Insurance is changing
Insurance in Alberta and the rest of Canada
is evolving to keep up with our changing weather patterns and our needs as insurance
consumers. What you may not know are your options, and changes that may
currently be on your policy that could cost you thousands in the event of a
claim! We have outlined the limitations and changes some of the major
insurance companies in Canada have made to their coverage, how this affects you,
and new insurance options that could save you money and give you more water
protection.
2) Not eligible for coverage:
In some cases, depending on your area, you may not be covered for sewer backup,
or you may have very low limits. If this is the case, you can prevent much
damage to your home by either installing a back-flow valve (which can be very
pricey) or by making sure your sump pump is working, has a backup energy source,
as well as a monitored alarm. Mitigating costly risks is a big part of being a
responsible homeowner especially if you live in a high risk area.
3) Limitations on roof coverage: Due to the increasing amounts of wind and hail claims the past five
years in Alberta, many insurance companies have put limitations on roof
replacement claims. This is to help reduce the costs of insurance for all
Albertans. Limitations that may exist on your policy that you should look out
for include: ACV (actual cash value)
repairs on roof meaning, you will not be given the full payout to have your
roof replaced in the event of a claim, due to the age of your roof. If your
roof shows signs of aging such as lifted tiles, your claim could be rejected
altogether. If this is the case for you, shop around, or go to a broker who will do that for you to find an insurance company that does not have these limitations.
4) Get overland water insurance: Overland water insurance or, freshwater flood insurance, was introduced in early spring by some of the
leading insurers in Canada. It’s a fact:
overland water damage is becoming more and more prevalent every year. This is
not just the case for individuals living in or around the flood zones. We are seeing
a lot more instances of torrential downpours which could cause sewers to clog
up and overflow on the streets and into your home. If you’re not in the flood
zone, this coverage could cost you as little as a Starbucks Frappuccino per
month, but could save you thousands in water damage repairs. Overland water
coverage just makes sense!
5) Overland water and Sewer back up coverage: these two are your ultimate armor for water insurance protection.
Here are the facts: Insurance companies have put tighter regulations on what
constitutes a sewer backup claim. For most if not all companies, as soon as
there is evidence of overland water entering your home during a sewer backup
incident, your claim payout could either be severely limited or denied
altogether. Both of these coverages will ensure that you are not left owing
thousands in repairs due to stringent limitations and exclusions found on your policy.
For more information about water insurance
or for your free, no obligation flood insurance quote, please visit www.floodinsurance.ca
It's nice to read this article. You are a real insurance expert. That's why I like your website so much.
ReplyDeleteComplete Your Dissertation From Dissertation Writing Help and Score Best Result.
ReplyDeleteThanks for this great article. It’s useful.
ReplyDeleteAssignment Help
Complete Your Assignment From
ReplyDeleteAustralian assignment help