Coverage Discounts

This video was made possible with federal support through Natural Resource Canada’s Climate Change Impacts and Adaptation Program. Basement flood risk reduction — Video one of five This is video number one of five videos examining – in detail – actions homeowners can take to reduce the risk of basement flooding in their homes. Basement flooding is a large and growing problem for residents, municipalities and insurers across Canada. In just the past few years there have been several events that have resulted in basement flooding in both larger and smaller communities across the country. Indeed, almost no community in Canada is immune from basement flooding. Municipal governments across Canada are working hard to reduce urban flooding problems. Many cities are replacing and updating aging sewer systems and building additional capacity into existing systems. In the meantime, insurance companies are seeing marked increases in water damage claims, particularly from basement flooding. Over the past ten years, water damage has become of the greatest sources of homeowner insurance payouts. Indeed, water has now exceeded fire as the number one source of homeowner insurance claims in Canada. At present, roughly half of all homeowner claims now have a water damage component to them. As municipalities diligently work towards finding long-term solutions to the basement flooding problem, and insurers cope with the dramatic increase in water damage claims, homeowners can take action to …