British Columbia had been affected by extreme flooding in 2021.
This program was made available to communities in the Fraser Valley of British Columbia who were impacted by devastating flooding and landslides in November 2021.
A Canadian Press analysis of Disaster Financial Assistance Agreement data shows it takes an average of seven years for all disaster aid to be disbursed – and even 10 to 15 years in some cases.
As weather disasters become more frequent, there is increasing demand on the insurance market, says Andrew Janzen, an insurance broker based in South Surrey.
Extreme weather conditions really create challenges from an insurance perspective […] this results in fewer options and increased costs for consumers, adds -he.
Home insurance and mortgage insurance increased by an average of 33% between April 2018 and April 2023, according to Statistics Canada.
Some insurers are withdrawing from areas they consider high risk, even assures Andrew Janzen.
This is the case with flood insurance, which is generally available to homeowners located outside flood zones, but not to those whose property is in an area considered high risk. /p>
Last year, Ottawa allocated $31.7 million to Public Safety Canada – the federal Department of Public Safety – and the Canada Mortgage and Housing Corporation to establish Canada's first national flood insurance program.
This program aims to protect homes most exposed to the risk of flooding. However, he hasn't made much progress, according to Brad Vis, Conservative MP for Mission-Matsqui-Fraser Canyon.Tim Warmington, spokesperson for Public Safety Canada, assures that the government will reconvene a working group to discuss with the insurance sector, the provinces and the territories.
In its budget revealed in February, the British Columbia government allocated $405 million over 4 years to manage the effects of climate change and related emergencies.
Amine Ouazad, an expert on climate risks in mortgage markets, says the province needs to spend more money on disaster risk preparedness and disaster recovery.
It's a good start, but it's only a moderate amount when you consider the cost of previous natural disasters in British Columbia, says Amine Ouazad.
It is prudent for homeowners to adapt their homes in anticipation of flooding and wildfires, he adds.
Meanwhile, with the global weather phenomenon El Niño, forecasts indicate that 2024 could be even warmer.
There doesn't seem to be any break for severe weather, warns Rob de Pruis.
With information from Shaurya K Kshatri