New report from IBC says Spring flooding cause $208 million in insured damage
The Insurance Bureau of Canada (IBC) has released a report that the April & May flooding that occurred in Ontario, Quebec and New Brunswick has led to approximately $208 million in insured damage.
IBC said that the most common cause of damage during the flooding period was overflowing rivers. These spillovers affected roads, basements and vehicles alike. Heavy rain was the next most common cause of damage, causing roof leaks and sewer backups.
The highest insured damage was in Quebec with $127 million, Ontario reached around $74 million, and $6 million in New Brunswick.
In some regions, water levels were high prior to flooding due to earlier heavy rain and melting snow.
IBC also provided a breakdown of the estimated total insured damage in all three provinces by policy:
- Home Insurance: nearly $160 million
- Business Insurance: nearly $40 million
- Auto Insurance: over $10 million
The bureau is advocating for a National Action Plan on Flooding in the hopes that all political parties in the upcoming federal election commit to such a plan.