GUELPH, ON, May 25, 2015 /CNW/ - Today, Co-operators General
Insurance Company launched ground-breaking new insurance coverage
that protects homeowners in Alberta against damage caused by overland
flooding. The new coverage, which is available throughout the
province, is an inclusive and flexible solution designed to protect
homes against the most common causes of water damage – flooding
caused by an overflow from a body of water, sewer/water backup and
accumulation of surface water caused by heavy rain.
The coverage is available as an endorsement to Co-operators
General Insurance Company homeowners' insurance policies in
Alberta. It is available for
purchase as of today, and will be added to existing policies that
currently have coverage for sewer/water backup, upon renewal.
Planning is currently underway to make the product available across
the country.
"As a co-operative, we seek to address unmet needs, and there is
clearly a need to provide Canadian homeowners with better
protection against flooding. Our coverage is available to
homeowners throughout the province – not just those who have a low
risk of flooding or sewer backup," said Kathy Bardswick, president and CEO of The
Co-operators. "We'll work with clients to help them understand
their home's risk of water damage, encourage them to take
preventive measures, and provide flexibility so they can purchase
coverage that makes sense for them and their families."
Flooding is the most common type of natural disaster in
Canada, and the flood in southern
Alberta in 2013 was the most
costly storm in Canadian history. However, before today, insurance
against overland flooding has not been available to homeowners in
Canada.
The new endorsement, called Comprehensive Water, provides
coverage against the various types of water damage in one
easy-to-understand product. Clients can choose the amount of
coverage they wish, based on their individual needs, and flexible
deductibles are available as a percentage of the claim amount. In
addition, if a client's home is completely destroyed in a flood,
they can choose whether or not they want to rebuild at the current
location, a new location, or not rebuild at all. Either way, the
claim will be paid.
Canadians can now access a new online tool available at
water.cooperators.ca, which provides a personalized risk assessment
and information about preventing water damage to your home.
Homeowners in Alberta can
purchase the coverage by contacting a local Co-operators advisor.
To find the advisor nearest you, use the Find an Advisor function
on the homepage of cooperators.ca.
About The Co-operators:
The Co-operators Group Limited
is a Canadian-owned co-operative with more than $40 billion in assets under administration.
Through its group of companies it offers home, auto, life, group,
travel, commercial and farm insurance, as well as investment
products. The Co-operators is well known for its community
involvement and its commitment to sustainability. The Co-operators
is listed among the 50 Best Employers in Canada by Aon
Hewitt; Corporate Knights' Best 50 Corporate Citizens in
Canada; and the Top 50 Socially
Responsible Corporations in Canada
by Sustainalytics and Maclean's magazine. For more information
visit www.cooperators.ca.
SOURCE The Co-operators