Posted on 03/25/2009, 10:26 am, by mySteinbach

As a result of the recently announced increased risk of flooding in Manitoba, the province’s Financial Institutions Regulation Branch is advising homeowners to educate themselves with the assistance of their agent, broker or insurer on the details of their property insurance.
 
In most instances, insurance policies do not cover overland flooding.  Even in communities not directly affected by flooding, homeowners may be surprised to discover they do not have sewer backup coverage. In most cases, this coverage can be purchased as a rider on a property insurance policy.
 
As part of an annual insurance review, there are important steps a consumer should take to better prepare for severe weather or a disaster including:
  
• taking inventory of property, noting model numbers and serial numbers of items such as appliances and storing the information somewhere outside the home, perhaps with a relative or in a safety deposit box;
• advising your agent, broker or insurer of any major improvements to property such as a new roof, kitchen counter tops or appliances;
• talking to your agent, broker or insurer about insurance options and possible gaps in current coverage; and
• learning the facts about a policy as different policies are available for homeowners, renters and owners of condominiums.
 
Before purchasing or renewing property insurance, Manitobans can contact the Financial Institutions Regulation Branch to verify the licensing status of an insurer. Branch staff are available to answer questions and investigate complaints concerning all types of insurance coverage.
 
More information is available online, toll-free at 1-800-282-8069 or in Winnipeg at 945-2542.