incentivizing-flood-risk-reduction-for-homeowners-an-investigation-of-relocation-and-multiyear-insurance

Permission is hereby granted to reprint the “Incentivizing Flood Risk Reduction for Homeowners: An Investigation of Relocation and Multiyear Insurance” on the following conditions: the content is not altered or edited in any way and proper attribution of the authors and GRI is displayed in any reproduction. [...] 1.2 Task Force on Flood Insurance and Relocation As a result in 2021, the Federal Government created “the Task Force (TF) on Flood Insurance and Relocation with the mandate to explore solutions for low-cost flood insurance for residents of high-risk areas and consider strategic relocation in areas at the highest risk of recurrent flooding.”1 To meet those objectives, the TF analyzed flood risk in. [...] For a typical level of risk aversion, a homeowner with moderate vulnerability would require compensation of at least 85% of the property value if it is believed to be in the 100-year floodplain, but that minimum compensation drops to 35% if the homeowner truly resides in the 20-year floodplain. [...] In addition to the national flood insurance program, the 2023 federal budget included two measures to improve the resilience of Canadians to flooding: An online portal for homeowners to “access information on their exposure to flooding”; and a modernization of the DFAA to incentivize mitigation efforts. [...] Although it is a step in the right direction, considering the difficulties ahead to improve Canada’s resilience to flood risk, it is clear that more efforts and coordination are needed from the FPT governments and municipalities, especially given how climate change will affect the dynamics of flooding the in country.