Current Manitoba flood forecasts are indicating we could see high levels of ground and overland water. In an effort to ensure as many of our clients as possible have overland water protection where available, we are taking a proactive approach.
Most of our insurance company partners are working toward solutions for Overland Water Protection. As such, most of them have gone through the process of identifying how each insured’s home falls into various “zones”. There are also other factors that apply when determining a home’s likelihood of experiencing overland water issues, such as proximity to a body of water, reverse slope driveway, slope of the yard, etc.
To simplify, there may be options available to you for overland water protection. Here are scenarios that affect availability of overland water protection depending on your current coverage, the company your policy is with and where your home is located.
Overland Water Protection is only available if your policy currently has sewer backup coverage which can only be added at the time of your home insurance renewal. If this coverage is important to you before your next renewal, it may mean switching from your current provider as it may be added to the new policy when written. Again, it’s important to know if your home qualifies depending on your zone and other factors. Contact us to explore options that may be available to you.
Wherever possible, we are being proactive at getting coverage in place for our customers by adding an Overland Water Protection endorsement. If this is the case with your policy, you will soon receive an endorsement notification and advice of the additional premium from your insurance company. Again, this will depend on the zone of your home and other factors. Once you received notification from the company, call us if you feel this coverage isn’t important to you and we will remove the endorsement. In most cases, the increase in premium is nominal for this important coverage.
In some cases, depending on your zone and the company you are currently with, this coverage may be “read in”, which means it will be added to your policy mid-term at no additional premium. You will see this endorsement identified on your next renewal.
Each insurance company has introduced Overland Water Protection using their own data, flood maps, ratings and program features. In some cases, you may not have coverage available to you with your current company but could qualify with one of our other company partners. Please contact us to review options that may be available to you.
We know this is a lot of information covering every scenario. We feel we are acting in your best interest to ensure we get coverage in place where we can and, where not possible, work to find solutions for coverage as soon as possible. It’s important to note that all companies reserve the right to place a freeze on adding this coverage if the flood forecast worsens so the time to act is now. Please contact us to further discuss how your particular home and insurance will be impacted when it comes to Overland Water Protection.
Your MIG Team
Questions? Chat with us on LiveChat!