Canadian Underwriter

New IBC tool tests consumers’ knowledge of water damage coverage

January 22, 2018   by Staff

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123RF.COM / MARKUS GANNThe Insurance Bureau of Canada (IBC) has released an interactive infographic designed to educate Canadians on what types of water damage are covered by typical home insurance policies, and what requires additional coverage.

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“Consumers can use this new tool to better understand what is and isn’t covered, and they can find out what coverage is available on the market,” Line Crevier, IBC’s Technical Affairs and Insurance Information Centre supervisor, said in a news release. “We hope that in doing so they’ll be encouraged to take steps to better protect their homes and avoid the inconveniences caused by water damage.”

Water damage accounts for 50% of the total cost of claims paid out by insurers in Quebec each year, according to a statement from IBC.

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This story was originally published by Canadian Insurance Top Broker.