Montreal-based Co-operators is offering storm surge insurance for homeowners in Quebec and Manitoba, which completes the company’s product rollout to Canadian homeowners from coast to coast.
Co-operators described its comprehensive water insurance as the only product of its kind in Canada, which provides protection from the most common causes of residential flood and water damage including storm surge, overflowing lakes, rivers and creeks, and sewer or septic backup.
Storm surge, which includes rising water levels and waves caused by storms, presents a significant flood risk, especially in coastal regions where extreme weather patterns have intensified with the changing climate, said Co-operators.
“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. As a co-operative, it’s our priority to protect the financial security of Canadians. This is why we first introduced overland flood insurance in Canada,” said Rob Wesseling, president and CEO of The Co-operators. Co-operators is a multi-product insurance cooperative with more than C$42.5 billion (US$31.8 billion) in assets under administration.
“Today, we are thrilled that this product is available to all Canadian homeowners, even those at the highest risk, adding another layer of protection and providing peace of mind for those who need it most,” he added.
According to a study by Partners for Action Network, 94 percent of Canadians living in high-risk flood zones are unaware of their risk. To get a personalized flood assessment and find out about available coverage, Canadians can visit water.cooperators.ca.
In 2015, The Co-operators said it became the first Canadian insurer to offer overland flood insurance in Alberta and expanded this coverage to Ontario in 2016. It is now the only insurer to offer Canadian homeowners protection against damage caused by storm surge, the company said.
More than a quarter of a million Canadians are currently covered by the organization’s Comprehensive Water product, Co-operators noted.
Source: The Co-operators Group Ltd.
Topics Windstorm Flood Homeowners Canada
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