Flood risk is becoming an increasing concern across Canada, and a new, proactive funding project aims to increase awareness.
The current education gap is of particular concern, as a 2017 report by Partners for Action found that 94 percent of Canadians living in at-risk flood zones were unaware of the potential detrimental risks. This confusion is hindering progress -- calling for a significant increase in awareness.
In order to bridge the education gap and in turn, protect Canadians, Canadian insurance co-operative The Co-operators has joined with the Partner for Action network at the University of Waterloo.
Providing $600,000 in funding, The Co-operators, a Canadian insurance co-operative will support the efforts of Partners in Action in order to provide the education and tools necessary to protect Canadians in relation to flood risk. The goal is to reduce the overall social, financial, and emotional burden associated with flood damage, supporting the growth of more informed, resilient communities.
This partnership comes at a dire time, as extreme weather continues to worsen in regards to both frequency and severity. As the threats associated with climate change continue to unravel, complex collaborations will be required to increase public awareness, helping Canadians better understand the evolving risk of nature. In this case, the implications and costs of flooding -- which has now become the costliest cause of damage to Canadian homes, surpassing fires.
By encouraging engagement across researchers, businesses, non-government organizations, and all levels of government, collaborative solutions could help protect those most vulnerable.
Unfortunately, the majority of Canadians are not covered in regards to flooding damage -- yet nearly 45 percent of Canadians living in ground-level homes believe that their home insurance policy covers such damages.
As a Canadian, it is imperative that you understand the risks associated with unpredictable weather patterns and what they mean in terms of your safety and overall flood risk. Other than following the efforts of this latest collaboration, you should also inquire about your current home insurance policy.
If you're ready to take proactive action, please inquire about more accurate home insurance quotes today!