Be prepared for anything: basic insurance and options for more coverage
Are you prepared for natural disasters? Let’s talk about optional coverage.
Damage from natural disasters is becoming more common. Sudden heavy downpours on overly dry lands can overwhelm sewers, cause unexpected flooding, devastate stressed trees, and more.
You may be able to buy overland water coverage, which covers damage caused by melting snow, heavy rainfall and overflowing rivers.
According to a 2021 Western University study, around “four million Canadians now live in flood-affected areas – and they and others will be at increased risk in coming decades.”
Then there’s the unwelcome havoc caused by sewer backup. Consider the mess and subsequent expenses a sewer back-up or ruptured pipe could cause. And what about leaking wastewater from a sewer, sump pump or septic tank? It could seep onto your property and into your home.
It’s important to have both overland water and sewer back-up coverage.
Another optional insurance product provides coverage in case of an earthquake. About 40% of Canadians live in a seismic zone. Even a tremor could cause significant direct or indirect damage to your home and property.
And what about coverage for personal disasters?
Do you ever rent your home out or use one of those popular rental networks? Have a look at home-sharing insurance. If renters damage your space, you can be protected by more than scoring their stay zero stars. You can also protect against the potential loss of income.
Cyber insurance is becoming increasingly important for Canadians as digital threats continue to rise across all aspects of life - from online shopping and banking to remote work and smart home technology. A single cyberattack, such as identity theft, ransomware, or a data breach, can lead to significant financial loss, emotional stress, and damage to personal or business reputations. Cyber insurance helps protect against these risks by covering costs related to data recovery, system repairs, and even legal expenses. In today’s connected world, it provides an added layer of security and peace of mind, ensuring Canadians are better prepared to recover quickly and confidently from cyber incidents.
Unpleasant as they are, you need to think about all these risks.
For most of us, our home is our greatest financial investment. Do you have sufficient? If you have any questions about basic home insurance and optional coverages, talk to us today. Call a licensed PC® Insurance Advisor at 1-877-253-8177 or get a quote now.
General information is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for and should not be construed as the advice of an experienced professional. PC® Insurance does not guarantee the currency, accuracy, applicability or completeness of this content.
If you purchase a product, the terms and conditions of your insurance coverage will be outlined in your insurance policy, which will prevail. Certain conditions, limitations, and exclusions apply. Savings are not guaranteed and vary based on your profile, place of residence , and, where applicable, year, make and model of your vehicle. Rates, discounts, and eligibility rules are subject to change without notice. Please speak to a PC® Insurance Advisor to learn more.
