Flooding is now one of the most frequent and costly natural disasters in Canada, with overland flood insurance becoming an essential safeguard for homeowners. As extreme weather events escalate, understanding and securing this coverage is crucial.
What Is Overland Flood Insurance?
Overland flood insurance protects against damage caused by water that enters your home from the surface, such as from heavy rainfall, melting snow, or overflowing rivers and lakes. Unlike sewer backup or burst pipe coverage, overland flood insurance specifically addresses water that flows over land and into your property.
This insurance typically covers:
- Damage from freshwater sources like rivers, lakes, and heavy rainstorms.
- Water entering through doors, windows, and foundation cracks.
- Restoration costs for flooring, walls, and personal belongings.
However, it usually does not cover:
- Saltwater damage from tsunamis or coastal flooding.
- Flooding due to dam breaks.
- Damage from sewer backups (which requires separate coverage).
Who Can Purchase Overland Flood Insurance?
Most Canadian homeowners, condo owners, and tenants can add overland flood coverage to their existing home insurance policies. However, those in high-risk flood zones may face higher premiums or may not be eligible for coverage. Approximately 10% of Canadians fall into this high-risk category, making it challenging to obtain affordable coverage.
Why It’s More Important Than Ever
Recent statistics highlight the growing impact of flooding in Canada:
- The 2023 Nova Scotia floods resulted in $200 million in damages and four fatalities.
- The 2024 British Columbia floods caused $110 million in damages and also resulted in four deaths.
- The July 2024 flash floods caused more than $940 million in insured damages in Toronto and southern Ontario
Insured losses from natural disasters in Canada now average C$2.2 billion annually, a significant increase from the previous decade. (
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Despite these risks, a survey found that 30% of Canadian homeowners were unaware that overland flood coverage is an add-on to standard home insurance policies, and only 9% had added this coverage in the past year. (
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EasyInsure Can Help
At EasyInsure, we understand the complexities of flood insurance and are here to help you navigate your options. Our experts can assess your property's risk and recommend the best coverage to protect your home and belongings.
Don't wait until it's too late. Contact EasyInsure today to learn more about overland flood insurance and how it can provide peace of mind in an unpredictable climate.
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