Tips for renewing your insurance policy

Home insurance, overland flood protection, sewer backup, coverage, replacement cost, policy review, insurance rates, home maintenance, contents coverage, insurance discounts

- SRIVINDHYA KOLLURU

From the recent flash flooding in Toronto to wildfires that razed swaths of Jasper National Park in Alberta, severe weather events are prompting homeowners to take a closer look at their home insurance policies.

According to several estimates, the total damage from the flash flood could surpass $1 billion.

Overland flood protection, which protects homes from water seeping in through doors, cracks, or windows in basements, is limited and an expensive add-on to GTA policies.

Toronto homeowners already pay an average of $2,410 for home insurance, among the highest rates across the GTA, according to 2024 data from Ratehub.ca.

Sewer backup insurance, another policy rider that adds more to your monthly bill, protects your home from contaminated sewage that could enter your house through the floor drain.

Matt Hands, vice-president of insurance at Ratehub.ca, says overland protection coverage is especially important for homeowners who live on the bottom of a hill, in a valley, or close to a river or lake. Sewer backup coverage is especially important if your home has a basement.