TORONTO, July 16, 2004 – Insurance Bureau of Canada is advising policyholders affected by the floods in Peterborough, Ontario, to contact their insurance company or representative as soon as possible. When in doubt, any damage should be reported to insurers and steps should be taken to limit further damage to property.
“First of all, safety should be top of mind. Take precautions to ensure that your family is safe and, wherever possible, that your property is protected from further damage,” says Mark Yakabuski, Vice President, Ontario, Insurance Bureau of Canada.
With residential insurance policies, coverage for sewer back-up may be provided; however, flooding or water seepage is generally not covered. Some commercial insurance policies may also provide limited coverage for flooding.
“In these situations, it’s best to contact your insurance professional to find out what coverage you have,” urges Yakabuski. “If the damage is caused by sewer backup and you have purchased that coverage, your claim will be covered,” adds Yakabuski.
Damage estimates from Peterborough are still preliminary at this time. A full accounting of damage will not be available for some time.
Insurance Bureau of Canada is the national trade association of the private property and casualty insurance industry. It represents more than 90% of the non-government home, car and business insurance in Canada. To view news releases and information, visit the media section of IBC’s website at www.ibc.ca.