Should flood insurance be offered in Canada?
Posted September 17, 2013 9:49 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – As the federal government prepares to hand out hundreds of millions of dollars for flood relief across the country, a new study looks at whether flood insurance is viable in Canada.
Canada is the only country in the G8 where insurance against flooding isn’t available to homeowners.
For the study “Assessing the Viability of Overland Flood Insurance,” researchers at the University of Waterloo conducted interviews with insurance company executives.
The study found opinions are still mixed about flood insurance, since those whose properties are damaged are eligible for compensation from the feds.
Researchers add the issue of flooding presents a real challenge, since it is only a significant risk for a small percentage of homeowners.
Click here to read the full report.
