TD Insurance has teamed up with the Institute for Catastrophic Loss Reduction (ICLR) to launch the latest iteration of a program that offers strategies to minimize risks associated with extreme weather events. The newest Showcase Home initiative coincides with the growing threat of urban flooding in Canada. According to data from CatIQ, basement flooding and water-related incidents from the past year resulted in more than a billion dollars in property damage.
Catastrophe experts say retreat from flood risk is 'critical option'
All climate disasters are not created equal and the Institute for Catastrophic Loss Reduction recommends retreat in the face of only one type of threat. "In our opinion, retreat is not an option that is important for most climate hazards in Canada. The hazard where retreat is really important and quite viable and a critical option involves flooding," executive director Paul Kovacs said.