As catastrophic floods become more common, more Canadians are opting for specialized insurance coverage, but rates could rise as insurers re-evaluate risk because of events like those currently unfolding in British Columbia.
“We’ve been tracking insurance payout for severe weather events – things like storms, fires, floods – going back to the eighties,” said Aaron Sutherland, IBC’s vice-president of Western and Pacific, who said it’s important to treat those weather events as a trend, rather than a fluke. John Shmuel, managing editor of Ratesdotca, said flood insurance hasn’t been top of mind for many homeowners in the past, but people need to seriously consider any risk of a flood when purchasing a home.
Ian Lee, an associate professor at Carleton University’s Sprott School of Business, said he’s seen what the worst-case scenario can be in some of the communities around the Ottawa River after it flooded. In the meantime, there are measures people can take to reduce premiums if they’re facing higher costs.
Either get flood insurance or move. Other tax payers should not be on the hook for idiots living in flood plains.
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