Why Living in A High-Rise Doesn’t Exclude You from Water Damage on the Ground Floor
Situated on the West Coast, British Columbia is notorious for its rainy climate so it’s no wonder heavy rain has contributed to catastrophes and rising insurance claims across many parts of the province. So much so that this pattern has motivated insurers to build coverage specifically for these types of occurrences. If you live in Vancouver or the Fraser Valley, you’ll know all too well the detrimental effects this has had on homes.
If ground water enters your home suddenly and accidentally through basement walls, foundation, or floors, Ground Water Coverage is an option you should highly consider.
The devastating floods in Meritt and the Fraser Valley last year, displaced residents, halted shipping, and wrecked communities. These unfortunate situations are a severe reminder that water damage can be catastrophic. Damages caused by an overflow of a lake or river, heavy rain or rapid snowmelt entering your home from a point at or above ground level has immense financial and emotional impacts and the best strategy at alleviating some of these financial impacts is to plan for the future.
Overland Water coverage
Condominium owners often overlook the necessity of including overland water coverage. The common misconception is that living in a high-rise exempts you from the aforementioned water damages. In actuality, Overland Water coverage under a condo insurance policy provides you coverage to temporarily relocate while the flood subsides and while the condo is repaired. Although this type of water damage typically occurs on the ground floor, have you considered how you would get into your unit if the elevators were affected, preventing you from accessing your unit? Seeing as access to the unit may be denied, you would need to stay elsewhere until all is well. In this case, coverage also includes reasonable expenses for alternative accommodation and meals.
Strata Corporation
Did you also know your Strata Corporation can assess you up to hundreds of thousands of dollars for damage you accidentally cause to the building? Working with a knowledgeable and trusted Stratis Insurance Advisor is a great first option to understand the repercussions and plan coverage correctly.
Advancements in Technology
Businesses have also recognized the impacts water damage claims have had on stratas and condominium owners. Canada’s largest community developer Concord Pacific is reportedly investing $4 million per new building with their advanced Water Damage Protection System. This innovative smart technology system includes instant detection of abnormal water flow, sensors that trigger alarms, recessed sprinklers, and drain valves that can be opened remotely – all to mitigate the extent of water damage incidents and their impacts on homeowners and stratas. Specific details of this system can be found on their website at https://www.concordpacific.com/water-damage-protection-system/.
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