Anyone who has had water damage in their home knows it can be a traumatic experience. A recent survey from Desjardins found that 1 out 4 Canadians have experienced it. And when it comes to insurance, only half stated they know what kind of water damage is covered by their policy.
With winter comes snow and sub-zero weather. Freezing temperatures can wreak havoc on your home, causing pipes to freeze and ice damming.
Water-related damage accounts for 50% of home insurance claims costs. And though home insurance policies cover accidental damage resulting from a burst water pipe, a leaking dishwasher or an overflowing bathtub, a recent Desjardins survey reveals that 50% of respondents do not know what types of water damage is covered. When asked if their home was ever damaged by water, 26% say yes but most (43%) said they don't know how to prevent water damage to their home.
Increase in claims
With more frequent and severe weather incidents like heavy rain, hail, freezing and thawing cycles, sewer backups and flooding there has been an increase in the amount of water-related insurance claims across the country.
When asked if they feel weather severity has increased in frequency in the last 10 years, 75% of respondents believe that's true, with 58% indicating they are worried about climate change impacting their personal safety or safety of their property.
Tech solutions can mitigate damage
As one of Canada's leading property and casualty insurers, Desjardins focuses on innovation to prevent and reduce the frequency and severity of claims.
Alert is an innovative prevention program offered to home insurance policyholders. It comes with a free water and freeze detector and, if the unexpected happens, like a burst pipe or leaking toilet, clients get an alert on their smartphone and can act fast to limit the damage.
Radar will send you an alert when there is a risk of severe weather, like a hail storm, heavy rain, high winds, a hurricane or tornado, within 500 metres of your specific addresses. Clients are alerted by push notification via SMS or email as a heads-up that can help them protect their property.
These programs give clients prevention and awareness tools to help limit the damage caused by water and freezing.