Does Your Property Insurance Cover Water Damage?

| March 22, 2019

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It's World Water Day and Spring is officially here, and with that comes more daylight, lighter jackets and also melting snow and increased rainfall. While spring is most certainly a welcome change from the unforgivably harsh winter weather, not effectively dealing with all that water can result in some very UNwelcome damage. In fact, water damage has officially overtaken fire as the #1 peril in Canada, responsible for nearly 50% of homeowners’ claims costs. There are many different insurance policies with respect to water, so it is important to understand what you are buying and what is covered. Talking this through with your insurance broker is often the best way to make sure you have the coverage that is right for you, but here’s a basic run-down on some of what’s available: Basic Home Insurance. Homeowners insurance policies typically cover water damage from sudden and accidental losses from a plumbing system or water container.

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Ontario Mutuals

Here's the difference between Ontario Mutuals and the large multi-national companies. Ontario Mutuals operate on a member value basis. That means we pour our resources into service and long term value for the policyholder - not returns for shareholders. As a policyholder, you have voting rights within the company on important decisions that will direct the successful operation of the company.

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Spotlight

Ontario Mutuals

Here's the difference between Ontario Mutuals and the large multi-national companies. Ontario Mutuals operate on a member value basis. That means we pour our resources into service and long term value for the policyholder - not returns for shareholders. As a policyholder, you have voting rights within the company on important decisions that will direct the successful operation of the company.

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