My home insurance is coming up for renewal in a few weeks, and my insurer was kind enough to send a letter saying, “You better read how our water damage coverage is changing”, so I was warned. Thus I read over all of my coverage that showed up with my renewal documentation.
My sewer backup coverage is now being capped at $15,000 seems to be the major change to things. To quote what I was sent exactly:
“… We adjusted this amount in response to a sharp increase in the number and total cost of water damage claims in recent years, due to climate change and aging infrastructure…”
Nice, so there are arguments going on all over the world about climate change and such, but my Insurance company has embraced it as a fact and are changing my premiums due to it. It seems almost like Miracle on 34th Street (the original version), if Insurance companies think Climate Change is important enough to change my coverage, it must be true! (OK, I digress, and apologies for the sarcasm for the lovers of old movies too).
It is also a damning statement about the City of Ottawa’s infrastructure that it is mentioned specifically as another reason they think sewer backups are more likely as well.
OK fine, given the number of floods I have seen in Canada, it’s not really that surprising (it’s still annoying as a consumer, but then again, all I can do is shop around and call to see if this can be dealt with to my satisfaction).
My insurance company also seems to think that I have a crappy old roof, as they are removing the “… Weight of ice, snow or sleet — Ice Damming — Roof Water Damage Endorsement…” as well. I am pretty sure my roof was redone in 2006 (see writing a blog gives you a wonderful records keeping option as well), so I will call to see if they were aware of that, since I am not sure I told them either. I can’t believe that an 8 year old roof is now viewed as a risk in their eyes, but I need to call and confirm that with them.
I guess I should tell them about all the upgrades I have done as well (upgrades? not really, I just replaced the windows, heating and air conditioner as well).