Less than $250 could save you tens of thousands
Water damage makes up almost half of all home insurance claims, and for those claims that involve a flooded basement the price tag is high. It's estimated that the average cost to repair a flooded basement is $43,000, yet, according to a new report there are protections that residents can implement, for often less than $250, that will safeguard their basement against the effects of flooding.
"For many Canadians, their home is their biggest asset and ultimately their retirement fund," said Blair Feltmate, Head of the Intact Centre and a professor at Waterloo's Faculty of Environment. "To protect that investment, any homeowner who lives where it rains can easily and cost-effectively deploy simple measures to lower their chances of experiencing basement flooding."
Most of these measures, he added, can generally be undertaken over a course of a weekend and could go a long way to minimize the chance that a homeowner may have to turn to their home insurance after a storm happens.
Three steps to reduce your risk of flood
The report highlights numerous ways a homeowner can reduce their risk of basement flooding and buckets them into three categories:
- Do-It-Yourself for $0: Maintain What You've Got Twice a Year
- Do-It-Yourself for Under $250: Complete Simple Upgrades
- Work with a Contractor