Late last month Co-operators General Insurance Company (one of the companies that makes up the group known as The Co-operators, a Canadian member of the International Cooperative and Mutual Insurance Federation) launched ground-breaking new insurance coverage that protects homeowners in Ontario, Canada, against damage caused by overland flooding. The new coverage, which is available throughout the province, is an inclusive and flexible solution designed to protect homes against the most common causes of water damage – flooding caused by an overflow from a body of water, sewer/water backup, and accumulation of surface water caused by heavy rain.
The coverage is available as an endorsement to Co-operators General Insurance Company homeowners' insurance policies in Ontario. It will be added to existing policies that currently have coverage for sewer/water backup upon renewal. And it can be added to new or existing policies at any time, as of yesterday, Monday 27 June. The Co-operators became the first Canadian insurance company to offer homeowners insurance coverage against overland flood when it initially launched the product in Alberta last summer. It will be available throughout the country by the end of 2017.
"It is critically important that we improve the flood resiliency of our communities. Flooding is the most common type of natural disaster in Canada and it will continue to worsen as a result of climate change," said Kathy Bardswick, president and CEO of The Co-operators. "Our product is comprehensive, flexible and simple, and is available everywhere in Ontario – even in the areas at the most severe risk of flooding."
The new endorsement, called Comprehensive Water, provides coverage against the various types of water damage in one easy-to-understand product. Member policyholders can choose the amount of coverage they wish, based on their individual needs, and flexible deductibles are available as a percentage of the claim amount. In addition, if a client's home is completely destroyed in a flood, they can choose whether or not they want to rebuild at the current location, a new location, or not rebuild at all. The client chooses, and the claim will be paid.
The Co-operators has created an online tool where Canadians can access an online tool which provides a personalized risk assessment and information about preventing water damage to homes. View the tool here.
Hear from Rob Wesseling, Executive VP, The Co-operators (pictured), discussing the weather-related events affecting Canada, and The Co-operators unique approach to water damage insurance in this video.