Toronto floods: $940 million in insured damage reported

 

Last month's flooding in Southern Ontario and Toronto reported more than $940 million in damage. The report from the Insurance Bureau of Canada comes after record rainfall hit Toronto this weekend.

On July 16, a month's worth of rain fell within three hours, flooding Toronto and surrounding areas. Houses and businesses were submerged in water. IBC Ontario and Atlantic vice-president Amanda Dean said in a statement that the IBC has long warned that natural disasters will become more common in Canada as a result of climate change. Typically, IBC states that this type of damage is covered only if optional coverage is taken out in addition to the home or auto policy.

According to IBC, insurance claims can be made only if there is optional coverage for vehicles damaged due to wind, water etc.