As Toronto residents face property damage following a severe rainstorm earlier this month, insurance experts are recommending homeowners and renters consider flood protection now — as precipitation rates are predicted to increase due to climate change.CBC NewsVehicles near Don Valley Parkway are submerged after a major rain squall caused the Don River to burst its banks on July 16, 2024.
The Canadian insurance industry is expecting to see nationwide claims increase from $2.1 billion annually in 2020 to $5 billion annually by 2030 due to climate change, according to a 2020 report by the Insurance Institute of Canada, a non-profit.Limits to flooding coverage "Some companies may have a certain amount that they will only pay, maybe they say 'we're not going to pay more than $25,000 for any one sewer back-up claim,'" Thomas said.
There are multiple core types of coverage, Ivans said, which include sewage back-up and overland flooding, which is caused by the overflow of water from a lake or river.Residents in Rockcliffe dealing with property damage after Toronto floodingSeveral residents in the Rockcliffe neighbourhood in Toronto's west-end say they are dealing with thousands of dollars worth of property damage following flooding on July 16.
Ivans recommends shopping around with multiple providers for the best rates and also considering investing in flood mitigation efforts, to prevent incidents or reduce damage.Implementing ways to prevent flooding can be easy and cost-effective, said Jim Mandeville, the senior vice president of First Onsite, a disaster recovery company in Toronto.