March 2017 Newsletter

In this issue of Orr & Associates Insurance Update you will find:
  • Referral Winner
  • Earthquake Coverage
  • Top 5 Most Costly Disasters in Canada
And much more....

 Referral Winner

Gordon Stephenson
Congratulations to Gordon as he is the lucky winner of the $50.00 gas card this month.  To become a part of our monthly draw all you need to do is refer friends or family members to our office. The best compliment you can give is the referral of a new client.
  Earthquakes, Are You Protected?

In Canada there are 4,000 recorded earthquakes each year, and earthquake damage is not covered by a standard home insurance policy. In the next 50 years they have predicted that there is a 30% chance of a significant earthquake in British Columbia. Also earthquakes in eastern Canada are not something we can afford to ignore.

What is Earthquake Coverage?
An earthquake is a peril that is not normally included in any type of home insurance policy.  Earthquake coverage may be purchased separately as an add-on to your residential insurance policy. 

What Does is Cover?
Earthquake insurance extends the coverage provided by the home insurance package to include the loss or damage caused to building and contents by the shaking of the earth.   In certain circumstances, some policies also will include additional living expenses for homeowners who are unable to return home as a result of the insured damage.

What to Consider
Earthquakes while not as frequent as other natural disasters, can cause tremendous damage to homes and other buildings. Unlike other natural disasters, such as hurricanes or tornados, earthquakes are not limited to specific seasons and give no warning. They can happen at almost any time.
Over the years, the costs of earthquakes have increased due to growing urban development near fault lines and the vulnerability of older structures which were not built or upgraded to current building codes.

Am I at Risk?
According to government studies, there is a 30% chance in the next 50 years that an earthquake strong enough to cause significant damage will strike southwestern British Columbia – including Victoria and Vancouver. 
There is a 5 to 15% chance that a strong earthquake will strike in the next 50 years in the region from the St. Lawrence River Valley to the Ottawa Valley – including Quebec City, Montreal and Ottawa.
Earthquake coverage is especially worth considering if you live in an earthquake-prone region. The cost will depend on where your house is and how it was built.

Sewer Backup

?A flood of sewage into your basement is dangerous to your health and costly to repair. Installing a backflow prevention valve can help prevent flooding. If you live in a low-lying area, you may want to consider buying sewer backup insurance

Across the country, communities are experiencing more severe weather, especially intense rainfalls. Sudden downpours overburden sewers and stormwater infrastructure and lead to sewage backing up into homes.
Canada’s costliest natural disaster ever was the June 2013 torrential rainfall that flooded towns in southern Alberta. Insured damage was more than $1.72 billion. In June and July of that same year, severe thunderstorms struck Quebec and Ontario and resulted in more than $1.2 billion in insured damages.
Sewer Backup Insurance
This coverage is useful in some low-lying areas, especially if your area has combined storm and sanitary sewers. You may also want to install a backflow prevention device or valve, if it is permitted by local codes.
For more information about your coverage options, talk to your insurance representative

How a Backflow Prevention Device/Valve Helps Prevent Flooding

A mainline backflow prevention valve can help prevent sewage in an overloaded main sewer line from backing up into your basement. Placed directly into the sewer lateral at the foot of your basement wall, the valve automatically closes if sewage backs up from the main sewer.

  Top 5 Most Costly Disasters in Canada for Insurers.

#1: May 2016 Fort McMurray Wildfires
The IBC said the insured damage from the fires was $3.58 billion.
The May fires forced almost 90,000 residents out of the Regional Municipality of Wood Buffalo and destroyed about 2,400 homes and other buildings.

#2: June 2013 Southern Alberta Floods
A massive wind and thunderstorm event created $1.72 billion in insured damage.
Between 100,000 and 120,000 people were forced from their homes across Alberta due to the flooding that began June 8, 2013. Three people were killed.

#3: January 1998 Eastern Ice Storm
The ice storm that slammed Quebec, Ontario and New Brunswick caused $1.49 billion in insured damages.
It left nearly a million people without power across eastern Ontario and parts of Quebec

#4: July 2013 Toronto Flood
The wind and thunderstorm event caused $943 million in insured damage.
It flooded highways and streets in the Greater Toronto Area on July 8 with approximately 126 mm of rain, according to Environment Canada.
Close to 1,400 commuters had to be rescued from a GO Transit train after it became stranded in flood waters shortly after leaving Union Station. Several drivers had to abandon vehicles in flooded streets as the waters rose.

#5: Slave Lake Fire  
In May 2011, a wildfire tore through the Alberta community, causing $700 million in insured damages.
The mid-May fire – which was later determined to be arson – destroyed one-third of the town.

  Are You Prepared if Disaster Strikes?  
  Home Flyer - Earthquake Insurance  
  Home Matters: Flooding Due to Surface Water  
  Orr & Associates Insurance Brokers Ltd
1700 King Road
King City, ON L7B 0N1
(905) 833-6691
  Orr & Associates Insurance Brokers Ltd Logo  
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