After a wet fall and snowy winter, experts are forecasting a
high probability for spring flooding in Manitoba and Saskatchewan.
That being the case, homeowners should take note that overland
flooding is generally not covered by insurance and it is important
for homeowners to take measures to protect their belongings from
water damage.
In Canada, overland flooding is not usually considered an
insurable risk. The reason is simple -- insurers believe that most
areas prone to flooding will eventually succumb. Manitoba is taking
preventive measures to address flood concerns, but these measures
cannot eliminate the risk of flooding. Moreover, this type of
insurance would only be of interest to a relatively small
population of people living in areas prone to flooding, thereby
defeating the basic principle of insurance that the premiums of
many people pay for the losses of a few.
