Following recent flooding in certain provinces, the Insurance Bureau of Canada (IBC) is calling for more preventative measures against the damages caused by floods, starting with the public release of flood plain data.
“We’re quite good on what we can do after the event; what we’re not very good at is what we can and should do before,” commented IBC president and CEO Don Forgeron on Wednesday.
Forgeron explained that governments at all levels have a role to play in flood mitigation, whether through land use planning, building codes, or infrastructure assessments. He also mentioned that among the various provinces, Edmonton has led the way in providing flood map information to residents, allowing homeowners to understand the level of flood risk in their areas and to take the necessary precautions.
Search and compare insurance product listings for Flood from specialty market providers here
“These flood maps will be very helpful in providing the information and the motivation needed in order to help consumers either take measures of their own or accept measures that governments are going to impose on them because of wanting to reduce that risk,” Forgeron said. “It ought to be something that’s mirrored across the country.”
The bureau head additionally pointed out that although overland flood insurance exists, not everyone is aware that the coverage exists.
“The vast majority of Canadians, somewhere from 80-90%, will be able to find affordable flood insurance,” he said.
He also noted that for about 10% of residents who live in high-risk areas, their insurance costs will be too prohibitive. Forgeron suggested that the government should at least try to financially support these homeowners to offset their high repair costs.
Related stories:
Edmonton storm leads to numerous wind-damage reports
Premier says flood maps to be updated, made available to the public
