Home Insurance in Calgary: Can I Get Coverage For Flood Damage?

There is no existing house insurance coverage available for flood damage in Calgary, Alberta, or all of Canada for that matter.

Calgary has been trying to find solutions to periodic flooding since 1897, and the floods of June 2013 proved the costliest natural disaster in Canadian history.

No Home Flood Insurance in Alberta

You cannot buy house insurance in Calgary that covers flood damage. The repeated major floods that have hit Calgary time and again tell you why. Insurance premium rates are determined by a number of things, but foremost among these factors is risk. There is a risk that you will have an accident with your car or that your house will catch on fire. But for many areas of Calgary, flooding is not a possible risk, it is simply a matter of when it will happen again.

So, those who are likely to purchase flood insurance are also likely to make a claim on their home insurance policy, hence making the option not financially viable for providers or homeowners. When insurance options are claimed upon often, the cost goes up. In the case of flooding in Alberta, the cost of insurance would be prohibitive.

Insurance brokers are experts at navigating the ins and outs of house insurance in Calgary. With access to several insurance providers, brokers are your best bet for making sure you have the best coverage for your home.

Any Exceptions?

It is always advisable to add protection for sewer backup into your house insurance in Calgary, which is something that often occurs during serious flooding when infrastructure cannot handle the amount of water coming in. If you are affected by flooding, you may be able to make a claim against that specific damage. As well, with sewer backup coverage you are protected from:

• If your pipes freeze and burst, the resulting damage may be covered.

• If your car is flooded out by water in garage or on the street, it should be covered by your comprehensive car insurance policy.

Is There Flood Insurance for Commercial Property?

Yes, you can insure commercial property for flood damage in Canada. On the other hand, the deductible for flood damage is sharply higher than the deductible for other claims. This may discourage clients except those who see themselves in significant need.

Nonetheless, business owners can add a water damage rider to cover water damage from a storm drain, sump pump, septic tank or sewer. The deductible for this specific coverage is usually less than that for floor damage.

Food for Thought!

The most frequent natural disaster affecting Calgary, Alberta and other parts of Canada is overland flooding. Although many efforts are being made to mitigate further damage from flooding, there remains a real possibility of the event occurring again. Speak with an insurance broker to make sure you are covered.

Godfrey-Morrow Insurance brokers are specialists in house insurance in Calgary and area. Our experienced professionals will compare available policies and ensure you receive excellent coverage for your needs. Contact us today!

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