Floods boost insurance
The Canadian Press – November 16, 2021 / 10:03 | History: 351728
Flooding in Princeton Monday.
Insurance experts say record rainfall in southern British Columbia highlights the growing risk of flood damage and the need for homeowners to be prepared.
Blair Feltmate, director of the University of Waterloo’s Intact Center for Climate Adaptation, says flood risks aren’t limited to people living next to water and everyone should try to better understand the risks.
He says a growing number of Canadians are purchasing flood insurance, but overall, not enough is being done to adapt and prepare for more severe weather conditions.
Feltmate says increased precipitation, such as the weekend storm in British Columbia that saw the Town of Hope hit 174 millimeters of rain in a single day, helped push home insurance premiums by 20 at 25% over the past six years.
Linda Dolan, owner of Alport Insurance Agencies Inc. in Port Alberni, B.C., says many people add flood insurance to their coverage when they can, but companies select who they want. provide coverage.
She says some companies charge high premiums and limit coverage to high-risk areas, while some homeowners can’t get flood insurance at all.