In light of recent events in Southern Alberta, it is important to briefly discuss flood damage and how flood coverage in your home insurance package can help you. Flood damage is a particularly devastating kind of damage. Entire sections of your home may need to be redone and memories in the form of family photos can be lost forever. What's worse, you may not even be covered.
In the last ten years, flood insurance claims have steadily been on the rise. In 2005, claims for water damage outstripped fire damage claims. Climate change accounts for a great deal of added extreme weather and insurance companies have had to keep up, to the order of $5.3 billion in 2009! Given the increased risk, especially for those living near or in flood regions, an insurance plan that covers flood damage is a sound economic decision. When it comes to the safety and security of your family and home, it's not your risk to take.
Most people aren't even aware of whether or not their home or business has flood insurance. Some people assume it's a part of the plan while others never think it will happen to them. If recent events in Quebec, the Southern US, and Southern Alberta are any indication, it can happen to you and the consequences can be serious. To avoid that predicament, consider talking to your insurance broker about options with respect to your existing plan or how a new plan can better protect you from flood damage in your home or business.