether) to insure themselves against floods. (Learn more about earthquake insurance.)
What is flood insurance?
Flood insurance is a type of home insurance that covers losses due to overland flooding. In Canada, this type of insurance used to be quite uncommon, but the increase in natural flooding disasters due to climate change has altered that. While there’s currently no national flood insurance program, planning has begun at the federal level. For the time being, individual homeowners have to determine how (and whether) to insure themselves against floods. (Learn more about earthquake insurance.)
Compare personalized quotes from some of Canada’s top home insurance providers*
Is water damage covered?
It may seem overly simplistic to ask this, “Do I need flood insurance?” But before you can answer that question, you’ll have to understand what the term “flood” means in an insurance context…
