Ontario Budget 2021/2022 – Support for Water Damage, Silence on Auto Insurance
The government of Ontario has recently publicized its budget for 2021-2022 and there are specific implications for insurance in our province…
The new budget and water damage
First off, the budget will include supports that will hopefully have a positive impact on home insurance claims.
The government announced that it will improve flood mapping and will also offer more financial support for municipal water infrastructure. It is hoped that both of these moves will help to mitigate water damage risk.
So what exactly are the government’s plans in regards to water damage?
They announced the following…
~ Improving floodplain mapping guidance.
~ Establishing a technical team for flood mapping in order to improve its ability to identify areas of greater hazard.
~ A commitment of $200 million per year to the Ontario Community Infrastructure Fund which serves smaller communities with populations less than 100,000 residents by providing them water and wastewater infrastructure.
In reaction to the budget announcement, the Insurance Bureau of Canada stated that it is “pleased to see the government committing to improved flood mapping and to ongoing investments in the Ontario Community Infrastructure Fund for stormwater upgrades and flood mitigation” (source: Canadian Underwriter).
How about auto insurance?
There was an expectation that the new budget would also specifically address auto insurance, as auto insurance considerations are often included in the budget (for example last year the “care not cash” provision was announced). This year the government was silent on auto insurance. There was also no specific mention of last year’s promise to offer Ontario residents more options when it comes to auto insurance coverage with the overarching goal of reducing rates.
Want more resources or information on home insurance and water damage? Check out these posts from the blog archives, or get in touch with someone form our team today. Head over here if it’s a home insurance quote you’re after or here if you’re on the lookout for auto insurance in Ontario.
- Water Damage and Home Insurance – Preventing Frozen Pipes
- Industry First in Home Insurance Ontario – Overland Water Protection
- Reminder to Check Your Water Damage Coverage
- 9 Steps to Help Prevent Basement Flooding
- Prepare Your Home and Property for Flood Season
Image source: FreeDigitalPhotos.net | Stuart Miles