Emergency Preparedness Minister Bill Blair said the disaster deepens the government’s resolve to make flood insurance available to all Canadians, regardless of their location
As communities in Atlantic Canada begin their recovery from the widespread damage caused by post-tropical storm Fiona, the federal government says it will step in to support the many people whose homes and businesses were uninsured against coastal flooding, or uninsurable.Blair told a news conference on Sunday that the government will co-ordinate with provinces to deliver financial aid to uninsured people in Atlantic Canada through a disaster funding program.
“It deepens our resolve to get the job done,” he said, adding that last year’s flooding in British Columbia was another instance when such insurance was needed.Craig Stewart, vice-president of climate change and federal issues for the Insurance Bureau of Canada, said insurance for coastal storm surges or seawater damage is almost entirely unavailable to Canadians, because insurance companies perceive the risk of such disasters as being extremely high.
Mr. Stewart said federal funding for flood insurance would effectively backstop insurance providers, to ensure they don’t lose large amounts of money when powerful storms happen.more common, because the current system of federal assistance for uninsurable properties means that taxpayers are subsidizing other people’s risky homes. Making owners of homes in flood plains pay insurance premiums commensurate with that risk would shift much of the financial burden onto them.
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