How to go about securing the best policy for your insurance in Canada.
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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…
