Preventing Water Damage Can help Save You Money On your home Insurance
Do you know that water damage is now the leading cause of house insurance claims? It used to be fire which caused the most claims.
What is causing the significant rise in water claims?
1) Climate change – severe weather conditions has increased for Canadians during the past decade. Flash rains storms, hail storms and snow storms. Across Canada $10 billion in damage has occurred since 1998 in claims. The June 2013 flood in Alberta cost insurance companies 4.3 billion and in the same year Toronto was hit with a flash rain storm causing Ontario’s largest natural disaster.
2) Growing cities and all of its concrete are overshadowing available greenspace. The result is when we get rain there is less area to drain for water when we experience severe weather. Most houses and buildings are not equipped to handle these changing weather conditions.
3) Aging city sewer systems and waste water systems are not keeping up the changes. The result is water is entering into our homes.
4) More and more people are finishing their basements as living space. When water enters the basement more content and property damage is causing larger claims.
What you can do to reduce the cost of your home insurance?
1) You can install a water prevention device which will give a discount on your home insurance. Here are some examples:
a. Sump pump
b. Sump pump with a battery back up
c. Back water valve
d. Sump jet
e. Some companies offer a discount for homes on septic systems
f. Fix cracks in your concrete walls
g. Advise your insurance provider if you have an unfinished basement
2) If you have not done so already, call your insurance provider and tell them that you have these prevention methods already installed at your home. At the same time ask them if there are any discounts you are missing on your home policy.
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