Homeowners insurance rates likely to spike in Alberta

homeowners insurance rates

Alberta floods cause spike in insurance rates Homeowners in Alberta, Canada, are preparing to see higher insurance rates as insurers begin to feel the financial impact caused by recent floods. The Insurance Bureau of Canada notes that insurers have been weighing the impact of floods that struck Alberta in June of this year and many have found the need to raise rates in order to mitigate the financial blow of the disaster. Those that had fallen victim to flooding will likely see their homeowners insurance rates spike in the coming…

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Flood insurance costs from Alberta most expensive ever

Canada flood insurance industry

The IBC has called last June the most costly covered natural disaster in the history of Canada. The Insurance Bureau of Canada (IBC) has just released a report that has indicated that the most recent PCS-Canada figures, with estimates that state that the flood insurance and other coverage payouts for the flooding in southern Alberta have now broken the $1.7 billion mark. This figure makes the natural disaster in the province the most costly that the country has ever seen. According to the vice president of Western and Pacific at…

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Homeowners insurance customers in Alberta applaud sewer backup coverage

Homeowners flood Insurance

Some insurers have had a change of heart and are now covering the damage that they previously had refused. Some homeowners customers finally have a reason to feel good after having suffered from massive flooding in Alberta, Canada, as certain insurers have had a change of heart and are now saying that they will cover damage resulting from backed up sewers. Previously, insurers had stated that they would not provide this coverage as it was not a part of the policies. Claims had even been denied when homeowners insurance customers…

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