Storms and flash floods in Alberta on June 5 are expected to exceed $42 million in insured damages, according to the Insurance Bureau of Canada (IBC).
“In Calgary alone, there have been 3,094 insurance claims so far as a result of the storms, and insurers expect to pay $42 million to cover these claims,” Jim Rivait, IBC vice-President, Prairies, NWT and Nunavut, said. “When including claims from Edmonton, the numbers rise to 3,447 claims and an expected $48 million in payouts.”The insured damage has been mostly sewer back-up in homes, and some auto claims.”
In a press release, IBC urged homeowners to be patient during the claims process. “The booming economy in Alberta has resulted in a labour shortage, which impacts residents particularly in times like this as it can be difficult to find contractors,” Rivait said.
“The provincial government has now officially declared the storm a disaster. The industry will be working closely with Alberta Disaster Services and we expect that everyone with insured or uninsurable losses will be taken care of.”
The IBC is reminding residents that damage caused by overland flooding and seepage cannot be covered by home insurance. “Generally, overland flooding is only a risk for the small percentage of the population who live in a flood plain and, since the purpose of insurance is to spread risk amongst many policyholders, flood insurance for those at risk would be unaffordable,” the IBC noted.