The Co-operators launches flood insurance in Alberta
May 25, 2015
GUELPH, ON, May 25, 2015 /CNW/ - Today, Co-operators General Insurance Company launched ground-breaking new insurance coverage that protects homeowners in Alberta against damage caused by overland flooding. The new coverage, which is available throughout the province, is an inclusive and flexible solution designed to protect homes against the most common causes of water damage – flooding caused by an overflow from a body of water, sewer/water backup and accumulation of surface water caused by heavy rain.
The coverage is available as an endorsement to Co-operators General Insurance Company homeowners' insurance policies in Alberta. It is available for purchase as of today, and will be added to existing policies that currently have coverage for sewer/water backup, upon renewal. Planning is currently underway to make the product available across the country.
"As a co-operative, we seek to address unmet needs, and there is clearly a need to provide Canadian homeowners with better protection against flooding. Our coverage is available to homeowners throughout the province – not just those who have a low risk of flooding or sewer backup," said Kathy Bardswick, president and CEO of The Co-operators. "We'll work with clients to help them understand their home's risk of water damage, encourage them to take preventive measures, and provide flexibility so they can purchase coverage that makes sense for them and their families."
Flooding is the most common type of natural disaster in Canada, and the flood in southern Alberta in 2013 was the most costly storm in Canadian history. However, before today, insurance against overland flooding has not been available to homeowners in Canada.
The new endorsement, called Comprehensive Water, provides coverage against the various types of water damage in one easy-to-understand product. Clients can choose the amount of coverage they wish, based on their individual needs, and flexible deductibles are available as a percentage of the claim amount. In addition, if a client's home is completely destroyed in a flood, they can choose whether or not they want to rebuild at the current location, a new location, or not rebuild at all. Either way, the claim will be paid.
Canadians can now access a new online tool available at water.cooperators.ca, which provides a personalized risk assessment and information about preventing water damage to your home.
Homeowners in Alberta can purchase the coverage by contacting a local Co-operators advisor. To find the advisor nearest you, use the Find an Advisor function on the homepage of cooperators.ca.
About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $40 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 50 Best Employers in Canada by Aon Hewitt; Corporate Knights' Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean's magazine. For more information visit www.cooperators.ca.
SOURCE The Co-operators
For further information: please contact: Leonard Sharman, The Co-operators, 519-767-3937