This is what the Insurance Bureau of Canada (IBC) wants to put in place following the many floods of recent years. Negotiations are under way with the Federal Government to this effect.
This new insurance would cover flooding regardless of its origin, which is not the case in most insurance policies in force now.
Craig Stewart, vice-president of climate change and federal affairs at the Insurance Bureau of Canada (IBC), says the goal is to have a national flood insurance program in place by April 1, 2025.
He thinks that there are currently 1.5 million households living in high-risk areas.
According to last year’s federal budget, the Government proposed to provide $31.7 million over three years, starting in 2023-2024, to launch a low-cost flood insurance program to protect households at high risk of flooding and without access to adequate insurance.
Details still need to be worked out, but Stewart says coverage would be around $300,000, with a deductible that will need to be affordable.
The Association des Propriétaires du Québec (APQ) will follow this file and also if all types of housing will be covered.