Spring flooding in Grand Forks in 2018. This couple returned home to find four feet of water inside. (Kathleen Saylors/Grand Forks Gazette)

Who should bear the financial risk of flooding? Here are three options

Report by Insurance Bureau of Canada and federal government says how cost is covered must change

A new report co-authored by the government and the insurance industry says Canada can do a better job of protecting homeowners from the escalating financial risks of flooding.

The report, produced by a national working group co-chaired by the Insurance Bureau of Canada and Public Safety Canada, says the worsening threat means the country has to change how it covers the resulting cost of such disasters.

The report estimates about one-fifth of homes in Canada are at risk of overland flooding, while insurance payouts have surged to about $1 billion per year over the past six years.

The working group offered three possible options: a pure market approach where risk is borne by homeowners; one in which government is more heavily involved, and the creation of a high-risk pool of funds to help manage the financial risk.

All three options are viable, the report says, though some do a better job than others at meeting core principles like affordability, efficiency and financial sustainability.

READ MORE: Southern B.C. flooding victims asked to check in safe on Facebook

The report also explores the importance of creating more public awareness and encouraging homeowners to take steps to limit their risk, or to take even more drastic steps, like moving.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Poutine With Purpose Pub Crawl supports local charity

Enjoy a pub favourite while helping to feed local kids

Health Canada suspends Island pot producer’s licence following unannounced visit

Evergreen Medicinal Supply is working on “corrective action”

Hundreds gather at fundraising kickoff for ‘Kings Park’ purchase

Campaign to raise $2.75 million for the District of Saanich underway

Vancouver Island School of Art gets new home approved

A new rental complex by ARYZE and The Purdey Group will also house the new art campus

Spooky meets retro at the Victoria Vintage Halloween Fair

It’s never to early to start planning your costume

Third instance of Trudeau in skin-darkening makeup emerges

Another instance of Trudeau using makeup to darken his face has emerged, within 24 hours of the first

Crime Stoppers most wanted for Greater Victoria for the week of September 17

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Should the province step in to upgrade the road to Bamfield?

The death of two University of Victoria students on a bus bound… Continue reading

Nelson man accused of swimming naked at Toronto aquarium expected to plead guilty

David Weaver, of Nelson, was arrested and charged in October of last year

VIDEO: Party leaders react to Trudeau’s brownface photo bombshell

Fallout from Justin Trudeau’s brownface photo, and two other instances, sure to dominate campaign

35 of 87 dogs in 2018 Williams Lake seizure were euthanized, BC SPCA confirm

The dogs did not respond to the behaviour modification and remained terrified of humans

B.C. ‘tent city’ disputes spark call for local government autonomy

UBCM backs Maple Ridge after province overrules city

Most Read