Canada is getting wetter. Remember the floods of 2013 in Southern Alberta and Toronto? We sure do!
The average yearly rainfall in Canada has increased by 12% in the past 60 years. We get 20 more days of rain per year than we did back in the 1950’s. Catastrophes like overland flooding are on the increase. According to Environment Canada, severe weather events that used to happen every 40 years can now be expected to happen every six years!
As an insurance broker we’ve been asked time and time again “can I get flood coverage for my house?” Unfortunately it’s just not a product that’s ever been offered by the insurance companies operating here in Canada. Well the good news is, starting in May Aviva Insurance of Canada will be introducing overland water protection for residential property owners and tenants in Alberta & Ontario.
The coverage will be available to homeowners and tenants that have their personal property insured with Aviva Insurance. The coverage can be added as an endorsement on policies that have sewer back up protection in place.
The coverage is designed to protect individuals from fresh water flood damage. The endorsement responds to losses that result from the accumulation or run off of surface waters, including torrential rainfall when water enters the property.
Pricing, terms, and conditions are not yet available. We expect these will vary on a case by case basis. More information will follow from Aviva as the launch date approaches.
Contact us if you’re interested in learning more about this product as it becomes available.