With the basement flooding problems that exist in Toronto, homeowners need to use a range of options to try and reduce their risk. Backwater valve installation is just one of the ways in which you can do so. Backwater valves stop waste water from flowing back into your home from the sewer and storm water drains. In some cases this is enough to protect you from future problems, while in others you might need to take additional steps. But what does this mean for you financially? Well, it can save you quite a bit, actually!
First off, there’s the City of Toronto’s rebate program, which refunds 80% of the cost of backwater valve installation up to a maximum of $1,250. Ok, there are homes where installation may cost more than that but the rebate still applies, and if it costs less then you can get the City to pay for almost the entire cost. And that’s only for the valve; if you need additional fittings such as a sump pump or to disconnect your home from the foundation drains by severing and capping the sewer pipes, there are rebates for those too. So don’t let the cost hold you back – ask your local plumber to determine your eligibility for the rebates and get your house in order, pronto!
Better Insurance Cover
Flooding happens. We know it, you know it. During Toronto’s April showers, it’s a regular event, and insurance companies also know it. Because of that, homeowners’ insurance for Torontonians typically covers damage caused by only certain types of flooding. And the way insurance works, if you’re under-insured you could get back less than you need to cover a claim. A standard homeowners’ insurance policy doesn’t include cover for flood damage caused by conditions originating outside the home, which means you aren’t covered unless you take out special flood insurance protection.
Lower Premium Payments
Since flood damage insurance is a separate policy, getting the cover you need could be pretty expensive.
- This is an additional premium you have to pay over and above your existing insurance.
- Without a backwater valve installation, either your flood damage insurer is going to hike your premiums, or
- Your cover is going to be compromised, as we spoke about earlier.
So you need comprehensive insurance that covers your home for every possible situation and doesn’t contain a whole list of exclusions, and getting a backwater valve installation means you eliminate one of the insurers’ favourite exclusions and non-payment tactics.
Reduce Flood Damage Costs
And then, there’s the cost of repairs. Even if you have the right insurance policies, there are hidden costs that no amount of insurance can make up for. The inconvenience of basement flooding, for example, includes having no access to your basement while you get it cleaned out and repaired. The cost of storage for whatever you can salvage while repairs are being done. The loss of items that have sentimental value, such as
- Old photographs, books and music
- Mementos from your children’s baptism or first day at school
- Your mother’s wedding dress
All the items we typically store in the basement, which are irreplaceable with any amount of money!
Don’t do this to yourself and your family!
Get your local plumber in to do an inspection before the Spring rains begin. Check whether your backwater valve installation is in good condition, if you have one. If it needs attention or you don’t have one at all, determine your eligibility for the rebate program and schedule your backwater valve installation well ahead of time.