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Flood Insurance Program Delayed, Experts Push for Short-Term Solutions
Description
Federal Emergency Minister Eleanor Olszewski acknowledges the complexity of establishing a national flood insurance program, as Canada grapples with flood warnings. The proposed program, initially pitched by former PM Justin Trudeau, aims to alleviate costs for households, but its rollout is delayed until 2025. Floods cause significant damage, with 90% of home flooding losses tied to high-risk properties. Insurers warn against endless subsidies, advocating for a short-term program with an exit strategy, focusing on community protection, relocation, and preventing new builds in flood zones.
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