Brokers in Manitoba have good reason to celebrate: Aviva Canada has announced that residents of the rain-heavy province can now include overland water protection on their homeowners’ insurance policies, according to Global News.
Manitoba is now the third province where Aviva Canada offers this endorsement, following Alberta and Ontario where it launched earlier this year.
Aviva Canada, first in Canada to develop protection against losses that it once considered “not possible to cover,” says that it expanded to Manitoba due to its exceedingly high consumer demand.
“We’ve gotten into this now because of the need,” senior vice president for Western Canada, Aviva, Tom Reid, told Global News. The carrier estimates that 85% of Manitobans are eligible for coverage.
Although Aviva Canada hoped this endorsement would be available in Manitoba by July, it needed further assessment of topographical maps in order to better determine risk. Homeowners can take comfort in knowing that the protection will cover both torrential rainstorms and river and lake overflows, although they may not be so eager about its price.
“The premium will vary depending on the risk area that they happen to be in,” Reid said. “It can vary anywhere from $50 to $1500.”
Some Manitoba brokers have already issued letters to eligible homeowners informing them of the new coverage. In order to qualify, residents cannot be located within 100 meters of a river, and they must also have a driveway slanted away from the home and sewer back-up protection.
The Insurance Brokers Association of Manitoba has addressed the price tag associated with this coverage, and believes that consumers will be able to realize that its benefits outweigh the costs.
"If people are aware of the risk, they'll pay a little extra," David Schioler, CEO, IBAM, told the Winnipeg Free Press.
