The Allstate Insurance Safe Homeowners Study, which analyzed Allstate household incident claims data from 2017, found the most frequent and costly home insurance claims in Quebec are due to water damage.
Before the transaction closed the vendors signed the Seller Property Information Statement. It stated that the property was not subject to flooding. The vendors did not tell the purchasers of a pre-closing basement flood.
Insurers warn that storm water related property damage is quickly becoming the most prevalent insurance risks for homeowners. Basement flooding is one of the most common weather-related property damage claims. What can you do to protect clients from liability?
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