Though the amount of insured damage caused to Atlantic Canada by Hurricane Fiona is expected to reach about $700 million, insurance companies likely won’t have to foot the bill for most the damage the storm left behind.CatastropheProperty
Insurance companies likely won’t be taking the brunt of the massive damage total wracked up by Hurricane Fiona since much of the devastation was caused by perils that aren’t covered in Canada.
The storm pounded its way through Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Eastern Quebec last weekend. Current estimates place the insured damage total somewhere between $300 million and $700 million, though that is only a small portion of the true cost of the storm.
The reason is that gaps in the Canadian coverage system have storm victims vulnerable to damage caused by overland flooding.
Residential home and property coverage will pay for damage left by wind, fallen trees, and water leaking through roofs and windows, the majority of the devastation caused by Hurricane Fiona came from the flooding from storm surges.