Flooding is one of the biggest causes of property damage in Canada, but your home insurance probably doesn’t cover it. Standard home insurance typically covers damages caused by things like wind, hail, wildfires, and lightning, but it usually only covers water damage from inside your home, like burst pipes or leaking appliances. As flooding becomes more common, though, more insurance companies are offering a popular add-on called overland flood insurance. In June 2024, half of all home insurance quotes included extra water damage coverage, a 68% jump from the year before. Overland water insurance generally costs between $10 and $30 a month, depending on your area's flood risk. However, if you live in a high-risk zone, you might not be able to get this coverage at all. Right now, insurance companies don’t cover flooding for up to 10% of homes in Canada. If you’re in a high-risk flood zone, it's a smart move to review your home insurance policy to see what's covered and compare options to find the best deal. If you’re looking to lower your monthly premium, consider raising your deductible (the amount you pay out of pocket before insurance kicks in). Just make sure you have a solid emergency fund to cover that higher deductible if you need to.