By: Luke Jones, Published on February 15, 2018 03:40 PM, Last Update on February 15, 2018 12:41 PM
The Insurance Bureau of Canada (IBC) has announced a new tool that will help home insurance customers decide if their property is water damaged. The tool is interactive and give customers advice about what constitutes water damage.
Flooding is an increasing problem for home insurance and tenant insurance customers. While many carriers now offer flood coverage, customers are often confused about when they are entitled to claim. Water damage is a significant cause of confusion in the market and the IBC tool aims to make assessing water damage something customers can do on their own.
An interactive water damage test is now available on the infoinsurance.ca website. Visitors can test themselves to see how much they know about insurance coverage.
“Consumers can use this new tool to better understand what is and isn’t covered, and they can find out what coverage is available on the market. We hope that in doing so they’ll be encouraged to take steps to better protect their homes and avoid the inconveniences caused by water damage,” said IBC supervisor of technical affairs and insurance information center Line Crevier.
The Bureau says water damage is a significant home/tenant insurance problem, representing 50% of total cost of claims paid in Quebec during 2017.