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Check Your Home Insurance Policy To Ensure Protection From Flood Related Claims
Submitted. The snow may be melting, but there’s no end in sight to the rainy season. With heavy showers in the forecast, homeowners can feel a sense of security as a result of the changes many Canadian home insurance providers made last year; for the first time, overland water coverage can now be added to many home insurance policies.
“Surprising to many, up until now home insurance policies included flood damage as it related to floods originating within your home such as pipe leaks and appliance malfunctions, not from water entering from the outside of your home,” says Elaine Elson, insurance services manager at Envision Insurance Services, a division of First West Insurance Services Ltd. “The availability of overland water coverage to residential properties is a significant change that ensures homeowners are insured for overland flooding.”
Overland water flooding occurs when a body of water such as a river, lake or ditch overflows onto dry land and causes damage. Overland water flooding can also occur from a heavy rainfall or a large amount of melting snow. Such flooding leaves homes at risk for water damage as water enters the home, most commonly through doors and windows.
“The threat of water entering your home from a point at or above ground level is definitely a possibility, especially in the Lower Mainland with the large number of waterways surrounding us,” says Elson. “Although this coverage could result in an increase to your annual home insurance premiums, it is important for homeowners to understand the substantially better protection it provides.”
“B.C.’s Disaster Financial Assistance Program will only provide financial assistance to those impacted by a disaster who were uninsurable,” says Elson. “It is imperative that homeowners are aware of what their current policy covers and speak to their local insurance advisor to take advantage of this enhanced coverage to avoid being under-insured in the event of a flood-related claim.”
About Envision Financial
Envision Financial is a premier provider of banking, investment and insurance services for residents and businesses throughout the Fraser Valley, Lower Mainland and Kitimat regions. As a division of First West Credit Union, B.C.’s third-largest credit union with 54 branches and 38 insurance offices throughout the province, Envision Financial brings innovative products, an extensive branch network and local decision making to the banking experience. Visit envisionfinancial.ca for more information.