Do you have enough flood insurance coverage? Chances are, like 65% of Canadians, you’re under-insured, and don’t even know it. Here’s what you need to know about insuring your home from overland floods.
This summer’s Calgary flood insurance claims are the most expensive in Canada’s history at $1.7 billion, and many homeowners were denied payments due to insufficient coverage. Now, there’s talk of making overland flood insurance accessible to Canadians – but a number of preventative measures need to take place first.
A recent BMO report finds 25% of the home damage caused by the Calgary floods may not be covered by insurance. Here’s what you need about your policy so you won’t be blindsided by a natural disaster.