Federal funding for flood insurance a 'major step forward': industry

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OTTAWA — The federal government committed $31.7 million over three years in its latest budget toward a low\u002Dcost flood insurance program.

Experts said the hurricane highlighted gaps in home insurance, which don’t normally cover damages from storm surges such as the ones caused by Fiona.

The federal budget states that the unique realities of natural disasters make them difficult to insure. It proposes funding starting in 2023-24 to Public Safety Canada and the Canada Mortgage and Housing Corporation to work with the Department of Finance on the program.Article content

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