If you have been affected by the Fort McMurray fires, our thoughts are with you. Please visit our general information page for important government updates, and we have also listed additional insurance and evacuation resources here. If you haven’t yet initiated a claim for possible damages, it is critical to start one soon.
Home Insurance and the Cost of the 2013 Floods
The northern Alberta wildfire has been devastating, and it will take some time to realize the full extent of this recent provincial disaster. While the final tally will take time to be revealed, it seems certain that the total cost will easily eclipse the devastating flooding of 2013. All told, in 2013 the property damage bill due to wild weather nationwide amounted to $3.4 billion, some 25 percent of which represented uninsured losses. Fully $1.7 billion of the weather related damages were generated in Alberta, leading to substantial insurance industry losses.
The flooding losses of 2013 also came while the province’s policyholders were still facing higher premiums from the $400 million in losses stemming from the regional flooding of 2005. As a result, Albertans saw their home insurance rates rise slightly in 2014.
A Burgeoning Problem
The problem is that the increasing occurrences of severe weather incidences in Alberta show no signs of abating anytime soon. The increased cost of insuring against extreme losses will be borne by policyholders as insurance companies address the heightened risks we all face.
Contemplating a world of increased insurance expenditures is not a pleasant prospect. Nevertheless, even when confronted by such a reality, there are measures we can all take that will still benefit you as a consumer.
Bow Valley Insurance of Calgary Stands Behind You
In the aftermath of flood, fire and hail, our extensive knowledge base, gained from nearly four decades of serving our customers, works to your advantage. From detailing specific insurance issues and tips in our regularly updated blog, to general advice on practical steps you can take to limit your insurance premiums, to our highly trained brokers comprehensively reviewing your true insurance needs with you to ensure you the best rates possible, we will continue to offer the service we are known for.
A home is the largest asset most people will ever protect. In an increasingly volatile insurance market, serving an increasingly at risk clientele, it is more important than ever to have someone at your side who is unequivocally representing you.
For a competitive free quote, don’t hesitate to contact Bow Valley Insurance and put us to work on your behalf now.