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The Co-operators launches flood coverage in Ontario
Policies are available across the province, even in high-risk areas
Staff on June 27, 2016
The Co-operators has introduced overland flood insurance for Ontario homeowners.
The Comprehensive Water endorsement covers water damage from an overflow of a body of water, sewer and water backup, and accumulation of surface water caused by heavy rain.
Read: No, Desjardins, our flood coverage is sustainable: The Co-operators
It can be added to policies that currently have coverage for sewer and water backup.
“It is critically important that we improve the flood resiliency of our communities,” Kathy Bardswick, president and CEO of The Co-operators, said in a release. “Flooding is the most common type of natural disaster in Canada and it will continue to worsen as a result of climate change.”
Read: National flood reinsurance scheme launches in UK
Bardswick also pointed out the coverage is available across Ontario, ”even in the areas at the most severe risk of flooding.”
If a policyholder’s home is completely destroyed by a flood, they can choose to rebuild at their current location, a new location or simply take a cheque and not rebuild at all.
The Co-operators first introduced flood coverage to Alberta homeowners in May 2015, and plans to make the product available to all Canadians by the end of 2017.
The Co-operators launches flood coverage in Ontario
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