It’s impossible to not have noticed that our weather has changed over the years. At one time severe weather incidents were seen once in a typical Canadian’s lifetime, now there’s at least one in a decade.

Rainfall has increased by double-figure percentages and the cost of insuring homes against floods is increasing. Where once the greatest risk to a property was fire, now it is more likely to be flooded. The cost of natural disasters last year ran into many billions of dollars and we’ve already seen storms causing major damage this year.

The Insurance Bureau of Canada is testing a new online tool that will help insurers to assess the potential risk of flood to individual streets. While there is no suggestion that this tool will be available to homebuyers, an insurance policy quote would give a good indication of the risk.

The IBC says that premiums will be rising and limits of cover will be restricted. Although overland flood insurance has not been available in Canada, a small firm in Calgary is looking to change that. The Beaufort Group normally deal with energy industry insurance but are offering a limited number of policies to owners of flood-prone homes.

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