Shop Insurance Canada: Government must do more to Protect Homeowners from Coastal Flooding
April 21, 2016 (PRLEAP.COM) Business NewsApril 21, 2016 - Canada has the longest coastline in the world, covering some 200,000km and stretching across three oceans (Pacific, Arctic, and Atlantic). This means a great many Canadians live on or near the coast, and those homeowners are now at greater risk of coastal flooding and property damage from climate change. Shop Insurance Canada is warning that there is no coastal flooding protection in Canada and is calling on the government to do more to protect homeowners.
A major scientific study conducted by Natural Resources Canada titled Canada's Marine Coasts in a Changing Climate shows how much the Canadian coastline will be effected by climate change over the next century. The 280 page study was authored by 60 academics, governmental agencies, and climate experts, and it warns that coastal flooding could displace hundreds of thousands and cause huge damage.
"Where relative sea level is rising, the frequency and magnitude of storm-surge flooding will increase in the future." – Canada's Marine Coasts in a Changing Climate.
Over its coastline, Canada has 6,570,000 residents, which is 19.1 per cent of the entire population of the country. Many of these residents own homes along the coast and are at risk from property damage and loss from coastal flooding.
The insurance industry has recently made big strides in flooding coverage says Shop Insurance Canada, but it can't bear the burden of coastal flooding alone.
"Insurance companies are finally distinguishing clearly between overland flooding and sewer backup protection, making the claims situation clearer for consumers. However, no provider is willing to offer coastal flooding coverage as the risk of catastrophic loss is too great. This means homeowners are not sufficiently protected along Canada's 200,000km of coastline."
The insurance industry expert says the government needs to give more funding towards coastal flooding mitigation projects, but no man made measures can keep up with a drastically changing climate that will bring more storm surges. Local provincial authorities and communities are already embracing the fight by improving infrastructure and coastal barriers, but it is arguably an unwinnable fight.
Over the next decade sea-level rises and storm flooding will result in damage worth $2.6 to $5.4 billion and will effect business, infrastructure, and homeowners the report states. Up to 28,000 dwellings could be underwater by 2050, and Shop Insurance Canada says the country needs to wake up to the risk and have a debate about who will cover the cost of this extensive damage.
The government must work with insurance providers in the country to come up with a coverage policy that can aid homeowners and have enough incentives for the insurers to offer such a product. Companies could lose millions with little reward argues Shop Insurance Canada, which is where government aid and incentives will be important.
For information on home insurance, overland flooding coverage, and other issues regarding the insurance industry, contact Shop Insurance Canada online, or call us on 461-913-1051.
About Shop Insurance Canada
Shop Insurance Canada is a Toronto based company that specializes in delivering the best auto insurance products to customers around Ontario and Canada. The online car insurance quoting tool uses an engine that is easy to use and accurate enough to deliver the best auto insurance quotes from over 25 of Canada's leading providers. Shop Insurance Canada also offers expert advice on the auto insurance industry, as well as guides and news to help customers find the best deal possible.