Due to the increase in the overall amount of rainfall Canada has received in the past 50 years, many homeowners are seeing their insurance premiums increase to cover the cost of flood damage.
Toronto, ON (PRWEB) July 25, 2014
All of the services offered by Aquatech Waterproofing are aimed at assisting homeowners with combating the increasing costs of insurance.
Due to the increase in the overall amount of rainfall Canada has received in the past 50 years, many homeowners are seeing their insurance premiums increase to cover the cost of flood damage. Since 1950, the annual rainfall has increased by 12 percent. Extreme weather conditions, which in the past had occurred only about once every 40 years, are now occurring about once every six years. This has led to a major increase in insurance premiums, especially in areas prone to flooding. Because of this, insurance companies continue to increase premiums for those who do not take steps to protect their properties from water damage.
The Insurance Bureau of Canada, the organization that represents all property insurers, has been tracking the increase in weather for decades. In 2013, insurance companies in Ontario paid out almost $1 billion dollars in flood damage. Because they have to make up this increase in payouts somewhere, most insurance companies are passing it on to their customers.
Flooding is now considered almost a greater risk to the home than fire. This is especially true for customers who have basements in which they store a large amount of items or those who have turned their basements into a home gym or entertainment center. If these basements aren’t properly waterproofed, a flood could damage or destroy all of the equipment and furniture in them. Insurance companies would then have to pay out on those policies.
Insurance policies are changing to adapt to these new weather patterns. There may now be different limits or deductibles for water damage, and some policies may now be broken down by individual risks. However, insurers are providing discounts for those who properly protect their home from flooding.
This is where Aquatech Waterproofing comes in. Their services will prevent or at least reduce any damage from flooding. Simply by having drains installed, waterproofing the basement, and having a sewer backflow valve installed, homeowners can save a good amount on their insurance policy. Their deductibles may drop, or they may no longer have limits on their coverage.
“It’s important to protect homeowners in their time of need,” said a representative of Aquatech. Aquatech works with homeowners to find the best ways to protect their homes. In some cases, this may mean installing a sump pump or other pump to remove water from the basement, while others it may mean installing a drainage system to ensure water never reaches the home in the first place. Those interested in waterproofing their homes will find more information about Aquatech’s services on the company’s website.
About Aquatech Waterproofing: Aquatech Waterproofing has served residents of the Greater Toronto area for more than 25 years. The company is privately owned and fully insured and has been accredited by agencies such as the Toronto Construction Association and the Better Business Bureau. The company currently holds a 10/10 rating on Homestars. More information can be found at http://www.aquatechwaterproofing.ca or by calling 1-866-891-1917.