Canada Flood Insurance, Canadian Flood Insurance, Flood Insurance Canada, Flood Insurance Canadian

By: EconomyWatch   Date: 26 May 2010

About The Author

EconomyWatch

The core Content Team our economy, industry, investing and personal finance reference articles.

EconomyWatch, Content Team

 

  • Dot Div
  •      

Canada flood insurance protects the policyholder from property loss due to flood. The three main flood types as recognized by Canadian flood insurance are storm surge, flash flood and river flood. As far as insurance is concerned, each type requires a different approach. Canada flood insurance is especially required by homeowners residing in flood zones as prescribed in flood risk maps.

Definition of ‘Risk’ in Canadian Flood Insurance

In Canadian flood insurance, the usage of the term ‘risk’ varies depending upon the situation. Risk (R) is the product of a hazard (H), the exposed valued (E) and vulnerability (V), i.e. R = H x E x V. The probability of a natural disaster occurring is the hazard, the objects present at the location covered are the exposed values and the weakness in controlling the devastating forces is vulnerability. Risk in not involved in a situation, where the devastating forces do not affect people or exposed values.




Filing a Canada Flood Insurance Claim

To file a Canadian flood insurance claim, one needs to take pictures of the premises from inside as well as the outside to show the damage caused by flooding. The pictures taken inside should be such that the one can judge the level of water in the house. Following this, the incident should be reported to the insurance agent. In case one holds a separate Canada flood insurance policy, the incident should be reported to the Canadian flood insuranceagent.

The agent will fill in a Notice of Loss form and the insured will be assigned an adjuster for further assistance. Since the adjuster examines the damaged property, it is advisable to put the damaged and undamaged property separately. This will speed up the examination and claim processing. One should make all possible efforts to save the property from further devastation.

Should one need any advance or partial payment, the adjuster should be informed about this need. One should keep in mind that the records should be adequate to hurry the claim settlement. The insured is expected to compile the inventory of affected items room-by-room, including the names of manufacturers, buying dates and places, and prices. The proofs or receipts of purchases will facilitate easy settlement.


  • Dot Div
  •      

Most Popular in Canada Insurance

Related Links
blog comments powered by Disqus