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Fort McMurray: High Risk Home Insurance

By Ben N.  •  My Insurance Broker
Jul 8th, 2016 at 03:02 pm  •  Richmond Hill, ON

High risk Home Insurance. Fort McMurray's insurance cost Image Source.
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What initially started out as 7,500 hectares of land burned by May 3 (Cotter, 2016) quickly ballooned out of control to nearly 600,000 hectares in Alberta and Saskatchewan by June (Ross, 2016).

When the fire hit its peak, there were 2,292 firefighters, 90 helicopters, 273 pieces of heavy equipment and 20 air tankers currently battling the fires across Alberta (Update 28: 2016 Wildfires (May 29 at 2 p.m.), 2016).

Wildfire crews from around the world hurried to support the firefighting efforts in Alberta, which included:

88 per cent of the land devastated in the Fort McMurray wildfire was at a high or very high risk for succumbing to fire damage due to many buildings’ proximity… to nearby forestry (Mah, 2016).

To help cope with and lessen future losses, the home insurance market is now on the brink of a technological revolution, involving advanced scoring methods to help assess risk factors for people living in areas vulnerable to natural disasters.

Third party insurance services firm Verisk, based in New Jersey, is expanding its FireLine wildfire risk management service to insurers in the heavily forested provinces of Alberta and British Columbia (Mah, 2016). FireLine carefully assesses the risk factors for areas prone to wildfire by using satellite, weather, and topography data (Mah, 2016).

The company’s expansion comes after the successful proliferation of its services across the Western United States (Mah, 2016).

Services like FireLine are expected to help with insurance underwriting, rating, and exposure management and assist insurance companies with all future decision-making.

Compare Auto Insurance Quotes.
Compare The Best Auto Insurance Rates From Canada's Top Insurance Companies.
Average savings $500. Coverage available from $1,000,000 to 2,000,000.

References

Cotter, J. (2016, May 5). Alberta issues province-wide fire ban as crews battle flames in Fort McMurray | Toronto Star. Retrieved May 30, 2016, from https://www.thestar.com/news/canada/2016/05/05/more-communities-evacuated-as-fort-mcmurray-fire-moves-south.html
Mah, B. (2016, May 26). Most of land burned by Fort McMurray fire was at high risk: Insurance firm. Retrieved May 30, 2016, from http://edmontonjournal.com/business/local-business/most-of-land-burned-by-fort-mcmurray-fire-was-at-high-risk-insurance-firm