What is Overland Water Coverage?

We live in BC and BC gets a lot of rain every year – some more than others. More and more, we are seeing flood claims come through and it’s important to understand what you are currently covered for and what you aren’t.
As RateHub highlights, overland water does not come standard, and it could be the most valuable add-on to your home insurance policy. Floods have surpassed fire in Canada and now rank #1 in terms of property damage. Floods are also the most expensive natural disaster – having cost more than $20 billion in damage between 2003 and 2012, according to the Government of Canada.

An overland water endorsement on your home insurance policy protects you and your home from particular water damage risks. An overland water endorsement on your home insurance policy gives you protection from rising rivers, streams, or other bodies of water that may overflow onto dry land causing damage to your home. It can also protect against heavy rain precipitation, or snow accumulation, and its eventual thaw, around your property.

When you need to consider overland water protection

In particular if you have a finished basement – drywall, laminate flooring, and furnishings – overland water insurance is a smart thing. Without it, you may be left dealing with the bill on your own.

Will overland water affect you?

Severe weather damage claims are on the rise with major floods representing almost 40% of all natural disasters in Canada, according to Aviva Canada. If your basement isn’t waterproofed, your eavestroughs and downspouts need repair, or you have cracks in your foundation, it could be worth adding it to your current house insurance policy or when shopping around for new home insurance quotes.

What overland water coverage does not protect

There are several types of water insurance coverage for your home, and it’s important to understand the differences when searching for your home insurance. Often, some base home insurance policies have coverage for burst pipes, whereas you may need to add it with other policies. Base water coverage is not overland water coverage. In some cases, overland water coverage is called groundwater coverage.

No matter how you choose to protect your home, make sure you understand all there is to know about the various add-ons available to you. With the risk of flooding in BC at a high level, it’s important to protect your assets by purchasing the right level of insurance. At Leaders Insurance, we take the time to explain the various coverage options that are available to you.

by Miriam