So what does climate change mean to most Canadians?
While watching the news, we regularly see reports of extreme environmental events. Temperatures are certainly warmer overall, with alternations between periods of record amounts of precipitation and drought conditions - our climate is made more violent and unpredictable, characterized by increasingly frequent destructive events, which places an additional burden on us in terms of adequate risk preparedness.
Storms - Canadians experience many types of storms, including snowstorms, hail, heavy rains, ice storms, lightning, thunderstorms and wind. When severe enough, these storms can threaten life and property. Be sure to seek appropriate refuge to stay safe when you learn of an impending storm.
Flooding - Recent massive flooding in Alberta, Manitoba and Ontario has underscored the need to improve existing warranties to protect against water damage. As most of you may know, water damage protection guarantees were not previously available in Canada. This is mainly due to the fact that, until recently, the most recent flood maps in Canada were based on data dating back over 40 years and insurers were not prepared to insure the risk based solely on this information. As a result, the Insurance Bureau of Canada led an initiative to update flood maps and now several insurers in Canada offer coverage. Surface Water Damage Coverage provides insurance against damage caused by freshwater flowing onto your property from surface sources, such as lakes and rivers. It naturally complements the standard guarantees for protection against damage caused by water and sewer backup, which are generally offered by your insurer.
Fires - Fort McMurray is the most recent and obvious example of fire damage, which is most likely attributable to climate change. For many years, regional ecosystems across Canada maintained their balance with sufficient precipitation to prevent large-scale wildfires. However, during drought, wooded areas become more likely to ignite from natural or man-made causes. If a fire occurs in your area, heed the evacuation orders issued and prioritize your safety.
Earthquake - While this risk is unrelated to climate change, it is often overlooked in Canada, where several regions are classified as having at least moderate seismic risk. Remember that seismic risk premiums are calculated based on where you live and the associated risk. Therefore, if you are lucky enough to live in a low risk area, you are probably going to pay a relatively small premium for great peace of mind.
The lesson we should learn from environmental events related to climate change is that it pays to be prepared:
Be aware of and take into account the risk of damage to your property due to location - for example, if there is a high risk of flooding or wildfire.
Explore ways to weatherproof your property:
Check that the water flow is not directed towards the foundation.
Install backflow preventers to prevent backflow of sewers.
Cover the window frames to prevent water from flowing into your home.
Consider installing fire retardant shingles if your home has an increased risk of wildfires.
Remember to prepare for possible power outages with an emergency plan and kit, and focus on safety when disasters strike.
With the growing number of news reports of extreme weather events, it's no wonder people are seeing a link between these reports and climate change. From an insurance coverage perspective, it doesn't really matter whether climate change is to blame or not, only that events related to environmental risks are likely to become more frequent and destructive.
Remember to have your risk protection reviewed by an insurance professional. Climate change risk insurance is mainly standard property insurance with which
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