‘Anecdotally speaking, for high-risk areas, flood insurance is still very hard to find,’ economist says
More Canadian homeowners are purchasing overland flood insurance, but many people living in higher-risk areas – including B.C. communities located on floodplains or those devastated by flooding last fall – do not have such protection because it is not an option for them, is too expensive or because they simply do not know that their properties are at risk of flooding.
For residents in those areas, the federal government is preparing to release details of a low-cost, national flood-insurance program, as well as relocation options for people living in homes at the highest risk of recurrent flooding. “But having said that, 4 per cent is hundreds of thousands of properties, when we look at all of the properties in the province, and these properties are typically in high-risk flood-hazard areas or in floodplains – just like the ones that were impacted by the atmospheric river event,” he said.
Dr. Li noted that metropolitan forward sortation areas – geographical areas determined by the first three characters of their postal codes – generally had higher take-up rates than rural FSAs. But he noted that FSAs in Richmond and Delta – both located on the Fraser River floodplain – had much lower rates than other cities.
A national task force struck to examine responses to the growing threat of flooding is expected to develop Ottawa’s flood-insurance program, relocation options and a comprehensive flood mapping system.
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