Tag: canadian flood insurance

Canadian flooding may leave homeowners paying out of pocket

Julie Campbell
canadian flooding overland insurance

Heavy rains soaked huge portions of Ontario and Quebec as well as British Columbia and New Brunswick. The Canadian flooding from last week’s record level rains caused water levels to rapidly rise and enter thousands of homes. The lack of flood insurance among homeowners now means that many Canadians will be paying for cleanup and repairs out of their own pockets. Residential flood insurance only recently became available to homeowners in the country. Only between 10 and 15 percent of insured homeowners have overland flood insurance, says Insurance Bureau of…

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Canadians wrongly feel they have flood insurance with their homeowners policies

Julie Campbell
flood insurance storm damage

A recent study has found that 65 percent of people in that country believe they have protection they don’t. A recent survey conducted by Square One has determined that among the 1,500 Canadian participants, 65 percent erroneously believed that they had flood insurance included within their homeowners policies. This misconception about the coverage was more common in some provinces than it was in others. For instance, homeowners insurance customers living in Manitoba were the most likely to think they were protected against overland flooding. Equally, those in Saskatchewan were the…

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Executives call for focus on flood insurance in Canada

S.Vagus

Canadian insurers draw attention to issues concerning flood insurance coverage Insurance executives from 13 firms in Canada claim that access to comprehensive flood insurance protection in the country is inadequate. Executives recorded their opinions on the matter as part of a survey focused on the impact of devastating floods that recently struck Alberta and Toronto earlier this year. Flood disasters are becoming more common throughout Canada and executives believe that appropriate flood insurance coverage will not be available to consumers unless major action is taken on the matter. Alberta and…

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Flood insurance claims about to spike from massive Toronto flooding

Julie Campbell
flood insurance toronto canada

The IBC has already issued a warning to insurers of the area that there will be many filings. Following a tremendous sudden downpour in the city of Toronto in Canada, that flooded roadways, homes, businesses, subway stations, and even above ground trains, the Insurance Bureau of Canada (IBC) is warning insurers that the flood insurance claims will be many and costly. The city has never before in recorded history experienced a storm like the one that struck on Monday. In its history, only Hurricane Hazel, which struck in 1954, brought…

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Flood insurance claims on their way to Canadian insurers

Julie Campbell
flood insurance policies

The flooding in southern Alberta and the Calgary area may be among the most expensive natural disasters in the province. Residents and businesses in the Canadian province of Alberta are just starting to assess the damage from what is being called one of the worst natural disasters in the history of the area, and flood insurance companies are preparing for the massive influx of claims that are now on the way. The flooding that has been experienced in the region is entirely unprecedented, leaving insurers scrambling. It has been estimated…

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