Warning over flood risk for homebuyers
Steve Randall
Canadian Real Estate Wealth
Homebuyers may believe that they are protected in the event of a flood but are ill-informed.
A poll commissioned by Public Safety Canada reveals that 40 per cent of homeowners think the federal government will compensate them if there is a large overland flood leading to basement flooding. However, University of Waterloo climate change expert Blair Feltmate told the CBC that this is not true for most cases.
He explained that the government’s compensation, such as that paid to those affected by the heavy floods of 2013, were available as no insurance company offered coverage for overland flooding.
Now though, there are private insurance options which mean that the government will not step in for most homeowners.
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