The Co-operators Group Ltd. is offering storm surge insurance to homeowners in the provinces of Atlantic Canada: New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador.
Most recently released in Nova Scotia, The Co-operators Comprehensive Water insurance is the only product of its kind in Canada that provides protection from storm surges, overflowing lakes, rivers and creeks, and sewer or septic backup, said The Co-operators, which is a Guelph, Ontario-based insurance co-operative with more than C$41 billion (US$31.5 billion) in assets under administration.
Storm surge, which includes rising water levels and waves caused by storms, presents a significant flood risk, especially in coastal regions where extreme weather patterns have intensified with the changing climate, the group explained.
“Overland flooding has been identified as the most pervasive and costliest cause of damage to Canadian homes, yet most are inadequately protected against this growing risk. As a co-operative, it’s our priority to protect the financial security of Canadians. This is why we first introduced overland flood insurance in Canada,” said Rob Wesseling, president and CEO of The Co-operators. “Now, with the inclusion of storm surge coverage, we’re adding another layer of protection and providing peace of mind for those who need it most.”
Comprehensive Water is the only overland flood insurance in Canada available to those at the highest risk of flooding, The Co-operators said, noting that homeowners can now add this coverage to protect against the most common causes of water damage.
The Co-operators quoted a study by Partners for Action Network, which said that 94 percent of Canadians living in high-risk flood zones are unaware of their risk.
The insurer said it was the first Canadian insurer to offer overland flood insurance in Alberta in 2015, which was expanded to Ontario in 2016.
The Co-operators’ model for predicting flood risk incorporates data on elevation, soil, rainfall, river flow, government-controlled defenses like dams and channels, and other factors that help predict areas at risk of flooding.
Source: The Co-operators Group
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