IBC shares important flood information for Ontario

IBC shares important flood information for Ontario | Insurance Business

IBC shares important flood information for Ontario

To mark the launch of its upcoming consumer flood education campaign set for this spring and summer, the Insurance Bureau of Canada (IBC) has released a factsheet detailing key flood findings for the province of Ontario.

IBC conducted a survey and found that the majority of Ontario homeowners said that they either do not have flood coverage or know for sure if they are covered – 45% of homeowners with a ground-level home think they have flood insurance as part of their regular home insurance policy, while 23% do not know if they have flood coverage.

The survey also found that only 37% of homeowners in the province feel confident in their level of knowledge about what is and is not covered in their home insurance policies. But 46% say they want to have a better understanding of the home insurance policy and coverage.

Most alarmingly, the study discovered that 48% said that they are not planning to take any action to protect their homes from flooding in the coming months. And while 10% of homeowners have a disaster safety kit, 61% of those who do not have such kits said that they are not committed to assembling a kit in the near future.

The study found that insurers play a big role in the education of homeowners on the risks and dangers of flooding. Although 64% of study participants said that they would trust a science and/or flood expert for information on how to reduce flood risks, the second-most-trusted source of flood prevention information identified was insurance companies (54%).

IBC’s Flood Factor campaign will visit various cities across British Columbia, Alberta and Ontario to raise awareness of flood risks and to prepare homeowners for emergencies.

 

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