My heart goes out to those recently affected by the flooding in Ottawa-Gatineau area, most of us know someone that was hit by this devastating natural disaster. I personally know many who live along the Ottawa River, on the shores of Montreal and along the St. Lawrence. Even as the waters subside this experience leaves us wondering if we are prepared if the waters return next year or in five years. This flood is a game changer.
In 2013, as a result of the terrible floods that hit Toronto and parts of Alberta, insurers started developing the overland flood insurance that is now an add-on to your policy and in some cases only available as recently as 2016 in Ontario. Many of those now left sorting out the aftermath have been horrified to find out that they most likely are not covered by their original policy. Sadly most of us only speak to our insurance brokers when it is time to renew and unless we ask them, or they know our situation, we may not have understood from our broker that this was now available.
If you are considering a waterfront property, near a river or even at the bottom of a hill… please have a discussion with your insurance broker. Overland flood insurance is sadly going to become the new norm with the effects of global warming. Let us not forget the victims, for more information on how to assist please click the link below and please know we are thinking of you in this time of loss.
The City of Ottawa Facebook page has details on how to assist, there is still a great need: https://www.facebook.com/cityofottawa