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  • Condo Owner Insurance – Overland Flooding Coverage

    Posted by Gates II Condos Corp # 2010879 on March 17, 2022 at 2:09 pm

    As discussed during the last Condo Chat “Understanding Condo Insurance” on March 15, I had let the group know that it had been quite difficult for me to find an insurance company willing to offer me overland flooding coverage as part of my personal condo insurance. Many insurance companies were not willing to offer me this coverage because my condo building is in a “flood fringe”. Last April, I finally found an insurer willing to provide that coverage for me – RSA.

    Update: The very next day, I received a mailing from Intact Insurance (who just recently acquired RSA), and overland flooding coverage will no longer be provided. 😯

    I am now starting my search all over again for an insurer who might be willing to provide this coverage. Again, my building is located in a “flood fringe”.

    Can any members point me in the right direction as I attempt, once again, to find an insurer willing to provide this coverage? Or is it likely I will not be successful? Would be nice to know in advance if it’s not likely so that I don’t waste my time chasing an impossibility.

    Thanks all.


    Gates II Condos Corp # 2010879 replied 1 year, 8 months ago 3 Members · 4 Replies
  • 4 Replies
Please spread the word!
  • Terry Gibson

    March 20, 2022 at 9:21 am

    This will not help people in the short run, but this initiative will help in the long run Cheryl.

    Please spread the word!
  • Gates II Condos Corp # 2010879

    March 20, 2022 at 9:36 am

    Thanks for sharing, Terry. Based on how difficult it was to find overland flooding coverage last April, I suspect that it may be next to impossible for me to find. Definitely feeling vulnerable. The Developer in Quarry Park has a long-term plan which includes building many more apartment condo complexes even closer to the river than my building (I believe 5 more multi-family apartment condo complexes are planned). IMO, the Developer should be lawfully required to disclose the risk of flooding within the flood fringe and disclose the fact that Owners will likely not be able to purchase adequate insurance for that specific risk. I did not find out that reality until AFTER I had purchased my condo. Knowing in advance likely would have deterred me from buying so close to the river.

    If I am successful in finding overland flooding coverage for my location, I will surely let the group know.

    Thanks again!

    Please spread the word!
  • Sherry Bignell

    March 23, 2022 at 1:15 pm

    Hi Cheryl, thought I would chime in. I spoke with a contact in personal lines insurance and she said that if a risk (property) is located in the red, pink or floodway zones of the Alberta Flood Maps, Insurers for personal lines are not able to provide flood coverage. Sorry I don’t have more positive information.

    Please spread the word!
  • Gates II Condos Corp # 2010879

    March 26, 2022 at 5:43 pm

    Hello again Sherry, many thanks for checking with your contact in personal lines insurance.

    Woo hoo – I just received a quote from Square One and The Mutual Fire Insurance Company of British Columbia. Looks like they will provide overland flood insurance knowing that I live in a flood fringe. That said, I have not finalized the quote yet (plan on doing so later next week).

    I will post an update IF upon my request to finalize, they decide not to bind and honour the quote. 🤞

    Yes, it’s definitely more expensive, but for me, worth the peace of mind!

    Please spread the word!

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