High Water Equals High Anxiety
This season continues to cause high water levels in rivers and lakes. Coupled with above average rainfall, the risk of overland flood is a clear and present danger depending on your location. To find out what your risk is you can contact your municipality or your insurer. If you are at high risk, check the website floodready.ca for advice on how to protect yourself against flooding. The Association of Municipalities of Ontario’s website monitors flood alerts for all of the regions, counties, municipalities, and districts in Ontario.
Insurance coverage for overland flooding has only been available on personal lines policies since 2015, and some insurers may still not offer it. Approximately one third of insureds who carry personal lines policies have the coverage. Affordable and available insurance for those at repeated high risk of overland flooding is currently not here . The Insurance Bureau of Canada, (IBC), is working with governments and realtors to come up with high risk solutions. One recommendation is that governments plan a strategic retreat; that is moving residences and people out of flood prone areas. Repeated floods can render the home uninsurable and impossible to sell.