Are you a homeowner in Niagara? Then you have most likely known someone who has basement flooding after a heavy summer storm or a rapid spring thaw. These types of weather events are one of the most common claims in Ontario. Still, one big question always remains.
Does my home insurance actually cover basement flooding?
Let’s break down some of the most common home insurance myths and what Niagara homeowners should know.
Myth #1: All Water Damage is Automatically Covered
Unfortunately, not all water damage is treated equally under a home insurance policy. Most standard policies cover sudden and accidental water damage inside your home such as a burst pipe or an overflowing appliance. However, overland flooding (when water enters your home from outside) typically requires optional coverage within your home policy.
To be protected from flooding caused by rainstorms, snowmelt, or backed-up sewers, you will need to add Overland Water coverage to your home policy. These are crucial add-ons for homeowners in Niagara. Talk with you BCM advisor today to find the best solutions for your home and your family.
Myth #2 If It’s a Finished Basement, Its Automatically Covered
Having a finished basement does not mean your insurance will automatically cover the cost to restore it after a flood. Without proper water damage coverage, you could be responsible for replacing drywall, flooring, furniture, electronics, etc. Your level of protection depends on the coverage options you’ve chosen, not the conditions of your basement. If you’ve recently renovated or finished your basement, now is the time to speak with your advisor and update your insurance policy.
Myth #3 I Don’t Live Near Water, So I Don’t Need Flood Coverage
Even if you live near the Niagara River or far away, you are not immune to flooding. Heavy rainfall, sewer backups, melting snow all can cause water to enter through window wells, foundation cracks, or drains anywhere in the Niagara Region. Flooding can happen anywhere anytime, so having the correct protection can save your assets.
Myth #4 Insurance Will Replace Everything, No Matter What
While home insurance’s purpose is to help you recover items from an unexpected loss, it won’t always cover everything. This is especially true when damage occurs gradually over time due to a lack of overall maintenance. Common examples include when your sump pump fails because it hasn’t been services or replaced in years, that would very well affect your claims. Regular maintenance and proper prevention measures can make all the difference in protecting all your precious assets.
Myth #5 All Policies Are The Same
All policies are unique and different for each customer. Not all home insurance policies offer the same levels of protection. With BCM Insurance we offer personalized coverage built around your unique needs. That means you can customize your homes protection based on your comfort level with risk.
Your home is one of the biggest investments you can make, and it deserves the right protection that matches the Niagara regions unique weather landscape. With a dedicated BCM Insurance advisor who understands homeowners’ unique needs and coverages for the unexpected. Our team can walk you though your policy, explain optional water coverages, and make sure you’re protected from the ground up.
Talk with a BCM Insurance advisor today to review your current home insurance policy and make sure everything in your basement is properly covered.
