Risk & Business Magazine McFarlan Rowlands Magazine Summer 2018 | Page 25

FLOOD INSURANCE Flood insurance: What´s The Deal? A fter this year’s severe flooding in Ontario, have you ever wondered if you are covered against flood damage? If so, you are certainly not alone. Canada is being directly impacted by the increasingly unpredictable and constantly changing weather patterns we are experiencing. Warm weather, increased rainfall, and snowmelt caused significant flooding across Ontario throughout February and March this year. According to the Insurance Institute of Canada, flooding is the most frequently occurring natural hazard in the country. Flooding of your business can be a trying experience that taxes both your emotions and your finances. Even if you don’t live in a low flood-zone area, devastating flooding can still occur, often with very little warning. Storms, heavy rainfall, or river surges can quickly cause excess water to build up, causing extensive damage to businesses and destroying their entire contents. Although it may be impossible to avoid a flood once it hits, you can take steps beforehand to insure your property so that you are better prepared for it financially. Most standard business policies do not cover loss or damage from flooding unless Flood coverage is specifically purchased or listed on the BY: ANDREW BURNS COMMERCIAL ACCOUNT EXECUTIVE policy. With Flood Insurance, you are able to protect your business from water damage caused by flooding attributable to a variety of factors. This coverage will provide you with peace of mind as weather conditions continue to put you at risk, and cover you in the event of an incident. Speak to any one of our knowledgeable team members today about what steps you can take to make sure you are covered! You can also email me directly at [email protected]. 25