Welcome!

News Feed Item

A recent survey by Square One reveals that 56 percent of Canadians wrongly believe the government will cover earthquake damage

VANCOUVER, Aug. 26, 2014 /CNW/ - According to Natural Resources Canada, there were 195 earthquakes across Canada between August 1 and 25. While most of these earthquakes occurred in the West Coast, 18 percent occurred elsewhere in Canada. Of the seven earthquakes that were felt during this time period, five were in Central Canada, one was in the Prairie Provinces, and only one was in the West Coast.

"According to our recent survey, virtually all Canadians correctly assume that earthquakes can occur anywhere in the country," states Daniel Mirkovic, president of Vancouver-based Square One. "But, a majority wrongly believes the government will provide financial assistance for earthquake damage."

Square One used Google Consumer Surveys to ask Canadians four earthquake-related questions. A total of 593 people completed the survey between August 18 and 25. The survey revealed that:

  • 90 percent recognize that earthquakes can occur anywhere in Canada.

  • 56 percent believe the government will provide financial assistance to homeowners and renters for earthquake damage.

  • 30 percent are unaware that earthquake protection is automatically included in, or can be added to, home insurance policies.

  • 46 percent have little confidence that home insurance companies would be able to pay covered claims resulting from a major earthquake.

Mirkovic indicates, "There are some misconceptions that need to be addressed. For starters, the government will not provide financial assistance to cover damages from earthquakes." The provincial and territorial disaster financial assistance programs only cover damages due to uninsurable events, like overland flooding and groundwater seepage. Since earthquake damage is insurable, homeowners and renters are not eligible for assistance under the government programs.

Canadians should speak with their home insurance providers about earthquake protection. A few policies automatically include this protection, but most require that it be specifically added. The cost of earthquake insurance depends on the limit and deductible selected, as well as the home's location. Estimates from across the country for earthquake insurance on a $300,000 house and its contents are:

City

Annual premium

Toronto, ON

$15

Winnipeg, MB

$25

Montreal, QC

$178

Edmonton, AB

$284

Halifax, NS

$313

Vancouver, BC

$332

Richmond, BC

$515

While earthquake insurance can be pricey for those who own houses, Square One recommends it always be purchased on primary residences. It's simply not worth the risk of going without earthquake insurance. For those renting their homes, or living in apartments or condos, earthquake insurance usually ranges from $5 to $50 per year.

Many who don't buy earthquake protection have little to no confidence that home insurance companies will be able to pay covered claims resulting from a major event. The reality is that numerous earthquakes and other disasters occur around the world each year. Insurance companies factor earthquakes into their prices, building reserves to pay for resulting claims. Some of the other things that help ensure insurance companies are able to meet their commitments:

  • Insurance companies buy catastrophe protection from reinsurance companies. This helps spread the risk (and cost) of disasters globally.

  • Insurance companies are heavily regulated by both provincial and federal governments. Among other things, these governmental bodies supervise the solvency of companies.

  • Insurance companies must be members of the Property and Casualty Insurance Compensation Corporation (PACICC). If an insurance company fails, PACICC will automatically respond to all valid claims for participating members. PACICC is similar to the Canadian Deposit Insurance Corporation, which protects savings in case a bank fails.

Square One recommends that all Canadians should take steps to prepare for an earthquake. Exploring earthquake insurance options should be one of those steps. To learn more about earthquake insurance, talk with an insurance provider or visit www.squareoneinsurance.ca/earthquake-insurance.

Established in 2011 and based in Vancouver, British Columbia, Square One offers the only home insurance policy in Canada that can be personalized to your unique needs. That means you only pay for the protection you need. Square One is also one of the few providers to automatically include earthquake, sewer backup and broad water protection in its policies. Square One currently serves British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. For more information about Square One, or to get an online quote, visit www.squareoneinsurance.ca.

SOURCE Square One Insurance Services Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...