This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Steps For Homeowners And Tenants To Recover From The Alberta Floods

VANCOUVER, July 4, 2013 /CNW/ - As the flood waters recede in many areas across Alberta, the long process of recovery begins. Experts estimate damages from the floods will total as much as $5 billion. The cost of these damages will be borne by:

  • Municipal, provincial and federal governments;
  • Insurance and reinsurance companies; and,
  • Individual businesses and residents.

At this point the proportion of damages each party will incur is unclear. Understandably, this is particularly unsettling for individual businesses and residents. What's more, many businesses and residents are struggling to understand what insurance policies cover. That's because each class of insurance treats flood damage differently.

Protection against flood damage can be added to most commercial insurance policies purchased by businesses, condo corporations and farms. Similarly, protection against flood damage is typically included in the comprehensive coverage option available under most auto insurance policies.

On the other hand, flood damage is specifically excluded from most home insurance policies in Canada. Government assistance programs exist for homeowners and tenants suffering flood damage. It's important to note that flood damage is distinct from water and sewer backup damage. Most home insurance policies provide some form of protection against water and sewer backup damage. In some cases, you may need to specifically add, and pay for, this protection.

Adding to the confusion for homeowners and tenants is the fact that seemingly similar home insurance coverages, like sewer backup protection, can differ by company. For example, some policies exclude loss or damage caused both directly and indirectly by flood. If your policy excludes damage caused indirectly by flood, then you may not be protected against sewer backup damage even if no flood waters entered your home. That's because the sewer backup damage was indirectly caused by flood.

So, what should you do if you've suffered flood damage?

The first step is to file a claim with your home insurance provider. You should do this even if you suspect your claim may not be covered based on what you've heard from others. As mentioned earlier, each insurance company offers different coverage. Even if both you and your neighbor are insured by the same company, your policy may be different. For example, you may have added sewer backup protection to your policy whereas your neighbor may not have. Your claim will be assessed based on your policy and situation.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,677.90 +216.58 1.32%
S&P 500 1,950.82 +23.71 1.23%
NASDAQ 4,452.7920 +69.9450 1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs