IBC releases consumer flood data factsheet
Published: May 26, 2018
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Home Insurance
The Insurance Bureau of Canada (IBC) has officially launched its consumer flood education Flood Factor campaign, which will get underway later this spring and run into summer. Accompanying the launch, the bureau has released a factsheet highlighting some key details about flooding in the province of Ontario.
Facts have been compiled following a survey that found homeowners in Ontario admit they do not have flood coverage on their home insurance policy or are unsure. 45% of respondents with a ground level property think they have flood insurance on their home insurance, while 23% are not sure.
Just 37% of Ontarians are confident in their policy knowledge to understand what coverage they do or do not have. However, 46% say they would want to know more about what is available on their policy.
Probably the most interesting aspect of the IBC study is that 48% say they have no plans to take further action to stop floods impacting their homes this summer. Furthermore, only 10% of homeowners asked have a recommended disaster safety kit, with 61% saying they have no plans to make a kit.
Additional information presented in the factsheet includes the reliance on insurance companies for education on property risks and dangers from flooding. 64% of those asked say they trust an expert for information on how to better mitigate flood damage. However, a high number (54%) say they would also trust an insurance company for the same information.
Over the coming months, the IBC will bring its Flood Factor campaign to British Columbia, Alberta, and Ontario.