As the residents of the 200 homes affected in Chestermere continue flood cleanup, the Insurance Bureau of Canada says it’s not clear how much the total tab will be.
Heather Mack, Director of Government Relations, said with many changes in property damage insurance policies following the 2013 southern Alberta floods, it will depend on what coverage people have bought.
“There may be one neighbour who only purchased $15,000 in coverage for their basement,” she explained. “Next door could be covered up to $100,000. It’s not a clear cut issue.”
She added another issue is with many flooded basements, it’s not just the damage to the unit itself, but the impact on electronics and furniture.
The bureau does an assessment if $25-million dollars’ worth is damaged and while it’s too early to tell if they’ll hit that number, Mack pointed out the Airdrie hailstorm last August was $568 million.