flood insurance posts

In the wake of Hurricane Sandy and an earthquake off the coast of B.C.'s Queen Charlotte Islands, more and more Canadians are probably pulling out their home insurance and discovering, to their surprise, that they don't have the coverage they thought they did, especially not for natural disasters.

A new study by J.D. Power & Associates reveals that more than two-thirds of Canadians are uninsured against environmental disasters, such as floods and earthquakes. Only 35% of the population add a flood insurance rider to their home insurance policy and only 22% add earthquake coverage. The percentage of earthquake coverage is highest across the country in B.C., but the percentage is still only 56%, even though a 7.7 magnitude quake recently hit.

So if you find yourself among the two-thirds of Canadians currently without any natural disaster protection, what do you need to know to get yourself up to speed?

When I pitched this idea to my editor, she came back with the idea of 'what to say to insurance folks when your home is flooded.'

I didn't have the heart to say that when I stepped into my condo and saw three strange men vacuuming water off my floor, I swore loudly and a lot.

Flooded homes are always something you hear about and never expect to happen to you. In fact, just a few months ago I wrote about a friend and her place which got flooded and it turned out she did not have home insurance. I fortunately do have home insurance.

After wailing to my brother on the phone:

Him (sleepily. It was after midnight), "Hello?"

Me, "My condo is flooded!"

Him, "I'll be right there."

I quickly packed an overnight bag and grabbed my briefcase. It was time to call my insurance company.