On July 16, 2024, intense flash floods hit southern Ontario, leaving drivers stranded, homes and businesses flooded, and thousands without power. Although it’s too early to comprehend the extent of the damage, the Insurance Bureau of Canada estimates that insured losses resulting from the event could top $1 billion.
Toronto, a city particularly affected by the flooding, is on pace to experience its rainiest summer on record, according to The Weather Network. Almost 100 millimetres of rain fell at Toronto Pearson Airport during the flash floods, more than a month’s worth of rain in one day. Other areas impacted included London, Oshawa, Lindsay and Cambridge.
Severe Weather Events Are Becoming More Common
Extreme weather events, including flash floods, are becoming more common due to the impact of climate change. Home and business owners should check their insurance policies to ensure they’re adequately covered. In particular, it may be prudent to review the merits of the following coverage types:
- Overland flood coverage—This type of coverage may provide financial protection from damages from surface water due to heavy rainfall or the overflow of lakes, ponds or rivers.
- Sewer backup coverage—Flash floods put extreme stress on sewer systems, which could result in sewer backup incidents. Sewer backup coverage can provide financial protection from the damages associated with these incidents.
- Comprehensive auto insurance—Some auto insurance policies may not cover vehicle damage caused by wind or water, so drivers may wish to consider comprehensive coverage options.
Next Steps
Individuals and businesses should review their homeowners, auto and commercial property insurance policies to help prevent out-of-pocket expenses from flash floods or other extreme weather incidents. In the event of a claim, damages should be reported immediately, and detailed notes and photos should be taken.
To learn more about how to protect yourself from these risks, reach out to CMB Insurance Brokers for more information. We can provide you with valuable insights and guidance: call CMB at 780.424.2727 or click here to get a quote.