Spring is a great time for home owners to review their insurance policies, and make sure that they covered against the damage that often come with the extreme weather and storms at this time of year.
During Spring, a combination of melting snow and heavy rainfall can result in floods, and water damage to your home. In recent years, Ontario weather has become increasingly extreme, meaning that this type of damage is on the rise.
In fact, according to Canada Mortgage and Housing Corporation, there are between 30,000 and 40,000 incidents of basement water damage every year that are serious enough to warrant an insurance claim. The total cost of these is approximately $140 million.
Basement flooding is a serious problem.
When your basement floods or your roof leaks regularly, over time it can cause damage to the structural integrity of your home, the development of mold and mildew, and chronic dampness. All of these issues can reduce the value of your home, and multiple insurance claims for this damage can increase your premiums and minimum deductibles.
The best way to prevent water damage is to stay on top of regular maintenance of your home. This includes things like making sure that your roof is in good condition, that all your drains are in good working order, that your window wells and eaves troughs are clear of debris, and that there are no cracks in your foundation.
Does my home insurance cover water damage?
It’s important to note that home insurance does not necessarily protect you against the costs of water damage.
Though policies differ, home insurance usually covers against damage as a result of the following:
- Sewer backups
- Water damage caused by the malfunction of indoor appliances
- Flooding caused by indoor plumbing, heating or air conditioning units
Home insurance typically does not cover damage as a result of the following:
- overland flooding
- water that enters your home via seepage or a leak
- a leaking roof
Should I consider flood insurance?
With the increase of flooding incidences in Canada, most Canadians would benefit from some form of flood insurance coverage.
Particularly if you live in a downstream or low-lying area, flooding may be a significant risk to your home.
Flood insurance typically protects against the costs of damage that regular home insurance does not, so at the very least, it’s worth looking into your options with your broker.
If you are unsure of what your home insurance covers, or are interested in expanding your coverage to include more types of flooding, the team at Youngs Insurance in Georgetown and Erin can help.