When Spring comes in Nova Scotia, we all know what else comes with it. Lots and lots of rain! Like many people, you might be worried about water damage to your home. Just for you, we’ve put together some essential things to know about water damage to your home, what you can do to prevent it, and what is covered by your home insurance policy.
The Insurance Bureau of Canada (IBC) has reported that homeowner insurance premiums have increased 20-25% in the last 5 years. 15% of that increase is due to the growing amount of water damage claims.
From 1983-2008, the average annual payout for extreme weather-related losses was $405 million per year.
From 2009 to 2018 that average was 1.8 billion per year!
The average cost of repair to a homeowner whose basement has flooded is $43,000 in Canada.
The short answer is, yes. Rainfall levels are expected to rise continuously in Canada as a result of climate change, causing more flooding in homes and businesses. In Nova Scotia, infrastructure is also aging, meaning many older homes are more susceptible to floods. A lot of households also do not have any flood protection systems in their home, meaning that when there is damage, it is often worse than it has to be. All of these factors, among others, contribute to an increase in basement flooding in residential homes.
DON’T FORGET! If you are going to be away from your home for a prolonged period of time, make arrangements to have somebody checking in on your home on a regular basis. Failure to do so can result in a claim being denied.
There are a lot of things you can do at home to keep your basement from flooding. The good news is that most of these solutions or free or very cheap. A little elbow grease can save you a lot of headache and money in the long run!
CHEEP TIP: If you’ve installed any water protection or detection devices in your home, don’t forget to contact us to see if you are eligible for any discounts!
There are many types of water damage coverage, it can be a lot to sort out. Make sure you review your policy details to see what you are covered for, and make sure the limits of coverage are enough to ensure your peace of mind. You can purchase additional water damage coverages for things like sewer back-up and overland water damage coverage.
If you are a Cheep Insurance client and you want to review your home insurance policy to make sure you have all the coverage you need, and that you understand what you are and aren’t covered for, contact our friendly support team via phone at 1-866-922-4337 or via email at firstname.lastname@example.org.