“I discovered water damage in my home. Will insurance cover me?” Sep 1st

There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.

Latest News

TFSA contribution room calculator + MORE Apr 9th

Find out your current tax-free savings account (TFSA) contribution limit by using this calculator. powered by Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like e.... More »

Warning to caregivers: Expect a scavenger hunt + MORE Feb 25th

This story is part 3 in a series on financial caregiving for seniors. Read others in this series: 3 signs you need to take control of your parents’ finances Caring for a parent? Get a power of attorney Before my father was diagnosed with dementia, I had a 30,000-foot awareness of my f.... More »

Inside the Trillion-Dollar Wellness Industry Oct 11th

As a health-and-wellness-industry reporter for publications like Fast Company and The New York Times, Rina Raphael spent years covering fitness, food and far-out trends. (Crystal healing, anyone?) But by her mid-30s, she realized her obsession with health was making her feel worse, not better. These.... More »

Is a vacation home a good investment? + MORE Sep 21st

The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or a winter home for a snowbird. Sometimes, emotions are the motivat.... More »

SimplyCash Preferred card from American Express review Jan 16th

If you’re looking for a card that will help you earn cash back on purchases, look no further than the SimplyCash Preferred Card from American Express. With a return of 4% cash back on gas and grocery purchases—and a flat 2% back on all other purchases—it is one of the best credit cards in Can.... More »

“I discovered water damage in my home. Will insurance cover me?”

– moneysense.ca

My washing machine has been leaking for years, and we only just learned of the leak and the resulting damage because of staining on our basement ceiling below. Will my home insurance cover this? —Alison

Does home insurance cover water damage?

The end result of water damage to your home is almost always the same: repairs to your floors, drywall or electrical and heating systems. However, the cause of the damage ultimately determines whether it’s likely to be covered by home insurance. What matters is how the water enters your home.

Whether or not a water claim is covered also depends on the type of insurance you have. Many home owners opt for comprehensive home insurance, which offers the most coverage, but there are other options available, such as a basic or broad home insurance policy. (Here’s how to compare policies before you buy).

Comprehensive insurance covers the home and its contents from a number of risks, including many water-related claims. Along with earthquakes, the one common exclusion is flood damage caused by natural disasters…

Continue Reading On moneysense.ca »

Banks.ca constantly finds the best and most current Insurance information available in Canada.

Share