Flood insurance could soon be available to all property owners in Canada | CBC News

As Nova Scotia continues to clean up after last month's destructive flooding, the federal government and the Insurance Bureau of Canada are working on a way to make insurance coverage for that kind of damage possible. Currently, standard insurance policies generally do not cover storm surge and overland flooding because it is considered too high risk. Craig Stewart, the vice-president of climate change and federal issues with the Insurance Bureau of Canada, said the goal is to have a national flood insurance program available by April 1, 2025. "You will continue to buy home insurance the way you do through your existing insurer, but you will have access to comprehensive flood insurance, which will protect you," Stewart told CBC News last week. Stewart said the collaboration with the federal government began 2½ years ago when the public safety minister called for a task force to look into how flood responses could be improved. Stewart estimates there are currently 1.5 million households

Flood insurance could soon be available to all property owners in Canada | CBC News Flood insurance could soon be available to all property owners in Canada | CBC News Loaded Nova Scotia Flood insurance could soon be available to all property owners in Canada Insurance policies don't typically cover storm surge or overland flooding because it's considered too high risk. Insurance Bureau of Canada estimates there are about 1.5 million households in high-risk areas Anjuli Patil · CBC News · Posted: Aug 16, 2023 5:00 AM EDT | Last Updated: August 16, 2023 Listen to this article Estimated 4 minute

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