The Insurance Bureau of Canada found that water damage is a leading cause of catastrophic losses. These losses added up to close to $2 billion every year. One way insurers can help their customers avoid water-based losses is by taking the correct preventative measures around their property.
Licenced insurance brokers play an important role to their clients when it comes to securing their homes and businesses against incidents such as severe weather, aiding in minimizing damage claims, or avoiding particular claims from happening. Meeting with clients or sharing a tip over social media could prevent major losses from occurring.
Below are some ways damage due to water can be avoided or minimized when they are included to an owner’s regular maintenance schedule, especially during the spring thaw:
Brokers should also educate their customers on the types of coverages for certain types of damages around their property they may have taken for granted. Two of these types of situations are sewer backups and overland water damages. A quick reminder when reviewing a customer’s property policy could allow them to see if this added coverage is necessary.
It is key for licenced insurance professionals to help their clients put together the best policy to try to avoid suffering from major damages that may occur on their property. It is their responsibility to assist in foreseeing what possibly could happen on a customer’s property and making owners aware of these issues, including water-based losses. To learn more, get in touch with us today!