A car was destroyed by the tornado that tore through the capital region Friday. (Nicole Nivotny)
David Brousseau-Lambert said he doesn't recognize his Gatineau neighbourhood after the storm. "There was carnage everywhere. Trees fallen down, cars knocked over. My whole car's damaged too — broken windows and everything and people are just crying and panicking," he said.
Does home insurance cover tornado damage? “The Insurance Bureau of Canada (IBC) says that most home and business policies offer protection from wind and tornado damage, along with compensation for living expenses if there’s a mandatory evacuation order.”
Seeing and understanding the need for insurance is crucial. Often people pick and choose what to insure. In previous blogs, we discussed life insurance as well as disability and critical illness insurance. Today in the aftermath of this tornado, our focus is on property insurance. It all boils down to risk management. You run a risk if you choose not to insure your possessions. The reality is without insurance your financial well-being can be severely impacted. When disaster strikes, the conversation inside your head will go either in one direction or another. “Oh no!” or “Thank goodness!”
Insurance is not limited only to the need to cover natural disasters such as a flood, earthquake, or hurricane, which cause great damage or loss of life. Insurance is necessary to cover against theft, fire, and accident. Any of these events will cause your life to turn on a dime financially, mentally, and in some cases, physically. The cautionary advice is to protect your family and yourself.
Disasters like these can be a wake-up a call for everyone. My husband and I recently did a complete overhaul on our property insurance. We literally took the policy apart, examined the coverage, and made necessary changes with the help of our insurance agent. The question is: “When is the last time your insurance policy was reviewed?” Sometimes, insurance premiums can be lowered when you balance the amount of risk you can assume with the remainder covered by the insurance company. I always remember one insurance representative saying, “Some insurance is better than no insurance.”