No Flood Coverage Home Insurance In Calgary

The High wood River are rivers waiting to flood you out! Alberta found that out for sure in June of 2013. The entire province will pay for the tragic loss of life and property for a long time. So, then why is there no flood coverage for home insurance in Calgary?

 There Are Over 5 Billion Reasons!

There were tremendous losses to bother personal and public property due to the unprecedented amounts of water that descended on southern Alberta. If you allow Alberta the 3,645,257 people estimated in a 2011 census, the $5 billion overall recovery estimate equals almost $13.7 thousand per citizen. Of course, we are not personally on the hook for costs, and that amount will be divided between provincial, federal and municipal governments along with insurance agencies, it points to the enormous expense involved in cleaning up after a flood.

There is no flood insurance in Alberta simply because only those people who live in flood-prone zones would be likely to purchase it. Hence, there would be a small amount of people among whom to spread the cost of claims. Therefore, the cost of flood insurance would be so high that it would become unaffordable.

How Bad Is It?

Well, Canada is the only G8 country where homeowners simply cannot buy insurance against overland water. A business may be able to find a source of insurance and be willing to pay the price, but no citizen can buy private insurance against flooding.

It is called overland flooding because it refers to the water that enters a residence as a result of swollen streams, lakes, or rivers. Home insurance in Calgary may protect you against sewer backup to burst pipes - but not from overland flooding.

This leaves Alberta's and all Canadians exposed, and there is no relief in the near future. Climate change may or may not be behind the Alberta floods, but flooding is increasing in frequency and severity. There were also floods in Toronto, Quebec, and Manitoba, and so without legislation the Canadian insurance industry is unlikely to take the risk. 

The entire insurance industry is focused on the flooding issue, and the June floods have cost insurance companies $2.25-billion for commercial and governmental claims.

Solution?

Under Canada's Disaster Financial Assistance Arrangements, the provincial and federal governments fill in the gaps in financial recovery. The insurance bureau of Canada (IBC) looks back to design the future, and without a comprehensive analysis of flood plains throughout Canada - and the U.S. for that matter, it has to look to present options. This includes increased deductibles, new products, and engineered payouts. The future does not appear to include flood coverage in home insurance policies for Canadians.

Lane's Insurance is a customer oriented, matter-of-fact insurance brokerage that believes service is still important to people. As proud members of the Independent Insurance Brokers Association of Alberta, Lane's works with numerous carriers to meet your insurance needs while maintaining competitive pricing. The buy private insurance against flooding. 

Flood Prone Areas And Flood Insurance

Insurance planning as they get engrossed in their daily lives. Generally, people tend to keep the process of insurance on the back burner as they are busy attending to other things in life. However, a professional indemnity insurance policy is a very important aspect of securing your present as well as your future. 

When you have adequate compensation coverage, you will not be under a lot of stress. Individuals fail to realize the importance of having a cover policy and hence do not seek one. Even if people acquire a policy, they forget about it and remember only when the due premium is to be paid.

Understanding the impact of cover policies like long haul trucking and trailer insurance is very important. Such policies are developed with an intention to provide protection to people against financial damage because of unplanned and unfortunate events. 

These are created to pay individuals, in the form of money, for different kinds of claims. Certain specific coverage policies can also provide protection cover to people from liability, damages and monetary loss. There are distinctive types of compensation policies to protect you from different kinds of events that can cause financial damage.

People can take security coverage for different needs as per the risk of loss involved. Cattle and crop insurance provides coverage to safeguard against fluctuations in yield per acre at a specified price, and covers added perils of decline in price, failure of irrigation equipment or supply, drought, insect damage, hail, freeze, wind, plant disease, naturally caused fire, lightning, wild life and flood. Such kind of a protection cover proves to be very beneficial to the farm owners.

Floods can cause permanent damage to the livelihood of people. For the people who live in flood prone areas, cheap flood insurance is a must as they will get a chance to recover the losses incurred. It provides the precise insurance coverage against property loss caused due to flooding. To conclude the risk factors and cover for specific properties, people as well as indemnity companies often refer to topographical maps in consideration for lowlands, floodplains and flood ways.

People build assets like a home or buy a car with great hardship. The loss of or damage to a house or an automobile can prove expensive for people. Individuals can use a home and auto insurance policy to safeguard and get a cover on the damage. 

Companies that provide policies protect the roof over your head and, in certain plans, everything under the roof as well. In turn, it gives peace of mind. Genuine companies offer protection coverage that you can benefit from at affordable rates and outstanding service. 

You can protect your home and investment with a suitable homeowners indemnity policy. This is one of the most significant steps that you can take to safeguard your assets from almost all kinds of damage.

Dangerous To Wade In Flood Water

The damage that floods wreak can always be counted on for causing major economic losses due to personal and commercial property damage, infrastructure damage, ruined crops, and of course, the toll of human lives lost. With so much at stake, and understanding that the standard homeowners policy excludes coverage for flooding, it's easy to see why many homeowners are diligent about purchasing flood insurance in Florida. They should also keep these tips in mind to help them stay safe in the aftermath of a flood.

Heed weather warnings. How many times has a news crew shown people who refused to evacuate when officials warned them to, preferring to stay behind and ostensibly protect their things (although how one can protect a house from a flood is a hard one to fathom)—only to see those same people later stuck up on the roof, yelling for help? It's best to be prepared to move quickly when a flood warning is posted, because those who wait too long may find it impossible to get out.

Stick to the high ground. It's dangerous to wade in flood water, which can be moving faster than expected and result in being swept away and drowned; many people caught in this situation report being surprised at just how powerful the moving water actually was. What's more, the water can be carrying debris and objects that can cause serious injury, not to mention harmful bacteria, chemicals, and other microorganisms that can cause infections and disease.

Be careful of power lines. People are severely injured every year when they come in contact with live wires while standing in water. Keep in mind that it's possible for some wires in the home to be dead, while others are live—and dangerous! Assume a wire is live rather than dead, and treat it accordingly.

Wear protective clothing. After the water subsides, as many or more people are injured during cleanup than in the actual torrent. Falling debris, sharp-edged materials sticking up out of the water, chemicals, frightened or injured animals—injury can happen from myriad sources. It's a good idea to wear long sleeves and pants, heavy gloves, and a respiratory mask when performing cleanup.

Eat and drink carefully. Refrain from drinking tap water until the city advises it is safe to do so, because the municipal water system may have become tainted by the downpour of water. Keep a supply of bottled water on hand, or boil water for drinking. When going through the pantry, throw away food in cans and bottles that came into contact with flood water; even if they are sealed, contamination by trace elements is still possible.

Use flashlights over candles. Use caution when lighting a candle because floodwater could contain flammable liquids such as oil and gas. If these liquids come into contact with the candle flame, they could catch fire and even cause an explosion. Instead, keep plenty of fresh batteries on hand to power several heavy-duty flashlights, and keep candles around strictly as a backup that won't be used unless it's clearly safe to do so.