TORONTO — Canadian homeowners are increasingly adding flood coverage to their insurance policies as extreme weather events become more common, according to the Insurance Bureau of Canada.
And after Tuesday's intense bout of flash flooding in southern Ontario, some residents may be finding out the hard way that their insurance doesn't cover flooding — and will be rushing to add that optional coverage to their policy for the future.
It's too early to tell the extent of the damage, said de Pruis, but"we do know that this was a very significant flooding event." As extreme weather events become more common, insurers are paying significantly more in claims related to severe weather, whether that's fire, flood, wind or hail, said de Pruis.
The program is intended to ensure that all homeowners can access affordable flood insurance regardless of their risk, according to the bureau.
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