Storms Hitting Prairie Provinces Hard: $200 Million in Insured Damage This Year

Calgary Homeowners Insurance

Home Insurance

Alberta Property insurance

EDMONTON, Sept. 5, 2018 /CNW/ – Summer storms across the Prairies have caused more than $200 million in insured damage so far in 2018, according to Catastrophe Indices and Quantification Inc. Since May 2017, weather-related insured damage on the Prairies has reached $464 million.

On July 13 and 14, severe thunderstorms and large hail in central Alberta damaged siding and vehicles. The storms also hit Saskatchewan, bringing hail, strong winds and heavy rainfall. In total, this mid-July storm caused more than $30 million in insured damage to homes, businesses and vehicles. Newer vehicles are equipped with advanced technologies that are far more expensive to repair than the parts used in older vehicles. These increasing vehicle repair costs exacerbate the costs of severe weather.

From August 1 to 3, severe thunderstorms brought hail, strong winds and heavy rain. Hail pelted Calgary on August 2, causing significant auto and property damage. A tornado touched down in Alonsa, Man., destroying buildings and vehicles. The total insured damage from this storm was $80 million.

These two storms are in addition to a mid-June storm with heavy rain and hail in Saskatchewan and Manitoba that caused $90 million in insured damage.

Insurance Bureau of Canada (IBC) reminds consumers to be insurance aware and to check what your policy covers before severe weather hits. Ask your insurance representative about what coverage is included or what you need to add on, like overland flood coverage, for example. Consumers can also call IBC’s Consumer Information Centre with their questions at 1-844-2ask-IBC.

To learn how to protect your property against floods and other disasters, visit IBC’s website.

Quotes

“These costs are only part of the picture – Taxpayers also foot the bill for this damage through disaster financial assistance arrangements programs that pay for many uninsured losses.”

“We are witnessing more frequent, intense storms and it is urgent that provinces and communities take concrete steps – such as improving land use planning and changing building codes – to adapt to severe weather events.”

– Celyeste Power, Vice-President, Western, IBC (Acting)

Key Facts

Severe weather events have hit the Prairies, resulting in more than $464 million in insured damage.

May 2017: Wind, water and flood damage near Lacombe, Alta., resulted in $68 million in insured damage.
June 2017: A hail storm in Saskatchewan caused more than $46 million in insured damage.
July 2017: Wind and water damage in in Yorkton and Melville, Sask., and in parts of Alberta resulted in over $50 million in insured damage.
October 2017: A windstorm in Dauphin and Winnipeg, Man., and parts of Alberta caused over $100 million in insured damage.
June 2018: Wind, rain and hail in Saskatchewan and Manitoba resulted in $90 million in insured damage.
July 2018: Severe thunderstorms in central Alberta caused $80 million in insured damage.
August 2018: Hail, strong winds and heavy rain in Alberta and Saskatchewan resulted in $30 million in insured damage.
Additional Resources

IBC.ca – severe weather
Preparing for severe weather

Source: Market Insider

September 6th, 2018|News|