Floods cause over $57m damage to Ontario and Quebec
Southern Ontario and Quebec suffered more than $57m worth of insured damage as the result of extreme weather in February.
The figure was revealed by the Insurance Bureau of Canada and Catastrophe Indices and Quantification Inc. (CatIQ), highlighting more than $43m worth of insured damage in Ontario and over $14m in Quebec.
A mix of higher than average temperatures and heavy rains to parts of Southern Ontario, including Brantford, Chatham-Kent, London, Cambridge and parts of the Greater Toronto Area, saw intense flash floods. Heavy rains also affected parts of Quebec’s Eastern Townships and the city itself.
"Climate change is causing severe weather events more frequently throughout the year, especially storms involving floods," said Kim Donaldson, Vice-President, Ontario, IBC.
Flooding is the primary peril to property in Canada thanks to a density of lakes coupled with melting snow, and rain. In fact, spring is Canada’s most dangerous time for flood risks, so homeowners should be aware of what to do in the event of a flood. While some water damage is covered under the typical home insurance policy, an actual flood isn’t covered by a basic home insurance policy in Canada. Since floods can cause catastrophic damage, that results in millions of dollars to fix, many insurers will only offer flood protection as an additional coverage option.
Donaldson continued: “Since flooding can cause significant damage in a very short time, it is important for consumers to know what their policies cover and whether they have overland flood protection. Consumers should check with their insurance representatives to see what options are available to them.”