With extreme weather conditions causing Canadians an average of $1 billion in damages each year, you might be wondering if your home insurance protects you from damages caused by the wrath of Mother Nature.
Under a standard home insurance policy, the following perils would typically be covered under your home insurance:
- Damages caused by hail or wind, including flying debris, falling branches and trees, and water that enters your home as a result of hail or wind
- Damages caused by burst water pipes
If the storm damage is so severe that you are unable to return home, you may also be entitled to additional living expenses under your home insurance policy to help you cover the costs of being temporarily displaced.
Related: What to do When Your Home Is Flooding
Optional coverage
Flooding is the number one cause of natural disaster in Canada and Ontario residents are not sheltered from this peril. In late 2016, a state of emergency was declared in southern Ontario when record-setting rainfall flooded streets and homes, causing overwhelming damage to some communities.
This has inspired insurers to rethink the way we treat water damage, including the introduction of overland water protection insurance. It is one of two types of insurance that can be added to your home insurance policy in order to provide your home, your belongings and your family with extra protection.
- Sewer backup coverage – This insurance protects you if severe weather or storms cause sewers, septic tanks or sump pumps to backup and cause flooding in your home.
- Overland water protection – This is a first of its kind type of insurance that OTIP is proud to offer. Overland water protection covers you in the event that water enters your property as a result of a sudden accumulation caused by rains, melting snow, spring run-offs, or overflows of lakes and rivers. It is available in tandem with sewer backup coverage, meaning you need to have both to obtain overland protection.
What about my car?
Damages to your car are not covered under your home insurance policy even if the car is parked on your property when the damage occurs.
Instead, this type of damage would typically be covered under comprehensive or all-perils insurance, which is an optional coverage that you can add to your car insurance policy. It is not mandatory to have this insurance, so if weather damage is a concern you should speak with your OTIP broker today to discuss adding this type of coverage to your auto insurance policy.
Like all optional insurance coverage, there are terms, conditions, limitations and exclusions that may apply. If you have any questions or would like to talk to your OTIP Insurance Brokers about seeing if you qualify to add overland water protection insurance, please give us a call at 1-866-523-4111.