Overland Flood Insurance Ontario
COVID-19 has undeniably impacted areas in our lives such as work and our social schedule. In Ontario, the pandemic has had many other less obvious ramifications to our quarantine such as; increased speeding and careless driving, rising pool sales, and now officials are reporting on a spike in the severity and frequency of residential fires.
It’s hard to believe it’s been 7 years since one of the worst floods our city has ever seen. On July 8th, 2013, Toronto experienced the greatest amount of rainfall in a single day ever recorded in the GTA. With over 126 millimeters of rain, the storm surged the streets, damaged transit infrastructure, and flooded many basements.
The extreme weather in 2013 showed many residents the importance of proper insurance. Many homeowners are not aware that typical home insurance doesn’t extend coverage to overland flooding, potentially leaving them on the hook for thousands of dollars in damage. As Ontario’s climate continues to change, weather becomes more unpredictable and the fact that Ontario is home to many waterways, proper insurance is increasingly important. 48% of home insurance claims involve water, but less than 15% of homeowners carry flood insurance.
What is Overland Flooding?
Whether it be from heavy rainfall, temperature change, or overflowing bodies of water, overland flooding is caused by the accumulation of water on land.
What is covered with Overland Flood Insurance?
Sometimes referred to as freshwater flood insurance, this type of coverage specifically addresses the damage caused by freshwater. Covered damages could include;
- Damage from water that has seeped into your home through the roof, basement doors, or windows.
- Destruction of personal property inside the home.
- Damages incurred from a sewer backup (resulting from a flood).
While severe weather is always an ongoing threat, due to recent changes in the climate Environment Canada estimates that Ontario can expect a severe weather event once every 6 years. Here are some helpful tips on how to prepare your property against water-related damage:
- Sealing cracks in foundation walls, basement floors or your roof is a simple way to help reduce the risk of water in your basement.
- Check your property is properly graded so water can drain downwards toward the street sewers.
- Assess and repair sidewalks, patios, decks, and driveways that may have shifted over the years around your home.
- Utilize plants and vegetation that will minimize soil erosion in your gardens.
- In the winter, clear snow away from the home’s foundation.
- Regularly clean and maintain your eavestroughs and gutters to ensure there are no blockages.
- Install a sub-pump
- Tip: Don’t store important documents or memorabilia in your basement where flooding is most likely to occur.
Although there are steps you can take to help mitigate risk, nothing can truly protect your home like insurance. Talk to your Merit Insurance broker to learn what type of water damage is currently covered under your policy, and what is needed to ensure your home is protected no matter what mother nature may throw at you. Don’t wait until it’s too late! Call your Merit Broker today!
