People in flood-affected areas encounter huge losses. It takes time for the affected families to recoup from flood strikes. You can mitigate the losses by buying flood insurance in Ontario.
Flood causes severe damages and life-threatening consequences. Devastation from a flood can be irrecoverable. Imagine flood water making inroads into your home. The aftermath can lead to fungal growth, floor and drywall repairs, and severe damages to your household properties.
Flooding is one of the costly and dangerous natural disasters in Ontario. It can strike unpredictably during the year.
Find out if you need flood insurance in Ontario and how to get one in Ontario.
What is flood insurance?
Flood insurance is a type of insurance that protects you from the damage and loss that occurred on the financial front because of floods. Overflow of the sewer system and rise in water level of lakes or surrounding water bodies are some ways floods can cause destruction and harm the property.
What is the flooding that occurs in Canada?
Overland flooding is a potentially destructive type of flooding. This type of flooding can occur if large Waterbodies overflow due to heavy rainfall making them overflow. Overland flooding does not always happen in the same way.
This type of flooding happens because of extreme and continuous rain and when the ground cannot absorb the water.
Flash floods are sudden, short-duration, high-intensity floods that can occur after a severe thunderstorm, heavy rainfall, or another weather-related event, such as a hurricane. These floods can happen without warning and can cover a sizeable area in a brief span.
What insurance companies cover under flood insurance?
You can have flood insurance as part of your home insurance or purchase additional flood insurance.
Insurance companies can cover under flood insurance
- Getting your home dry
- Debris cleanup
- Fixtures, fittings, and restoration of electrical fittings.
- Coverage for services such as architect or builder you hire after the flood.
Should you get flood insurance in Ontario?
With the help of your insurance agent, you can determine if your home lies in a flood-prone zone. You can figure out how much the premium you need to pay based on the coverage you might need. Even if you are not at risk of external flooding, the sewer overflow or pipe leaks might cause flood-like damages to your home. So, it is never a waste to buy flood insurance.
Natural disasters such as floods and earthquakes are often unpredictable and can cost you more than you expect. Read ‘Things you Need to Know About Earthquake insurance in Canada’ to know more about earthquake insurances.