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Flash floods can occur within minutes of excessive rainfall, a dam or levee failure, or a sudden release of water held by an ice jam.
Overland flooding, the most common type of water claims with homeowners insurance, typically occurs when waterways, such as rivers or streams, overflow their banks as a result of rainwater or a possible levee breach and cause flooding in surrounding areas.
It can also occur when rainfall or snowmelt exceeds the capacity of underground pipes, or the capacity of streets and drains designed to carry floodwater away from urban areas.
Be aware of flood hazards no matter where you live or work, but especially if you are in low-lying areas, near water, behind a levee or downstream from a dam. Even very small streams, gullies, creeks, culverts, dry streambeds or low-lying ground that appear harmless in dry weather can flood.
In this post we'll cover the following:
Water damage claims for homeowners, condos, and tenants have passed fire damage as the leading cause of payouts.
This can be attributed to the changing climate in Ontario, the introduction of broader insurance coverage, and the ageing water and sewer infrastructure.
For example, Ottawa has averaged over 930 mm of rainfall every year with 2017 ranked as the highest in rainfall with 1,348.8 mm. This converts to over 4 feet 5 inches!
Many homeowners are left dealing with sewer backups, overland water seepage, leaks, and other damaging water hazards.
When flooding hit Calgary and Toronto in 2013, the average homeowner spent $42,000 to repair damages with the majority of the repairs surpassing their insured limits.
READ: Water Damage and Overland Flood Insurance
Be aware of flood hazards no matter where you live or work, but especially if you are in low-lying areas, near water, behind a levee or downstream from a dam. Even very small streams, gullies, creeks, culverts, dry streambeds or low-lying ground that appear harmless in dry weather can flood.
This added protection can be quite costly and if you reside in an area with regular flooding, it may not even be an option.
According to the Insurance Bureau of Canada, insurance is designed to protect against random events, not predictable events.
As the insurance industry continues to manage its water damage insurance, we encourage you to consider the following preventative measures.
Understand the Government of Canada's severe weather alerts issued through the media:
Install a back-flow valve to prevent sewer lines from backing up into your basement. Plug types of backwater valves are not recommended.
Clean out eaves troughs and down spouts.
If you live in an area that is prone to flooding or excessive moisture, a sump pump is a necessity for protecting your home from water damage.
A sump pump typically sits in a sump pit, which is found in the lowest part of your basement.
When water enters your home, either a pressure sensor or a float activation device triggers the pump to turn on. Once activated, the pump proceeds to pump the water away from your home's foundation to an area where it can drain the water out through a discharge pipe.
Sump pumps not only remove water from your home but also prevent moisture levels from rising within your home, which can also cause damage over time.
Sump pumps are powered by electricity with no extra wiring needed. Having a secondary battery-operated sump pump or backup power source is a great idea if you live in an area that experiences a lot of heavy storms.
In the event that your primary pump stops working due to loss of power from severe weather, your secondary sump pump can take over to keep you and your belongings safe.
Prepare a flood kit with the following items:
Also, consider placing these documents in a water proof container:
Have your insurance documents readily available. Ask us how to get your insurance documents sent to you electronically or log in to Scrivens Online.
How Can I Protect My Home Against Water Damage and Save Money?
Turn off all gas, electricity, and water supplies.
Be prepared to take photos of all damages and let your insurance broker know of any damage immediately. We recommend you enter your broker's contact information into your phone for easy access: phone: 613-236-9101, after-hour claims: 1-800-267-3542
Water damage is expected to get worse as the climate changes. The spring thaw of 2017 saw insurance payouts reaching $223 million in the Ottawa area.
Before we reach another thaw this Spring, review your water damage insurance coverage with your insurance broker.
If a flood is likely in your area, you should:
If you must prepare to evacuate, you should do the following:
If you have to leave your home, remember these evacuation tips:
Your home has been flooded. Although floodwaters may be down in some areas, many dangers still exist.
Here are some things to remember in the days ahead:
A flood can cause physical hazards and emotional stress. You need to look after yourself and your family as you focus on cleanup and repair.
In addition to insuring your home, Scrivens is committed to helping you and your loved ones stay safe when disaster strikes. Download our Home Protection Guide which includes methods for reducing the risk of your home and belongings being lost to a flood.
Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.
Financial planning is crucial for several reasons:
Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.
Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.
Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.
Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.
Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.
The specific responsibilities of a financial advisor can vary, but generally, they:
The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.
Common fee structures include:
Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.