June 6, 2018
British Columbia and Nova Scotia homeowners can now be insured for storm surge damage under The Co-operators Group, a national insurance co-operative.
Waves caused by storms and hurricanes, known as storm surges, present a significant flood risk, especially in coastal regions where extreme weather patterns are common.
The water damage coverage is intended to protect homeowners against common causes of water damage, including: overflowing lakes, rivers and creeks, sewer or septic backup, heavy rain and storm surge.
“The insurance industry has a critical role to play in building resilience in Canadian communities and addressing major risks like flooding,” said Paul Kovacs, executive director at Institute for Catastrophic Loss Reduction.
The flood risk model used by The Co-operators incorporates data on elevation, soil, rainfall, river flow, government-controlled defences such as dams and channels, and other factors that help predict areas at risk of flooding.