No Flood Insurance Coverage in Ontario???

[reinvestors88]

Double checked Flood Insurance Coverage with our insurance agent and was told that NO INSURANCE COMPANY IN ONTARIO COVERS PROPERTY DAMAGES CAUSED BY FLOOD. Can you please share your thoughts/experiences on this? Thanks.

 

[housingrental]

In certain cases there is the potential for disaster relief funds from government.

However this will not always apply and might be for owner occupied only.

 

[Sherilynn]

Generally there is no flood insurance on residential properties in Canada. However, REIN members have access to special insurance policies through a handful of insurance brokers. Because the policies are written on a commercial form, some flood coverage is available.



That being said, I wouldn't be surprised if all insurers were a little more cautious in which properties they now insure. Buying next to a "dry creek" at the base of a mountain is sure to arouse suspicion in Alberta after recent events.

 

[AdrianC]

I work for an insurance restoration company in the GTA and flood coverage may not be covered but having a sewer back up as the Cause of loss - should be covered as this is a failure of your plumbing components - there may be policy limits as to how much is covered but the majority of our claims have been either sump pump failure due to the power outage (again plumbing components) and sewer back up from the city service - keys words to avoid are seepage, from outside, or flooding water. Hope this helps

 

[reinvestors88]

[quote user=AdrianC]but the majority of our claims have been either sump pump failure due to the power outage (again plumbing components)



Can we also claim damages caused by sump pump failure due to its age?



Many thanks to all for your feedback.

 

[reinvestors88]

An update from our insurance agent: water damages caused by sump pump failure is also not covered...



Can anybody recommend a good insurance company? Thanks.

 

[Sherilynn]

The best rental policies are only available for REIN members. Personally, I would never leave REIN just for the insurance coverage alone.



There are many other benefits to joining REIN as well. Perhaps it would be worth checking out.

 

[reinvestors88]

[quote user=Sherilynn]The best rental policies are only available for REIN members.


May I know who are you using for your insurance need? Much appreciated.

 

[reinvestors88]

[quote user=Sherilynn]The best rental policies are only available for REIN members.


May I know who are you using for your insurance need? Much appreciated.

 

[Sherilynn]

We have used both Park Insurance (based in BC) and Sadler Insurance (in Edmonton). HUB International also has access to REIN policies. I am fairly certain that all three companies are able to insure rental properties across Canada.

 

[reinvestors88]

Thanks a lot.