severe weather

One in three Canadians think their home insurance policies cover water damage

One in three Canadians think their home insurance policies cover water damage

With severe weather becoming less and less of a rarity across Canada, home insurance is climbing up the list of things Canadians have to double-check. And yet a new survey has found that one in three Canadian homeowners mistakenly think their standard home insurance policy includes flood protection. It doesn’t. The Insurance Bureau of Canada recently revealed that severe weather insurance claims shot up 400% from 15 years ago. Most recently, hurricane Fiona tore through Atlantic Canada and left $660 million worth of insured damage in its wake, making it the most expensive severe weather event in the region.

'Hard pill to swallow': $2 billion in climate change damage the 'new normal'

 'Hard pill to swallow': $2 billion in climate change damage the 'new normal'

Severe weather led to $2.1 billion in insured damages in 2021, making it the sixth costliest year in Canada's history, says the Insurance Bureau of Canada (IBC). In tallying the cost, the national insurance organization said climate change is already showing just how expensive a world-dominated catastrophe will be. Last year, the most expensive single event occurred in November when an atmospheric river triggered widespread flooding across southern British Columbia and led to $515 million in claims.

What steps can Canadians take to reduce the impact of floods?

What steps can Canadians take to reduce the impact of floods?

Despite the increase in flooding and the resulting damage to properties, homes and livelihoods, many Canadians are still unprepared and don’t know how to mitigate flood risk. A recent survey commissioned by RSA Canada and WWF-Canada found that 37% of Canadians don’t know how to protect their homes from flooding. The biggest awareness gap was among 18-34-year-olds at 54%, compared to 40% of 35-54-year-olds and 23% of those aged 55+.