What you need to know about Water Damage
Water damage has drastically increased in severity and frequency over the past 10 years. The increase in the number of water damage claims that are processed each year has resulted in an increase in property insurance premiums, an increase in minimum policy deductibles, and depreciating property values.
We thought it may be helpful to provide some information on the common types of water damage, the main reasons for the increase in the number of claims, and what can be done to help minimize or prevent claims from occurring in the first place.
Common types of water damage claims:
Reasons for water damage claims:
Reasons for basements to flood:
In addition to causing immediate damage to your dwelling and personal property, frequent flooding or water issues can cause long-term damage to the building. It can also create a risk for mold to develop, resulting in respiratory and other health problems. So what can be done? There are quite a few steps you can take to minimize or eliminate the risk of water damage to your home.
Reducing the risk of water damage:
Many forms of water damage are covered under your property insurance policy. In response to the 2013 Alberta Floods, most Insurance Companies are now offering (or are in the process of introducing) overland water coverage. If you would like to learn more about your coverage or do a review of your insurance policies, please contact our Office and one of our knowledgeable Insurance Brokers would be happy to assist you!
For additional information, please check out the following links:
The Costen & Associates Team