As of today, Comprehensive Water insurance is available to homeowners in the Northwest Territories, Saskatchewan, and Yukon.
The Co-operators announced in a news release today that their Comprehensive Water insurance is the only in Canada that provides protection from storm surge, overflowing lakes, rivers and creeks, and sewer or septic backup.
Storm surge, which includes rising water levels and waves caused by storms, presents a significant flood risk in the coastal regions of the country.
But, with the increase of extreme weather due to climate change, the risk of storm surge has grown for communities located near lakes and rivers.
Floods have surpassed home fires as the costliest cause of damage to homes in Canada.
During the 2013 Calgary flood, the average cost to homeowners that suffered losses was 79 thousand dollars.