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Here’s why you should pay attention to flood insurance

Flood insurance in Canada is in a state of flux. The Calgary flood of 2013 changed everything. Increased severe weather events across the country continue to shape the private flood insurance landscape.

At the National Insurance Conference of Canada, held in Quebec City the first week of October, a panel of industry experts sat down to discuss the state of the flood insurance market.

IBC consultant and former TD Insurance CEO, Alain Thibault, said there are still glaring gaps in the coverage offered. There’s no solution yet for high-risk properties and we don’t yet have the products that people need.

President of Direct-Line Insurance brokerage and past-president of the Insurance Brokers Association of Alberta, Gord Enders, said a potential problem was the point at which insurance would take over as the default protection, and when and how Government relief funds would cease being a “back stop.”

IBC vice president of federal affairs, Craig Stewart, said discussions between the IBC and Government continued, but more stakeholders needed to begin having a seat at the table. Mortgage lenders and realtors needed to be better informed and have a voice in the discussions.