Canadian Underwriter

flood insurance

Flooded homes following torrential rainfall
News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceMarkets / Coverages

Are your clients adding water endorsements to home policies?

February 14, 2024 by Jason Contant

An increasing number of your clients are expressing interest in water endorsements on home insurance policies, according to data from rate aggregator’s home insurance quoter. The rate comparison website found 36% of all home insurance quotes on the tool

Raging River in flood.
News CatastrophesClaimsClimate ChangeMarkets / Coverages

Devil in the details: Canada’s proposed flood program

October 13, 2023 by David Gambrill

When Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United

woman wearing a paper bag with questions mark
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Court result suggests confusion about MGAs and insurers

June 23, 2023 by David Gambrill

Managing general agent (MGA) Can-Sure Underwriting failed to quash a motion to correct a misnomer in a flood damage claim, arguing the claimant incorrectly identified the MGA as an insurer. Ontario’s Superior Court also rejected Can-Sure’s argument that the claimant,

Severe flooding on the Ottawa River (for illustrative purposes only)
News CatastrophesClaimsClimate ChangeInsuranceLegalMarkets / Coverages

Insurer successfully defends flood exclusion in water damage endorsement

April 21, 2023 by David Gambrill

A Quebec home insurer successfully defended a flood exclusion to its policy’s water damage endorsement, on the basis that the insurer would not cover water damage that “occurs when a flood reaches the surface of the ground on the premises.”

Bad extreme heavy rain storm weather. Flooded streets of the neighborhood. A flooded road junction with a drowned car. Heavy rains from tropical storm caused many flooded areas.
News CatastrophesClaimsClimate ChangeInsuranceMarkets / CoveragesReinsuranceRisk

Feds commit money for new national flood insurance program

March 29, 2023 by David Gambrill

Canada’s federal government finally put numbers to a low-cost flood insurance program, committing $31.7 million over three years to protect households at high risk of flooding and without access to adequate insurance. Details about the program remain up for discussion,

People walking through snow in downtown Vancouver
News Insurance

B.C. flooding potential persists, despite end of official warnings

December 28, 2022 Canadian Press

VANCOUVER –  No weather warnings or watches were posted across British Columbia for the first time in weeks, but Environment Canada says more heavy rain is on the way while flood watches are still up for large parts of Vancouver Island

Five small wooden toy block houses are surrounded by murky brown water in a flood plain, up to their windows.
News CatastrophesInsuranceLegislation / RegulationMarkets / CoveragesReinsurance

Which model will Canada’s national flood insurance program follow?

June 9, 2022 by Alyssa DiSabatino

After undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests.   One model is based on a pool for high-risk homeowners, among

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Insurers seek federal grants for homeowners to improve basement flood protection

April 21, 2021 by Greg Meckbach

The industry is pushing to make federal grants available for Canadian homeowners to reduce basement flood risk. In the fall of 2020, the federal government announced its Greener Homes initiative. When the program rolls out, the plan is to provide

News AssociationsInsuranceMarkets / Coverages

Signs of progress on national flood program for Canada

January 29, 2019 by Jason Contant

Canada is making good progress on a national flood program, pending a final decision by federal, provincial and territorial (FPT) ministers responsible for emergency management. “What they are looking at is one national insurance solution to improve outcomes for high-risk

News CatastrophesInsurance

The ‘touchy topic’ in Canadian home insurance

September 6, 2018 by Greg Meckbach

Lack of flood coverage in high-risk areas raises the controversial question of whether owners of high-risk properties should have their insurance premiums subsidized. Overland flood coverage was generally unavailable on home insurance policies in Canada until 2015. Now dozens of

News CatastrophesInsuranceMarkets / Coverages

Will feds get involved in flood coverage for high-risk homes?

November 16, 2017 Greg Meckbach, Associate Editor

Despite calls from the industry for public sector involvement in covering flood risk to high-risk residential properties, the federal government has not committed to any programs that would lead to public sector involvement in flood coverage. Canadian Underwriter asked Public

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Windsor residents ‘disappointed’ with Ontario government response after August flooding: NDP

September 22, 2017 by Canadian Underwriter

Policy makers “need to look more closely” at government programs intended to help people recover from natural disasters, and these programs “may evolve” in the coming years, Ontario Municipal Affairs Minister Bill Mauro said Thursday. During question period at Queen’s