Slave Lake losses prompt Insurance review
Posted on Fri, Sep 30, 2011
The wildfire losses in Slave Lake, Alberta that occurred on May 15, 2011 have promoted several insurance companies to undertake a major review of reconstruction costs compared to insurance values.
According to the Insurance Bureau of Canada, the wildfire caused more than $700 million in damages, making it the second-costliest insured disaster in Canadian history. The wildfire destroyed 433 buildings and damaged another 96. That’s substantial damage for a town with approximately 7,000 people. Thousands of claims have been made for people’s homes, cars and businesses.
Many property owners don’t even realize that they are under insured. Often we forget the costs associated with demolition and rebuilding. Talk to your insurance broker about the replacement cost of your property and register for our free building valuation.
For the record, the most expensive insurance disaster in Canada was the 1996 ice storm that affected Quebec and Ontario. That disaster caused approximately $1.8 billion in damages (figured adjusted for today’s inflation).