Flooding worries are on many minds following the dramatic events in Sherbrooke last week. But homeowners looking to insulate themselves from flood damage can't look to Canadian insurance companies for help.
According to the Insurance Board of Canada, 61 per cent of Canadians think their home insurance covers them in case of overland flooding.
Sixty one per cent of Canadians are wrong
The IBC's Pierre Babinksy says insurers in Canada don't offer protection against flooding because they think floods, unlike fires, earthquakes or hurricanes, are what he calls "certainties."
"It's very difficult to assess the risk in order to quantify it and in order to capitalize accordingly cover any damages that would be incurred," he says.
However, flooded homeowners can usually seek assistance from their municipalities, which are in charge of distributing federal and provincial flood aid.
Babinsky does encourage homeowners to contact their insurers in all cases of water damage in order to see if they are eligible for reimbursement.