A year has passed since an atmospheric river and unprecedented rainfall triggered severe flooding in the Lower Mainland, resulting in over $100 million in property damages, including the home of Remy De Wolf in West Vancouver.
De Wolf admitted, “Private flood insurance wasn’t something we ever considered or discussed.”
Shocking statistics reveal that one in ten Canadian households lack flood insurance, with certain private insurers refusing overland water coverage for properties in high-risk flood zones.
CityNews conducted an analysis using data from the Vancouver Open data portal and identified close to 1400 properties zoned for single family dwellings in floodplain areas in Vancouver alone.
It is crucial for property owners to determine if their homes are situated in flood-prone regions, as this responsibility falls on them, not their real estate agents.
Mark Sakai, from the BC Real Estate Association, highlighted, “Homeowners must own and be aware of their situation.”
According to UBC coastal engineering Professor Enda Murphy, homeowners often lack the necessary resources to understand these risks.
The absence of a national flood insurance program in Canada leaves many uninsured homeowners to foot the bill for damages or rely on government assistance in case of significant flooding.
The Insurance Board of Canada has been pushing for the establishment of a federal flood insurance program since 2021 to aid high-risk households.
Liam McGuinty, from the insurance board of Canada, emphasized the importance of crafting a program that specifically targets households in dire need of assistance.
Provincial Minister of Emergency Management and Climate readiness, Kelly Greene, expressed hope for updates from Ottawa regarding a national flood insurance initiative.
Residents in West Vancouver continue to grapple with the aftermath of last year’s floods, with many still striving to recover financially.
De Wolf reflected, “While it feels like a distant memory, we are still in the midst of dealing with the repercussions. Moving forward, flood insurance will definitely be a top priority for us.”