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What you Need to Know About Aviva Overland Water Coverage

Apr 23, 2015 9:30:00 AM

wet-slide-512951-mEarly this year Aviva Insurance announced an insurance first in Canada when they launched their Overland Water Coverage (Flood Insurance) for personal property insurance. There was some speculation about what this new endorsement protects Aviva customers from and whether or not it affects any existing coverages that Aviva clients had at the time of the announcement.

In anticipation of the June 1 launch, we attended an Aviva information session this week to answer some of these questions. Here is what you need to know about how this new endorsement affects current and future Aviva Insurance customers:

Overland Water Endorsement

The official name of this endorsement is Overland Water (not Flood). Overland Water is defined as fresh water from rivers, lakes or water suddenly accumulated as a result of heavy rainfall. Flood refers to coastal flooding from salt water – such as from Tsunamis and tidal waves. This endorsement does not cover flooding from coastal waters and there is no plan to include this in the near future.

There are some other exclusions in this coverage to note. The following items are note covered through the Oveland Water endorsement:

  1. Loss or damage caused directly or indirectly by the entrance of water through foundations, basement walls or basement floors, except for the entrance of water caused by overland water. This means that seepage is not covered.
  2. Loss or damage caused directly or indirectly from the intentional breach of water from dams, dikes or levees is also not covered.

How Much Does it Cost?

Aviva customers can add the Overland Water Endorsement to their existing policies, but it does come at a cost. The cost is determined by the value of your house as well as the area that you live in relative to Overland Water Risk Zones that have been identified by Aviva.

Coverage will have a higher cost in higher risk zones. Aviva anticipates this coverage to cost anywhere from $59/year (in extremely low risk areas) into thousands of dollars a year for higher risk areas on properties with greater values.

Not everyone can get this coverage however. Aviva is not offering this coverage to customers in areas that it has identified are extremely high risk. 

 

Have Any Other Aviva Coverages Changed?

Yes, Aviva has revised the wording under their Sewer Back-up endorsement. Here are some of the major changes to the Aviva Sewer Backup Endorsement:

  1. The wording now states that a Sewer Back-up loss resulting from Overland Water and Flood are now covered by the Overland Water Endorsement.
  2. There is now NO Sewer Back-up coverage if Overland Water or Flood has entered the dwelling. Sewer Backup coverage would respond where a flood/overland event that takes place and water doesn’t enter your home. This includes the sudden and accidental back-up or escape of water or sewage within your dwelling or detached private structure through a sewer on your premises, septic system on your premises or sump pump located within your dwelling or detached private structure.
  3. $1,000 is now available towards installing a mitigation device (such as a sump pump or backwater valve) following a covered Sewer Back-up loss.

Will Government Disaster Assistance Change With the Introduction of This Protection?

Aviva Canada has indicated that they are working with some government agencies to discuss how the product might change the response of the provincial and federal disaster recovery compensation
plans. As of yet there is no indication if this coverage will limit government assistance in the case of a disaster, but Aviva has stated that they "intend to continue working with provincial and federal governments and industry partners to create a coordinated response to disasters."

How Do I Get It?

At present, Aviva is the only company that offers this coverage. Coverage for this endorsement will be available to policy holders effective June 1, 2015. Aviva will be automatically adding this endorsement to qualifying Aviva property insurance policies upon renewal starting August 1, 2015 to ensure you are adequately covered in the event of a loss. If you wish to remove this coverage from your policy, simply contact your broker. If you are not with Aviva currently, but feel you need this coverage, you can contact us to see about transferring your home insurance policy to Aviva and adding the Overland Water Endorsement for you.

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Rob Stevenson

Written by Rob Stevenson

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