Government figures have shown that water-related events – including flooding – have surpassed forest fires as the top cause of property damage in Canada in the past several years, costing homeowners more than $1 billion in losses annually. Despite the threat, a recent study has revealed that an overwhelming majority of Canadians living in high-risk regions are not only unprepared to deal with the impact of floods, but they are also unaware of the potential danger.
What Canadian homeowners need to know about flood insurance
Flooding has surpassed forest fires as the top cause of property damage in Canada in the past several years, costing property owners more than $1 billion in losses each year, according to government figures. Despite the threat, a recent study has revealed that an overwhelming majority of Canadians living in high-risk regions are not only unprepared to deal with the impact of floods, but they are also unaware of the potential danger.