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Will the feds finally approve a flood insurance program? | The Narwhal

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The threat of flooding may seem far away during the hot, dry days of summer, but millions of Canadians live in homes that could be threatened by floodwaters in just a few months. Frequent flooding means more insurance claims, which drive up insurance premiums, especially for high-risk homes. Since 2013, flooding has resulted in about $850 million in insured losses every year. About 10 per cent of Canadian households now face such a high risk of flooding they can’t get flood insurance to protect their homes and belongings, according to the Insurance Bureau of Canada. “As a result of this increased risk that’s being driven by climate change … we’re seeing that some insurers are reducing their coverage or their exposure in certain regions,” Craig Stewart, the bureau’s vice president of climate change and federal issues, told The Narwhal. When insurance companies stop offering coverage to high-risk areas, governments are left to fill the gap with programs like disaster financial assistance

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