‘Water is the new fire,’ says the Insurance Bureau of Canada

Lakeside Insurance & Financial in Hamilton knows that flooding is a potential issue for homeowners in the communities they serve. Occurrences of residential flooding, including Brantford in recent weeks and Toronto Islands last summer, have many home and commercial property owners wondering if their insurance covers similar types of water mayhem.

Philip Pindilli, Owner and Broker at Lakeside says that while there are a growing number of insurance products that cover water damage, homeowners should review their specific situation to find out if they need special coverage.

“We want our homeowner clients and business property owners to understand the risk of water damage and review their policies to ensure they’re comfortable with their coverage. An educated client has peace-of-mind and so we encourage clients to review their policies and contact us anytime if they need clarification about their coverage.”

In a recent thestar.com article, Pete Karageorgos, Director Of Consumer And Industry Relations for the Insurance Bureau of Canada says that there are more options for flood coverage than ever because the risk is top of mind.

“Water is the new fire because, in the past, fire damage to someone’s home used to be the predominant peril or event that people wanted to protect their property or homes from. Now it’s water damage of all sorts, from plumbing fixtures and internal leaks, but now more so from external type of water,” that might require special coverage.”