With Hurricane Florence in the headlines worldwide and the ever-present threat of storms for Canadian homeowners, a recently-announced new insurance product may offer some peace of mind.
The Co-operators has launched a first-of-its-kind storm surge coverage for homeowners in New Brunswick, Newfoundland and Labrador, PEI, and Nova Scotia.
With a study by Partners for Action Network showing that 94% of Canadians who live in high-flood-risk areas are unaware, there is a real threat of storm surge damage.
"Overland flooding has been identified as the most pervasive and costliest cause of damage to Canadian homes, yet most are inadequately protected against this growing risk," said Rob Wesseling, president and CEO of The Co-operators.
The insurer began offering overland flood coverage in Alberta in 2015 and expanded this to Ontario in 2016.
Huge costs for uninsured homeowners
In the Calgary flood of 2013, the average cost to homeowners who suffered losses was $79,000 according to a report from Mount Royal's Centre for Community Disaster Research.
The IBC found that those hit by the GTA flood in 2013 suffered losses of an average $40,000.
The Co-operators says that flood damage has overtaken fire as the costliest cause of damage to homes.
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