August Flooding Caused More Than $124 Million In Insured Damage

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The Insurance Bureau of Canada reports that the August flooding event resulted in more than $124 million in insured damage, according to Catastrophe Indices and Quantification Inc.

“Climate change is causing severe weather events to happen more frequently and with greater intensity, especially storms involving floods. While the insured damage from these floods is significant, the total cost to homeowners and government is not yet known,” said Kim Donaldson, Vice-President, Ontario, IBC. “Because flooding can cause significant damage in a very short amount of time, it is critically important for consumers to know what their policies cover and whether they have sewer backup or overland flood protection. Sewer backup coverage is widely available as an add-on product to most standard home insurance policies. Overland flood protection is available across the province from several insurers. Consumers in high-risk areas and areas prone to frequent floods may run into difficulty finding affordable coverage. Consumers should check with their insurance representatives to see what options are available to them.”