The recent devastating floods that ravaged British Columbia’s coast have left a trail of destruction, resulting in over $110 million in insured damage claims. In the aftermath of the Category 4 atmospheric river that caused havoc in Metro Vancouver areas such as Coquitlam, Burnaby, West Vancouver, North Vancouver, and Surrey, insurance companies have been working tirelessly to assist affected clients.
- Overflowing Rivers and Sewer Backups:
The intense rainfall and powerful winds during the storm led to overflowing rivers, sewer backups, and flooding in various locations, including roads, parking garages, and basements. The situation was so severe that a local state of emergency was declared in North Vancouver on October 20. - Limited Access to Flood Insurance:
While some homeowners have access to residential flood insurance, it may be limited or completely inaccessible to others. This unfortunate reality forces many individuals to rely on government disaster financial assistance for their recovery efforts. Shockingly, about 10% of Canadian households are unable to secure flood insurance, highlighting a critical gap in financial protection for vulnerable communities. -
Urgent Call for National Flood Insurance Program:
The Insurance Bureau of Canada is urging the federal government to take decisive action by fully funding the National Flood Insurance Program. By establishing a national program, high-risk households would receive much-needed financial protection, ultimately reducing disaster-related costs for federal and provincial governments. This proactive approach would mitigate the financial toll of natural disasters, ensuring a more sustainable and cost-effective response to catastrophes.
As severe weather events become increasingly common in Canada, insured losses continue to climb, surpassing $3 billion annually. This year alone, a new record has been set with insured losses exceeding $7.7 billion, underscoring the urgent need for comprehensive flood insurance coverage.
In conclusion, it is imperative that the federal government prioritizes the establishment and full funding of a National Flood Insurance Program to safeguard vulnerable communities, enhance disaster resilience, and reduce the economic burden of natural disasters. Acting swiftly and decisively will not only protect Canadians from financial hardship but also ensure a more efficient and sustainable recovery process in the face of future crises.
Leave feedback about this