Flooded and Betrayed: Canada's Insurance Industry Under Scrutiny The summer stormwaters have receded from Ottawa, but a more insidious deluge is emerging: one of betrayal and financial ruin for thousands of homeowners.
The recent Canada Day flood has exposed a fundamental problem in Canada's insurance industry: the fine print that excludes groundwater flooding coverage. Margaret Cooper's experience is all too familiar.
She paid premiums on an "enhanced" water damage package for decades, but her policy doesn't cover groundwater flooding – precisely what occurred in her basement during the intense storm.