The Co-operators has announced it has added storm surge coverage to its comprehensive water product.
A company release said it’s the “first and only insurer in Canada” offering the coverage.
Storm surges are caused when storms and hurricanes kick up waves. They present a significant flood risk in coastal regions that experience inclement weather. Previously, storm surges have been uninsurable.
"Overland flooding has been identified as the most pervasive and costliest cause of damage to Canadian homes, yet most are inadequately protected against this growing risk,” said The Co-operators president and CEO Rob Wesseling. “As a co-operative, it's our priority to protect the financial security of Canadians. This is why we first introduced overland flood insurance in Canada.”
Wesseling prefaced that with storm surge coverage, the company is “adding another layer of protection and providing peace of mind for those who need it most."
The company’s comprehensive water product is the only overland flood insurance available to those at the highest risk of flooding. The product is available to homeowners in British Columbia and Nova Scotia.
"The insurance industry has a critical role to play in building resilience in Canadian communities and addressing major risks like flooding," commented Institute for Catastrophic Loss Reduction executive director Paul Kovacs. "It's encouraging to see companies like The Co-operators providing risk-appropriate options for coverage, while taking an active role in educating Canadians on their flood risk."
