Close X
Monday, November 25, 2024
ADVT 
National

Many Insurance Policies Don't Cover Flooding, And Homeowners Could Be On Hook

Darpan News Desk The Canadian Press, 08 May, 2017 12:24 PM
    TORONTO — Insurance industry experts say many Canadian homeowners aren't insured for flooding and could be left footing at least part of the bill after heavy rains hit parts of Quebec and Ontario.
     
    Craig Stewart, vice-president of federal affairs for the Insurance Bureau of Canada, estimates that only 10 to 15 per cent of Canadians have so-called "overland flood insurance."
     
    Stewart says that's because the product, which is offered as an add-on to insurance policies, has only been available since late 2015.
     
    Insurers started to offer the product after both Toronto and Alberta were hit with severe flooding in 2013, although it took some time to roll out.
     
    Stewart says most homeowners grappling with flood damage will be left relying on government assistance, which typically covers less than insurance would.
     
    Jason Thistlethwaite, an assistant professor in the faculty of environment at the University of Waterloo, says many Canadians simply aren't aware that they need to purchase an add-on to cover flooding.

    MORE National ARTICLES

    Liberal Party In British Columbia Gives Back Donations Worth Over $174,000

    Liberal Party In British Columbia Gives Back Donations Worth Over $174,000
    VANCOUVER — New reports released by Elections BC show the Liberal party returned almost $175,000 in political contributions it received in the last six years.

    Liberal Party In British Columbia Gives Back Donations Worth Over $174,000

    B.C. Police Watchdog Plans To Appeal Court Ruling Involving Suspended Chief

    VICTORIA — British Columbia's police watchdog will appeal a court ruling quashing parts of its investigation into misconduct allegations against Victoria's suspended police chief.

    B.C. Police Watchdog Plans To Appeal Court Ruling Involving Suspended Chief

    Lumber Train Derails On Northern Vancouver Island Injuring Two

    Lumber Train Derails On Northern Vancouver Island Injuring Two
    WOSS, B.C. — Two people have been hurt in a train derailment in Woss on northern Vancouver Island.

    Lumber Train Derails On Northern Vancouver Island Injuring Two

    Winnipeg Woman Convicted Of Storing Remains Of Six Infants Back In Court In July

    Winnipeg Woman Convicted Of Storing Remains Of Six Infants Back In Court In July
    WINNIPEG — A woman convicted of concealing the bodies of six infants in a Winnipeg storage locker is to be in court July 7 for a sentencing hearing.

    Winnipeg Woman Convicted Of Storing Remains Of Six Infants Back In Court In July

    How Ontario's New Foreign Homebuyer Tax Would Work

    How Ontario's New Foreign Homebuyer Tax Would Work
    A 15-per-cent non-resident speculation tax proposed by the Ontario government Thursday forms a key plank in the province's plan to cool the hot housing market in its southern cities.

    How Ontario's New Foreign Homebuyer Tax Would Work

    WestJet Airlines Looks To Launch New No-Frills Airline Later This Year

    CALGARY — WestJet Airlines Ltd. (TSX:WJA) will launch a new discount carrier later this year in a bid to offer travellers a no-frills, low-cost option, the company said on Thursday.

    WestJet Airlines Looks To Launch New No-Frills Airline Later This Year