The Co-operators launches flood insurance in Ontario
Jun 27, 2016
GUELPH, ON, June 27, 2016 /CNW/ - Today, Co-operators General Insurance Company launched ground-breaking new insurance coverage that protects homeowners in Ontario 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 Ontario. It will be added to existing policies that currently have coverage for sewer/water backup upon renewal. And it can be added to new or existing policies at any time, beginning today. The Co-operators became the first Canadian insurance company to offer homeowners insurance coverage against overland flood when it initially launched the product in Alberta last summer. It will be available throughout the country by the end of 2017.
"It is critically important that we improve the flood resiliency of our communities. Flooding is the most common type of natural disaster in Canada and it will continue to worsen as a result of climate change," said Kathy Bardswick, president and CEO of The Co-operators. "Our product is comprehensive, flexible and simple, and is available everywhere in Ontario – even in the areas at the most severe risk of flooding."
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. The client chooses, and the claim will be paid.
Canadians can access an online tool available at water.cooperators.ca, which provides a personalized risk assessment and information about preventing water damage to your home.
Homeowners in Ontario can purchase the coverage by contacting a local Co-operators advisor. To find the nearest advisor, use the Find an Advisor function on the homepage of cooperators.ca.
About The Co-operators:
The Co-operators Group Limited is a Canadian 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 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: Tim Humphreys, The Co-operators, 905-631-5102