The Co-operators General Insurance Company announced the launch of its new coverage for damages caused by overland flooding in Alberta.
This coverage will be available province-wide, and is designed to protect against flooding caused by excess water either from natural overflows, sewer/water backup or surface accumulation from heavy rains.
Residents of Alberta can obtain this protection in the form of an endorsement to Co-operators General Insurance Company homeowners’ policies. The insurer hopes to expand this coverage nationwide, noting that flooding is both the most common and most costly natural disaster in Canada.
“As a co-operative, we seek to address unmet needs, and there is clearly a need to provide Canadian homeowners with better protection against flooding. Our coverage is available to homeowners throughout the province – not just those who have a low risk of flooding or sewer backup,” Kathy Bardswick, president and CEO of The Co-operators, said in a statement.
Bardswick intends for The-Cooperators to provide coverage that is both wide-ranging and customizable to individual needs.
“We’ll work with clients to help them understand their home’s risk of water damage, encourage them to take preventative measures, and provide flexibility so they can purchase coverage that makes sense for them and their families.”
As a result, Comprehensive Water will be an endorsement to supplement other coverages, and clients can choose however much protection is suitable for their homes. In addition, deductibles are flexible, so policyholders who suffered damages can receive a full claim regardless of whether they choose to rebuild or where they decide to do so.
