Parade of Homes featuring the best of new homes in Manitoba, Canada
Issue link: http://publications.winnipegfreepress.com/i/1454682
"The size of hail stones in hailstorms also seems to be increasing," she adds. "Also of concern are flood and sewer- backup incidents. With warming trends leading to higher prevalence of drought conditions in some areas of the province, this can lead to ground shifting and cracking of foundations. This could also have a worsening effect on water-related losses when heavy rains do come more infrequently." Insurance companies offer advice to homeowners on how they can protect themselves and their property. "Loss prevention education and exposure to the public is an important measure insurance companies continue to take, to promote risk-mitigation activities that can potentially reduce the risk of loss, and provide peace of mind to homeowners," Henderson says. "As well as ensuring homeowners have the best insurance coverage available to them, they should also ensure they have done all they can to prevent a loss before it happens. Loss-prevention activities and tools — proper landscaping, eavestroughing and drainage, sump pumps (with backup power), backup valves, and regular roof, siding, basement and window maintenance — all go a long way to help prevent or minimize damage due to weather events." "AS WELL AS ENSURING HOMEOWNERS HAVE THE BEST INSURANCE COVERAGE AVAILABLE TO THEM, THEY SHOULD ALSO ENSURE THEY HAVE DONE ALL THEY CAN TO PREVENT A LOSS BEFORE IT HAPPENS." Because more extreme weather events can cause more damage, companies like Red River Mutual Insurance recommend that homeowners review and update coverage. "A comprehensive homeowners policy that includes flood and sewer backup (when available) would be important to help protect against losses," Henderson says. "But it's also important to note that certain packages may have eligibility rules in order to qualify." Insurance companies are also adapting to increased risks due to climate change. "With the increasing availability of data and experienced analysis of risks, insurance models will be evolving to provide more specialized pricing and terms to homeowners, based on many different aspects and exposures associated with not only climate change-related risks, but many other aspects of the homes and locations," Henderson says. "There is also the opportunity to use this data and the experience of claims, underwriting and loss-prevention teams to continue to refine our coverages in ways that better serve customers' needs." ARE YOU COVERED? — Cont'd from page 105 POH 106 Parade of Homes SPRING 2022