Wawanesa Mutual Insurance Company is launching two new homeowners’ insurance products designed to help Canadians make the big switch to more climate-resilient and energy-efficient homes.
Through the new “Stronger Home” coverage, Wawanesa will pay the increased cost to repair or replace a roof or exterior siding with more resilient materials during the event of a loss. Meanwhile, the “Eco-Friendly” coverage will enable Wawanesa to cover the increased cost to repair or replace a property with Energy Star-rated products and eco-friendly materials.
Both of the new products are available in Canada through Wawanesa’s network of independent insurance brokers.
“As a mutual company, we believe we have a responsibility to help our customers be more resilient and aware of how we can reduce the impact of climate change on our homes, communities and planet,” said Wawanesa EVP & president of Canadian P&C operations Carol Jardine. “These new products will help Canadians better adapt to severe weather associated with climate change and mitigate damage to their property.”
In a release, Wawanesa noted that the total climate-related disaster damages paid by Canadian insurers in 2021 exceeded $2.1 billion.
“We have been helping our customers recover from disasters for over 125 years and we are proud to step up with our broker partners and help more Canadians learn how they can protect their homes from the risks of climate change,” added Jardine.
Wawanesa is one of 15 Canadian P&C insurers who are backing The Nature Force – a climate resilience initiative headed by the non-profit Ducks Unlimited. Ducks Unlimited project co-ordinator Eric Balke explained in a previous statement that the initiative’s first focus will be Sturgeon Bank in Richmond, through a planned sediment dredging.
