The nights are cooling down, and the floodwaters are rising.
As hurricane season hits its stride, it begs the question: are things getting worse?
The Insurance Bureau of Canada (IBC) has an answer to that question – yes.
Insurers from coast to coast in Canada are seeing increases in severity and frequency of severe weather events, said Erin Norwood, manager of government relations with the IBC’s Atlantic office, Sept. 4.
“Last year, we noticed right across the country that insured damage from severe weather events reached over $2 billion, which is the highest amount of losses on record,” said Norwood, speaking on behalf of the national association representing the country’s private home, auto and business insurers. “That was from a high amount of high-loss events across the country.”
This is a pattern that has persisted over the course of a decade, from events like the historic flooding in New Brunswick in 2018, resulting in $6 million in insured losses, to the 2016 flooding in the Cape Breton area, which caused about $100 million worth of damage.
Overland flood insurance, Norwood said, is a relatively new option for consumers seeking additional protection.
“That’s something I think is really important for people to consider when they’re preparing for severe weather events,” she said. “It’s really important for people to check with insurance reps to see what optional coverages are available to them, and that includes overland flood insurance.”
Norwood recommends that property owners concerned about severe weather events reach out to their insurance representatives directly to go over their policies and learn more about what coverage is appropriate.
“It’s really important when people are preparing for severe weather events to have that conversation with their insurance representative about those types of products,” she said.
She stressed that it’s crucial homeowners understand severe weather is inevitable, and plan accordingly.
Flood preparation steps include keeping a current, detailed home inventory, installing sump pumps, ensuring downspouts drain away from the foundation of a home, and having an emergency preparedness plan.
“It’s important that everyone has as much information as possible as we’re heading into hurricane season here in Nova Scotia,” Norwood said.
Source: Hats Journal