CAA Saskatchewan believes it would be a good idea for residents to talk to their insurance brokers about flood insurance especially with the rain and floods some areas of Saskatchewan have experienced this week.
Insurance industry experts said last week many Canadian homeowners aren’t insured for flooding.
CAA’s Terry MacDonald says the insurance is usually offered as an add-on to insurance policies, but you should talk with your broker to see if that’s the case for you.
The Insurance Bureau of Canada estimates only 10% to 15% of Canadians have “overland flood insurance.”
MacDonald says the cost of adding it will vary, depending on the broker.
Flood insurance has been in place since late 2015. The only areas guaranteed to be declined for flood insurances are flood plains.