Homeowners insurance claims to be revisited in wake of Calgary floods

Calgary alberta flood insurance
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Homeowners insurance sector sees harsh criticism come from consumers

Over the past week, floods have become a major issue for the city of Calgary in Alberta, Canada. The city has fallen victim to flash floods that were caused by heavy rainfall earlier in the week. Heavy rains caused the Bow and Elbow rivers to overflow, flooding nearby neighborhoods and causing mandatory evacuations in some parts of the city. These floods became even more problematic due to sewage backups that exasperated the issue. The disaster has put a great deal of attention on the homeowners insurance sector, largely due to the fact that insurers had been unwilling to cover the damage that had been caused by the flooding.

Calgary floods create a troublesome issue

Some homeowners insurance companies in Calgary have been denying claims associated with flood damage recently. These insurers suggest that these claims are coming from properties that are either in high-risk areas or those that do not have adequate protection against such disasters. Many homeowners insurance policies in Canada lack protection against floods, but even those with flood coverage have had their claims denied in the wake of the Alberta floods.

Calgary alberta flood homeowners insuranceTD Insurance to revisit denied claims

One of the insurers that had denied many claims coming from this disaster is TD Insurance Meloche Monnex. This week, the insurer’s policyholders were set to stage a protest against the company, calling into question the company’s decision to deny claims. TD Insurance has, however, announced that it will begin revisiting all the claims it had previously denied. The insurer notes that the floods have affected many homeowners in a profound way and has changed its stance on the claims issue in order to better serve those that have fallen victim to flooding.

Revisiting claims does not guarantee that they will be approved

There is no guarantee that the insurer will honor the claims that it reviews in the coming days. The homeowners insurance sector is not often willing to account for the damage that is caused by flooding. TD Insurance only offers limited coverage for flood damage and most policies offered through the insurer only account damage that can be caused by sewage backup.

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