Why many Canadians’ homes aren’t protected against the threats of extreme weather

The past couple of years have shown us that extreme weather events — from devastating floods to extreme heat — are becoming the norm.

But even in light of this and amidst a summer of sun and storms, many Canadians’ homes aren’t protected from the very real threat of this kind of now-to-be-expected weather poses.

According to Vice President of Claims at TD Insurance, Craig Richardson, a survey of Canadian homeowners conducted by TD Insurance in 2022 revealed that “just over half of Canadians (51%) either don’t have extended water damage coverage or don’t know if they have coverage, yet one in five Canadians have experienced water damage to their homes.”

So, for all you current and prospective homeowners, let’s take a deeper look at what we can do to make sure our most prized possessions are protected in the event of water damage.

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“Half of Canadians surveyed are concerned about the risk of water damage due to climate change and its resulting weather events,” says Richardson, “and around a third of them (32%) believe that their current policy offers sufficient coverage.” Unfortunately, that’s not always the case.

With water damage being the leading cause of property damage in Canada, it’s important to make sure your home is covered in case of unwanted flooding.

While TD Insurance home insurance policies cover an array of scenarios from system ruptures to different types of water escapes, additional coverage is recommended to protect you from a wider range of scenarios — like basement flooding and window leaks.

Water damage in the house, the effects of extreme weather

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Of course, the hope is that you’ll never be in a situation where you’d need water damage coverage — but we all know that life doesn’t always work that way. According to the TD Insurance survey, just over half of Canadians (51%) either don’t have extended water damage coverage or don’t know if they even have coverage — meaning many of us are rolling the dice.

“Extended Water Damage Coverage and Above Ground Water Coverage are additional insurance options meant to further protect homeowners from water entering the home from the exterior,” Richardson tells Daily Hive. “We want to ensure that as many Canadians as possible are covered from water damage to their homes and understand the additional insurance coverage options that are available to them.”

With additional coverage — like Extended Water Damage Coverage which focuses on situations related to below-ground water that isn’t covered by home insurance, and Above Ground Water Damage Coverage which provides coverage against sudden and accidental water damage — homeowners could feel more confident knowing that they’re protected against the wilder events nature may throw at them.

Assessing water damage in the house, the effects of extreme weather

Andrey_Popov/Shutterstock

“We want to better understand the insurance protection gap affecting many Canadians, and how we can address it,” says Richardson. “Part of our solution to addressing the gap is continuing to develop product and service offerings that help customers increase their climate resilience.”

On top of additional coverage, TD Insurance also offers a Severe Weather and Safety Alerts feature on the TD Insurance mobile app that helps customers better prepare for significant weather events. When and if a severe weather event occurs, TD Insurance deploys Mobile Response Units (MRUs) to provide disaster relief in areas experiencing catastrophic incidents related to severe weather.

For more information on TD Insurance’s Extended Water Damage Coverage and Above Ground Water Damage Coverage, or to get a quote and buy online in just minutes, visit tdinsurance.com.

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