Helping You Take Control of Water Damage Risks¶
Even a little bit of water in the wrong place can cause a lot of damage to your home. A leaky pipe, a leaky roof or a sewer line backup can lead to expensive repairs.
Water damage leads to more claims than any other property issue. It’s vital that you know the risks, take steps in your home to prevent them, and talk to a Palladium expert to ensure your home insurance policy includes the right coverage.
Does Your Home Insurance Cover Water Damage?¶
Typical home insurance policies often cover water damage from some sources — but not all. It’s critical that you know what’s in your policy.
Water damage risks are becoming more complex as climate change intensifies: according to an Insurance Institute of Canada report, weather damage-related claims paid by insurance companies have doubled every five to 10 years between the 1980s and 2019. Insurance companies now differentiate between water damage, sewer back-ups, water and main sewer line issues, overland water and ground water.
Here's a look at what kinds of issues are grouped under each category.
Water damage refers to issues in the home caused by water appliance leaks or roof leaks caused by ice damming.
A sewer back-up occurs when the municipal sewer system reverses its flow into your home due to clogs or heavy rain in the sewer system. Coverage can also protect you if your private septic system back flows due to sump pump breakdown.
Water and Sewer Line¶
This covers breaks, ruptures, collapse, or tears in the water and sewer lines that connect to your home.
This is coverage for damage to your home caused by any water that flows into your home from above ground level. This includes heavy rain, snow melt, or the overflow of a lake or river.
If you’re concerned about water entering your home from below ground level, you’ll need ground water coverage. This could include scenarios like water entering through a crack in your foundation or a basement wall.
Home Maintenance is Vital¶
It’s also important to note that many policies don’t automatically cover damage from problems that accumulate slowly over time, or that are preventable through maintenance or home upgrades. For example, if your roof has an ice damming problem that builds up for years and leads to leaks, you might not be covered.
That’s why you need to consult with Palladium’s insurance experts if you think your policy might not cover all the risks.
Water Damage Prevention Resources¶
Here are some helpful resources developed by the Intact Centre on Climate Adaptation that you can use to help prevent the need for a water-related claim.
Home Flood Protection Check Up
Complete a virtual check-up and receive a customized assessment of your home. The assessment provides you with specific guidance on practical, cost-effective ways to reduce your chances of a household flood.
Steps to Cost-Effective Basement Flooding Protection
This guide provides a summary of actions that you can take to reduce the threat of a basement flood. While some actions require a specialist, many items can be completed by the homeowner.
Seasonal Flood Protection Maintenance Checklist
This checklist offers steps you can complete both inside and outside your home that can help minimize your flood risk and the cost of cleaning up after a flood.
What’s Your Residential Water Exposure?¶
Completing this questionnaire will help us understand how well your home is protected against potential water damage, if any steps should be taken, and if you have the right coverage.
We are asking all of our clients to complete and return this questionnaire so that we can properly advise each one of you on coverage options available. Please don’t hesitate to contact us should you have any questions.