Most Canadians living in high-risk flood areas don’t know it

A new study finds 94% of Canadians who live in high-risk flood zones don’t know it, and are paying over $600 million out-of-pocket each year due to water damage.

The survey of 2,300 Canadian homeowners living in areas deemed by the Government of Canada’s Flood Damage Reduction Program as flood-risk areas was conducted by researchers at the University of Waterloo’s Interdisciplinary Centre on Climate Change and the Partners for Action research network.

Not only were 94% of respondents unaware they live in high-risk areas, but they didn’t know the onus is on homeowners to insure against flood damage. “Canadians pay $600 million out-of-pocket for flood damage every year,” said Jason Thistlethwaite, a professor at Waterloo, in a press release. “With disaster-assistance costs expected to double over the next five years, homeowners can’t afford to remain in the dark about their options and responsibilities.”

The study also finds more than half of property owners think they should be responsible for protecting their homes from water damage, but few took measures like purchasing a sump pump or using water-resistant building materials. As well, few understood that flood risk will only increase over the next 25 years.

Brokers have the opportunity to be part of the education process. “Property owners deserve to know what a flood could mean for their families and homes to be empowered to act,” Shawna Peddle, the director of Partners for Action based in Waterloo’s Faculty of Environment, said in a press release. “Governments and stakeholders, such as realtors and insurers, must meet homeowner demand for more information.”

from Your Business – Canadian Insurance http://ift.tt/2qTaVgX
Most Canadians living in high-risk flood areas don’t know it http://ift.tt/2qTaVgX http://ift.tt/1GjoY4g http://ift.tt/1EdKSDq http://ift.tt/1yQVVxa http://ift.tt/2qTdxeF angel.co/rtb1923 #latenighthashtags http://ift.tt/1pPZC1m