Damage control

In the wake of Super Storm Sandy and a major earthquake off the coast of B.C., a new study finds two-thirds of Canadian homes aren’t covered for flood and quake damage.

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by Stefania Di Verdi
November 1st, 2012

Online only.

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  • More than two-thirds of Canadians are uninsured for environmental catastrophes such as flooding and earthquake damage, according to J.D. Power and Associates. They found only 35% Canadian insurance customers add flood coverage to their home insurance policy, while only 22% add earthquake coverage. Earthquake coverage is highest in B.C., where a 7.7-magnitude quake struck off the coast as recently as Saturday, though coverage in the province is still only 56%. Visit MoneySense‘s Guide to Insurance for everything you need to know about choosing the right policy for you.
  • November is financial literacy month in Canada. IIROC is reminding investors of its searchable database of some 22,000 financial advisers. Know Your Advisor provides background, qualifications and disciplinary information on advisers at IIROC-regulated firms. Want a fee-only planner? We are constantly updating our list of non-commissioned based planners in every province.

3 comments on “Damage control

  1. earthquake insurance is a total scam. my house in victoria has not moved a millimeter in sixty years. any earthquake large enough to cause serious damage to it would create a tsunami large enough to wash tens of thousand of homes out to sea. there is no insurance for that.

    Reply

  2. Honestly, the best thing to do is to be as prepared as possible in the first place. Whether it's an earthquake or a flood, you should take the initiative to brace for the worst.

    Reply

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