Water damage tips - MoneySense

Water damage tips

Got water damage? It’s not always covered with home insurance.

  • After Toronto’s latest bout of severe weather, we thought we’d remind homeowners that water damage isn’t always covered by home insurance policies. Still, homeowners who have experienced flooding should be prepared to make a claim with a fighting chance, just in case. TD Insurance has issued tips for affected homeowners in Toronto after the company came under fire for reportedly denying claims to Calgary area residents in recent days. First thing is first: protect yourself from electrical hazards in flooded areas by turning the electrical supply off and wear gloves, rain boots and a mask to protect yourself in cases of sewer backup. Next, lift any undamaged valuables away from the water source and call your insurance company’s claims hotline. Be sure to take photos of damaged items before arranging for emergency repairs and/or alternate accommodations.  Last but not least, keep detailed invoices and receipts to submit to your insurer upon request.
  • Residential property prices in Canada are showing no signs of slowing down, a survey by Royal LePage suggests. The average cost of a standard two-story house rose 2.7% in the second quarter compared to last year, it said, hitting $419,614.
  • Do you argue with your hubby about money? You’re not alone. Check out the infographic below illustrating Investors Group’s study findings on matters of love and money.