Gore Mutual Launches New Flood Protection Coverage that is Simple and Affordable
Cambridge - Gore Mutual Insurance Company announced an expansion of its water damage coverage with a new combined overland water and sewer backup product called WaterEscape Plus.
The coverage is available as an endorsement to all eligible Ontario personal property insurance policies that have sewer backup protection in place effective March 1, 2016. Eligible customers account for 80% of Gore Mutual's existing personal property policies, and all of these customers will receive the enhanced coverage right away. The company is working on further solutions, with a goal of providing affordable coverage to 95% of its Ontario and British Columbia customers.
"We know that water damage is now a significant threat to Canadian homes," said Anna McCrindell, Vice President, Gore Mutual. "Our enhanced WaterEscape Plus solution provides thorough, competitive and affordable overland water and sewer backup protection as part of our home insurance product."
In recent decades, temperatures and severe weather events in Canada have been on the rise. According to Environment Canada, severe weather events that used to happen every 40 years can now be expected every six and flooding represents 40% of all natural disasters.
Personal property insurance policies typically cover water damage caused within the home like burst pipes and sewer backup but until recently, coverage for overland water damage was not available. In response to the devastating floods in Alberta and Toronto in 2013, leading insurers have developed solutions to help protect homeowners and tenants from overland water.
"We listened closely to flood experts and insurance brokers to bring a simple, affordable and easy to implement solution to market quickly," said McCrindell. "Our goal is to provide affordable coverage to at least 95% of our customers, and we're working quickly towards that. It's a simple product with very few restrictions."
Gore Mutual's enhanced coverage is designed to protect homeowners and tenants from fresh water flood damage resulting from the accumulation of surface water, including rainfall that enters the property, which is protection not currently available from all insurers.
"It's an exciting time at Gore Mutual, as we continue to invest in the broker channel and strengthen our products and pricing sophistication," stated McCrindell.