Insurance Brokers are consumers just like you and we experience rate increases on our Personal Insurance and Commercial Products as well. That's why at Insuramix we are committed to reviewing your renewal and finding ways to help you save.
The link from the Alberta Insurance Rate Board gives you a detailed understanding of what has happened to Insurance in Alberta: https://airb.alberta.ca/drivers/Top-10-Reasons-why-Auto-Insurance-Premiums-Increase.pdf
Overland Water Protection is designed to protect against damage caused when ground water enters a property from the sudden accumulation of water such as damage caused by fresh water flood such as the overflow of a rivers or lakes, and the sudden accumulation of water due to heavy rainfall or spring run off.
Overland Water Protection is still vital even if you Rent and Apartment or have a Condo. If a building is damaged by Overland Water and is rendered un-safe they will evacuate the building. When this occur you will need to rely on your Additional Living Expenses such as the cost of temporary housing or relocating. This would only be covered if you had Overland Water Protection.
Calgary Floods in 2013 have changed how Insurance Carriers respond to Sewer Back up losses. The introduction of Overland Water Coverage bridges the gaps of Water related losses when purchased with Sewer Back up Coverage.
Overland Water Protection is NEW SINCE 2017 coverage. Unfortunately not all properties are eligible. Mobile Homes and select Seasonal Properties unfortunately do not qualify at this time. Certain locations in Alberta do not qualify if they are;
1. Considered extremely high risk for flood
2. Have reverse driveways
3. Dwellings within 100 meters of a river or other flowing body of water do not qualify.
Cost of Coverage determines on the limits, deductibles and locations of the property. Overland Water Coverage can be tailored to fit your budget by selecting higher deductibles or limiting amount of coverage payable.
Check the BULLETIN in our SERVICE TAB to see all the benefits of Overland Water.
Additional coverage is now available to you to protect you against the Condo Corporations “Charge Back”!
Most Condo policies cover you under their Policy wordings for $25,000 worth of coverage. However, with the new legislation this may not be sufficient. Should you wish to increase your limits most Insurance Providers are offering higher limits at additional annual premiums: For example:
Most Condo Corporations have amended their wordings so we do recommend that you review your Condo Corporations wordings. Below is an example of the wordings that some Condo Corporations have used to advise their Condo Unit Owners.
Effective January 1, 2020, Corporations will be able to “charge back” the deductible portion of a loss if the loss originates from a Unit. There is no requirement to prove negligence on behalf of the Unit Owner/Occupant to do so. The maximum amount of the charge back is the limit of the Corporation’s deductible or $50,000 – whichever is the least.
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