Travelers New Personal Property Coverage FAQ

FREQUENTLY ASKED QUESTIONS

Key Dates and Information

What is Flood Coverage?

Flood coverage protects against the damage resulting from overflow of an inland body of water or watercourse (e.g. rivers, lakes, streams), as well as ground water that enters your dwelling or unit, or your other buildings, through basement walls or floors when there is flood water on the insured premises.

What is Ground Water Coverage?

This coverage protects against the damage resulting from ground water that enters your dwelling or unit, or your other buildings, through basement walls or floors.

What is Buried Utility Lines Coverage?

This coverage protects against the expense of costly excavation and repair of many types of underground utility wiring and piping.

What is the difference between Surface Water and Ground Water?

Both types of water originate from natural precipitation; however, surface water remains on the surface of the ground whereas ground water is water that has been absorbed by the soil and is found below the surface of the ground.

When will these coverages become available?

These coverages will be available in Ontario (Dominion) for an expected launch date of February 14, 2022.

Will “read-in” coverage be available?

No. Flood, Ground Water and Buried Utility Line coverage will not be read-in.

Can customers add these coverages mid-term when they are launched?

Yes. A current customer can add coverage mid-term as of the effective launch date, regardless of the renewal date of their policy, provided they qualify for the coverage (backdating not applicable).

Can a customer remove Flood Coverage mid-term?

No. Once coverage has been added to a risk location, coverage can’t be removed within the policy period. If Flood Coverage is removed, it can’t be added back for a minimum of 12 months.

Eligibility

Which policies will these coverages be available for purchase?

Policy Flood Ground Water Utility Lines
Homeowners
Tenants × ×
Condo × ×
Rented Dwellings ×
Mobile Homeowners × ×

What is the eligibility for Flood Coverage?

Eligibility is determined by geographic risk tier based on postal code of flood prone areas (Zones 1-6 with X being ineligible), loss history, presence of Sewer Back-up and Surface Water coverage and coverage limits. Flood Coverage is not available for dwellings with a Coverage A ≥ $3,000,000 for Homeowners, Seasonal and Residential Property, or Coverage C ≥ $1,0000,000 for Tenants and Condominiums.

Will geocoding be used to determine eligibility?

No, not at this time. Flood eligibility is currently based on postal code. Geocoding will be used when we revamp our property product and platform.

What is the eligibility for Ground Water Coverage?

Eligibility is determined by presence of Flood Coverage and loss history.

What is the eligibility for Buried Utility Lines Coverage?

Buried Utility Lines Coverage can be added to any homeowner or rented dwelling location.

What are the limits, deductibles and premiums for Flood, Ground Water and Buried Utility Lines?

Limits & Deductibles Flood Ground Water Utility Lines
Limits Same as Sewer Backup and Surface Water $50,000 or same as Sewer Back-up and Surface Water (whichever is lower) $10,000 or $20,000
Deductibles $2,000 minimum flood deductible or policy deductible (whichever is greater) $2,000 minimum ground water deductible or policy deductible (whichever is greater) Special Deductible $500
Premium Flood coverage will vary by zone (low to high risk tiers) and dwelling coverage (Coverage A). Refer to example below. $50 for $50,000 limit
Price will vary when limit is lower than $50,000.
$30 for $10,000 limit
$40 for $20,000 limit

 

Flood pricing example:

$500K Flood limit (policy limits for $500K Coverage A dwelling)

Zone

Ontario

1

$85

 

2

$110

 

3

$125

 

4

$255

 

5

$910

 

6

$1300

 

* Please contact your Broker for confirmation on your premiums

Will there be any changes to the Sewer Back-up and Surface Water Coverage?

No. Consistent with today, eligibility is determined by geographic risk tier, loss history, presence of mitigation and new/renewal policy term. There are no new underwriting eligibility criteria.

Will there be rate changes in 2022 impacting current customers’ renewals?

We will continue to review rates and inflation and adjust accordingly.

How will this change be communicated to customers?

We will communicate this change through a Policyholder Letter included in each customer’s renewal package as of April 1, 2022 effective dates, as well as a comment on the declaration page and updated policy wordings. We will indicate that there has been a change and that customers should review their renewal wordings and contact their broker with any questions. In addition, website updates and/or social media will be used to communicate with the public at time of launch.

Any other questions?

Please contact your Rhodes & Williams Insurance Broker if you have more questions.