|*from Calgary Herald website|
If you are not in Canada you may not be aware of the situation. See:
My previous career in Alberta as a property underwriter for an insurance company made me more aware than most of certain things. In Alberta we were unable to purchase flood insurance. It is something that is not offered there (nor many other Provinces, if any). If water comes in through doors and windows it is generally not covered(**if you live in Alberta and have specific questions contact your insurance agent for details on your own policy as they differ depending on circumstances). If it backs up through your sewer drain if you have sewer backup coverage then the damage may be covered, and even then may be limited depending on your policy. What usually happens in these cases is that the Province declares a State of Emergency and then Government aid becomes available to those who have damages. Even then, they may get considerably less compensation than damages, and usually many months after the event. Vehicles depending on the coverage you choose to buy may have water damage coverage.
No matter where you live you need to know what coverage for property insurance you have and make sure that you pay the bill on time EVERY TIME! I remember last year when our brand new neighbors came over (now our friends) knowing that I had just left insurance to ask whether Earthquake insurance was really necessary as it is a quite expensive add-on. We live on the end of a fault in the Earthquake zone here and I just said to her that I couldn't imagine living where we live without buying it. They bought it. I hope for their sake and ours that they never have to use it.
These kinds of disasters can wreak financial mayhem to your job, your business, your home. Just another reason to try and always live BELOW your means and have access to cash in case of emergency. Let's just hope the rains stop and the water recedes as soon as possible as many will have to spend countless hours rebuilding their lives.