Aug 27, 2018
GUELPH, ON, Aug. 27, 2018 /CNW/ - Today, Comprehensive Water, which includes overland flood damage coverage, is available to homeowners in Saskatchewan, Northwest Territories and Yukon. The Cooperators Comprehensive Water insurance is the only product of its kind in Canada that provides protection from storm surge, overflowing lakes, rivers and creeks, and sewer or septic backup.
Storm surge, which includes rising water levels and waves caused by storms, presents a significant flood risk in coastal regions. However, with the increase of extreme weather, the risk of storm surge has grown across Canada near lakes and rivers.
"Overland flooding has been identified as the most pervasive and costliest cause of damage to Canadian homes, yet most are inadequately protected against this growing risk. This is why we first introduced overland flood insurance in Canada," said Rob Wesseling, president and CEO of The Co-operators. "With today's launch, we're continuing to build on our commitment to make this product available to all Canadians. With the inclusion of storm surge protection, we've added another layer of security and are providing peace of mind for those who need it most."
Comprehensive Water is the only overland flood insurance in Canada available to those at the highest risk of flooding. Homeowners can now add this coverage to protect against the most common causes of water damage.
According to a study by Partners for Action Network, 94 per cent of Canadians living in high-risk flood zones are unaware of their risk. To get a personalized flood assessment and to inquire about coverage available to them, Canadians can visit water.cooperators.ca.
In 2015, The Co-operators became the first Canadian insurer to offer overland flood insurance in Alberta and expanded this coverage to Ontario in 2016. It is now the only insurer to offer Canadian homeowners protection against damage caused by storm surge. Today, more than a quarter of a million Canadians are covered by the organization's Comprehensive Water product. The model The Co-operators uses to predict flood risk is recognized as one of the most advanced in Canada, and incorporates data on elevation, soil, rainfall, river flow, government-controlled defences like dams and channels, and other factors that help predict areas at risk of flooding.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $41 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights' Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
BACKGROUNDER: Flood facts and The Co-operators flood model
The Co-operators flood model
What factors go into assessing water risk?
Working with the world's most established and advanced flood risk modeling experts, we created a risk model that enables us to offer water damage insurance that includes overland flooding and risks associated with water, septic and sewer backup, accumulation of water from extreme rain, overflow from lakes, rivers and other nearby bodies of water, and storm surge or waves from a storm or hurricane.
This flood model is recognized as one of the most advanced tools in Canadian flood mapping. It incorporates data on elevation, soil, rainfall, river flow, government-controlled defences like dams and channels, and other factors that help predict areas at risk of flooding.
How is storm surge risk determined?
The risk of storm surge is assessed in many ways. This includes historical water and sea-level rise in coastal regions, digital elevation models and loss mitigation efforts.
Canadians can take action to protect themselves using the following tips:
1 2017. "Rising Waters, Difficult Decisions: Findings and Recommendations from the Calgary Flood Project" Mount Royal's Centre for Community Disaster Research http://www.mtroyal.ca/AboutMountRoyal/MediaRoom/Newsroom/report-unaware-flood-risk.htm
2 A 2014 IBC Survey
SOURCE The Co-operators
For further information: Nadia Stolfi, The Co-operators, 519-824-4400, ext. 302172, email@example.com