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Climate change is an increasingly prevalent issue in today’s world. In recent years there’s been a spike in extreme weather events in which climate change is considered to have been a major factor. Albertans have tasted firsthand the devastation climate change can bring.

The 2013 floods in Southern Alberta affected over 100,000 homes and caused damages exceeding $5 billion. It was the costliest disaster in Canadian history (note the emphasis on was). The 2016 Fort McMurray wildfire, which forced upwards of 88,000 people from their homes, was an even bigger financial nightmare, costing a total of $9.9 billion, with insured damage estimated to have reached $3.6 billion.

It’s no surprise that all this has influenced insurance policies premiums in Alberta. Predictably, the price of insurance in Alberta has increased as a result not only of these recent calamities, but also in anticipation of future ones.

Why climate change puts homeowners at risk

It’s important for Canadians to recognize that the extreme weather events of recent years are, according to climate change experts, not an exception, but are part of a trend that is forecasted to continue.

The rising temperatures and the droughts associated with climate change increase the chances of potentially destructive fires breaking out. We need to reflect not only on the Fort McMurray wildfire but also the 2017 B.C. wildfires. The BC wildfires are notable for having left the largest burnt area in a fire season in recorded history, for having caused the largest number of total evacuations in a fire season and for being the largest single fire in the province’s history.

The severe storms and increased rainfall climate change brings also makes flooding a real possibility that homeowners must be prepared to face. There’s no shortage of examples. Leaving aside the floods in Alberta, there were the floods in Toronto in July of 2013 (Ontario’s most costly natural disaster to date) and in Quebec in 2017 (when 2,426 residences were flooded). Much of this flooding was caused not by an overflowing waterway, but rainfall collecting on paved surfaces and eventually leaking into homes and overwhelming the sewer system. This should indicate to Albertans that their city, town or village is in no way immune from the risk of flooding, regardless of whether or not they’re located close to a waterway.

Why it’s a good time to update your insurance

In the aftermath of the Alberta floods, insurance companies responded by beginning to insure for overland water. Overland water is when water seeps in through the windows, doors and cracks: as opposed to sewer backup, which is when the municipality’s sewage system gets backed up and overflows into basement drains. Both types of water damage occurred and both caused substantial damages during our nation’s recent floods.

Albertan homeowners need to make certain that they have the proper insurance to keep them protected financially from the damages of extreme weather events in this era of climate change. Special attention should be paid to insurance coverage that secures them against basement flooding due to sewer backup and the newer coverage that secures them against overland water.

Update your Homeowner’s Insurance in Edmonton

MBS Insurance Brokers Ltd. works with many of the best local insurance companies and is dedicated to representing your best interests. Call us today to set up an appointment and get a free quote.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.