July 4, 2016
(Vancouver, BC): Homeowners and renters in British Columbia may no longer receive Disaster Financial Assistance in cases where inland flood protection could have been purchased, as indicated in a bulletin released by Emergency Management BC on May 4, 2016.
“Until this past year, inland flood protection was largely unavailable for private residences in Canada,” states Daniel Mirkovic, President of Square One. “While several home insurance providers now offer inland flood protection, most providers require customers specifically request that this protection be added to their policies. The average cost of this added protection ranges from $2 to $50 per month.”
Residents should be advised that each home insurance provider decides under what circumstances, if any, it wishes to cover damage from inland flood. As a result, no two home insurance policies provide the same protection. This is a critically important point for residents to understand for two reasons:
Earlier this year, Square One conducted a survey of 1,500 Canadians and found that 65% incorrectly believed that damage due to flood was automatically covered by home insurance.
Disaster Financial Assistance may be denied to those who fail to purchase inland flood protection even if their current home insurance provider does not offer it, but others do.
Like most other goods and services purchased, the onus to understand and find the right home insurance falls upon the customer. Canadians without insurance, or uncertain where to start their research, are encouraged to visit www.getfloodinsurance.ca.
The website, which was developed by Square One, explains the differences between coastal flood, inland flood, water backup and water damage. From an insurance perspective, policies respond to each of these loss types differently. The website also includes information on the eligibility for inland flood protection that is currently offered by Canadian home insurance providers.
Square One is pleased to advise that 94% of its customers qualify for inland flood protection and that protection is automatically included in all eligible new policies. Protection is also automatically included in existing policies at renewal. Existing Square One customers who prefer not to wait until renewal are invited to call 1.855.331.6933.
Established in 2011 and based in Vancouver, British Columbia, Square One offers the only home insurance policy in Canada that can be personalized to your unique needs. That means you only pay for the protection you need. Square One is also one of the few providers to automatically include earthquake, water backup and inland flood protection in its policies. Square One currently serves British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. For more information about Square One, or to get an online quote, visit publictest.squareone.ca.
For more information on this release, please contact:
Square One Insurance Services Inc.
Tel: 1.855.331.6933 ext 127