Of all the home insurance claims filed annually, 24% are connected to water damage and freezing, making it among the top risks to homeowners and condo owners.
Despite several Canadians’ understanding of this risk, 32% mistakenly believe their standard home insurance policy will cover them in the case of water damage, even though it might not be because it is a kind of protection you must opt into. With an average claim payout of $12,514, this is a prospectively expensive belief you do not desire to make.
This article will cover the basics of overland water protection to help you ensure you obtain the protection you plan to have against water harm. Once you understand what it means and know the reason you require it, it is suggested that you evaluate your present policy, recognize any spaces, and include overland water protection if you discover that it is necessary.
Table of Contents
Meaning Of Overland Water Coverage
Overland water protection is a kind of home, condo, and renter insurance protection that covers against harm triggered by fresh water coming into your home from the ground level. Below are some instances of events overland water protection is automatically meant to cover:
- Quick snowmelt
- Ice jams
- Serious rainfall
- Spring run-off
- Flash flooding
- River overflows
If your property or private possessions were harmed due to one of these events, overland water protection is formed to assist with the related repair or replacement expenses. It may also protect individual possessions you possess in a storage unit, which is usually based on the conditions outlined in your policy.
Remember that overland water protection is not standard when purchasing insurance for your home, rented apartment, or condo. Contrary to standard protections for dangers like fire and theft, you will discover that insurance firms in Canada categorize overland water protection as alternative protection. So, you have to demand it to be attached to your policy in detail if you desire to be protected against events such as those mentioned above.
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Overland Water Coverage And Flood Coverage
Overland water protection and flood protection are meant to protect your home against water-associated harm; hence, they are not the same thing.
According to the Insurance Bureau of Canada, overland flooding automatically involves freshwater bodies, like rivers or dams, overflowing onto dry land. In contrast, flood damage triggered by storm surges or tidal waves involves saltwater entering coastal regions. Depending on these descriptions, the disparity between overland and flood protection comes from freshwater versus saltwater.
Due to this, the determination to include one or two of these kinds of protection is often based on where your home or condo is situated in Canada.
The Necessity Of Overland Water Coverage
If you own a house or condo in Canada, you are not legally required to have overland water protection. However, that does not imply that overland water protection is irrelevant or crucial. Below are some coercing motives for why overland water protection is highly recommended.
- Overland water harm can take place year-round. It is not restricted to a specific period of the year. It can occur anytime during winter, summer, spring, and fall.
- Overland water damage can occur to anybody: You do not need to reside near a significant water source for your home or condo to be susceptible to overland water damage. A single severe rainstorm is a prospective harm, which could lead to thousands of dollars spent on repairs.
- Overland water damage can be costly to repair: From compromising the structural prestige of your home to damaging your house’s electrical systems and interior finishes.
When you consider all of this, you can see why several insurance professionals and homeowners demand that you have overland water coverage.
