Don't play
with water!

Understanding the risks of water

You don’t have to be hit by a natural disaster to experience water damage. Find out how water can put your property at risk.

A VERY REAL RISK

Water is behind 95%* of claims

Water-related claims have increased dramatically in recent years, overwhelming many insurance companies. The figures show that most co-owners will make at least one home insurance claim during their lifetime. Water causes far more claims than fire and theft combined. It’s responsible for 95%* of insurance claims

Condos come with extra risks
When you live in a condo, every neighbor increases your risk factor. And water has a funny way of obeying the laws of gravity. You could end up paying for a problem caused by someone living three floors above you.

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* Source : Bureau d'assurance du Canada

Water is completely unpredictable.

Water damage can happen to anyone, at any time. All too often, it happens when the owner isn’t even home. Prevention is always the best way to avoid having to make a claim.

The last thing you’d expect
Even the most attentive homeowners can’t monitor all risk areas. A section of your crawl space is poorly insulated and a pipe that runs through it gets too cold and bursts. An old washing machine fitting finally gives out. A sewer backup floods your basement.

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Nothing stops water. Not even time.

Time may heal all wounds, but it doesn’t fix water damage. Water quickly makes its way into hard to access areas, and soaks in. Once moisture sets in, it causes serious structural problems and mold growth. Both are extremely costly.

Hidden detect
Once you knowingly sustain water damage, a future owner could sue you for hidden defect if the drying isn’t properly handled.

Mold
Mold is synonymous with health problems and costly solutions, which is why it’s scary. Water damage can end up reducing the resale value of your property.

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Even clean water can be costly.

Even in its purest form, water compromises almost every material in a building, causing considerable damage. And it happens much faster than you’d think. To fix it, you have to tear down and rebuild with new materials. It’s expensive. And you’ll inevitably end up paying for part of it yourself.

You will always be responsible for the deductible.
As the number of claims continues to skyrocket, some insurers have no choice but to charge a hefty deductible.

Higher premiums
Unless you have a “claim forgiveness” endorsement, your premium will generally go up by at least 25% after your first claim.

Not everything is covered.
Depending on your coverage, you’ll likely end up paying some of the costs involved in replacing expensive equipment or materials.

It’s not just structural.
For esthetic reasons, you may need to extend repairs beyond the damaged area. In such cases, the insurer may decide to hold you responsible for part of the bill.

The problem has to be fixed.
If your insurer feels the problem is likely to reoccur, they may require you to make costly repairs, on your own dime.

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Keep saving, year after year

Water damage is the most common insurance claim and one of the most costly. Your insurance provider knows that better than anyone. Many insurance companies have already recognized the Nowa solution and will give you a discount on your premium once you’ve installed it in your home.

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My insurance will cover it!

Or will it? Claims involving water damage have risen dramatically in the past few years and insurers are getting nervous. Your reimbursement for renovation costs will depend on your home insurance policy. And the cost isn’t just financial.

Staying insured
Owners who have filed claims in the past, as well as a growing number of condo associations, often have trouble finding insurers who cover water damage. That’s not going to change any time soon.

It’s not all replaceable.
Some personal belongings can’t be reproduced or replaced, no matter how much your insurer is willing to pay. Once damaged, they’re damaged forever.

Not a walk in the park
Even if your insurer pays for the total cost of repairs and material damage, avoiding a disaster is far easier than having to deal with one. Water damage can upend your life and monopolize your time for weeks—even months.

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