Are you serious? You have a choice not to own a home and not pay home insurance. I would advice exercising one of the options.
Insurance - Fort McMurray Fire
- Last Updated:
- Jul 7th, 2016 5:25 pm
Tags:
- SCORE
- McMaggot
- Deal Addict
- Aug 4, 2003
- 3009 posts
- 1629 upvotes
- WL1980
- Deal Fanatic
- Dec 28, 2007
- 5348 posts
- 4356 upvotes
- booblehead
- Deal Expert
- Jul 30, 2007
- 33237 posts
- 21168 upvotes
- Toronto
Just watching Cbc news and the estimate insurance cost to rebuild 50% of the town will cost about $4.7 billion (source : bmo). It will be the costliest insurance claim in cdn history.
The Quebec ice storm cost about $2 billion
The Quebec ice storm cost about $2 billion
- WinterSleep
- Deal Addict
- Jan 26, 2016
- 2240 posts
- 2272 upvotes
- Toronto, ON
- RangerG
- Member
- Apr 26, 2016
- 201 posts
- 62 upvotes
- Toronto, ON
'overland flooding' is a joke. I remember this being an exclusion after the Alberta flooding. Funny, some policies excluded 'overland flooding' until the media got involved, and started covering every floor damaged home, once Aviva committed
Wonder what insurers will call wildfires moving forward...
- alanbrenton
- Deal Expert
- Apr 21, 2004
- 58648 posts
- 24637 upvotes
- rasadam
- Sr. Member
- Jan 16, 2010
- 566 posts
- 123 upvotes
This is a nonsensical post. Insurance is pooled risk, and catastrophic events (like this) will cause a broad increase in premiums (in other provinces as well, to varying degrees). That's how insurance works. Insurance rates a volatile for exactly this reason.
Insurers also subsequently sell the underlying risk to other insurance companies (through reinsurance), so the entire industry in Canada is going to feel the effects of this event even if they don't operate in Alberta.
- tk1000
- Deal Expert
- Dec 7, 2012
- 32228 posts
- 8694 upvotes
- GTHA
A whopping $3.58 billion: Fort McMurray fires was the costliest event ever for Canadian insurers
CALGARY — The devastating wildfires that forced Fort McMurray residents to flee their homes and caused oilsands companies to shut down their plants will cost insurance companies $3.58 billion, making it the most expensive disaster for insurers in Canadian history by a wide margin.
“There is little doubt that the Fort McMurray wildfire is one of the most horrific and damaging natural disasters in Canadian history,” Insurance Bureau of Canada vice-president western and Pacific Bill Adams said on a conference call Thursday.
The $3.58 billion is roughly twice the $1.8 billion in insurable claims that followed the 2013 flooding in southern Alberta and more than three times the $742 million in claims from the fire that burned much of Slave Lake, Alta. in 2011.
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