Insured damage from April’s flood is now around $522 million.
The Insurance Bureau of Canada provided an update on Tuesday as claims on commercial properties continues to rise.
Originally, they estimated the damage was over $228 million, however, it’s more than doubled in the past two months.
The total amount for uninsured damage is unknown, however, the government of Alberta has provided $100 million through disaster relief funding. Applications are still be accepted until September 6, 2020.
So far, 730 applications have either been approved or are currently being processed.
The flood is the second costliest disaster in Alberta over the past several months. The Calgary hailstorm caused around $1.2 billion in damages.
“Albertans across the province have seen the devastating impacts of severe weather events this summer,” said Celyeste Power, Vice-President, Western, IBC.
“The insurance industry is here to help its customers recover and rebuild from these catastrophes. If you have any insurance questions, please contact IBC’s Consumer Information Centre at 1-844-2ask-IBC. We are here to help.”
April’s flood forced around 13,000 people to evacuate the Lower Townsite, Waterways, and Draper. Around 1,200 properties were damaged from the flood water which peaked around six metres in some areas.
