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

UFV launches school of creative arts

New school combines theatre and visual arts

Pints n’ Pitches coming to Abbotsford

Free Oct. 16 event brings together people to foster potential business ventures

Local youth theatre presents Joseph and the Amazing Technicolor Dreamcoat

Show runs Oct. 17 and Oct. 21-24 at Mission’s Clarke Theatre

Candidate Questions: Brad Vis – Conservative

Mission-Matsqui-Fraser Canyon Riding

Candidate Questions: Jati Sidhu – Liberal

Mission-Matsqui-Fraser Canyon Riding

VIDEO: Langley woman’s security camera records its own theft

Langley family discovers early morning grab was recorded

Canadian Snowbirds plane crashes before air show in Atlanta

Pilot lands safely after ejecting from jet

Share crash data, private insurers tell David Eby, ICBC

B.C. monopoly makes drivers retrieve their own records

B.C. VIEWS: Wolf kill, not backcountry bans, saving caribou

B.C.’s largest herds turn the corner from extinction

Vancouver Giants wrap up prairie road swing with a 4-2 win over Regina

Milos Roman paced the Langley-based Giants with two goals, goaltender David Tendeck made 34 saves

Pearson nets shootout winner as Canucks clip Flyers 3-2

Vancouver picks up second straight home win

Map on Elections Canada website sends Nanaimo-Ladysmith voters to landfill

Address for polling station correct, but Google Map address differs

Man arrested in fatal stabbing at Surrey gas station

Victim pronounced deceased at the scene; RCMP cordon off area

Most Read