Could the cost of Toronto's recent, major flood match the 2013 event?
The 2013 flood that hit Toronto, Ont., and surrounding areas cost insurance companies around $1 billion. Could the July 16, 2024 flooding fetch the same total, or an even higher cost?
Now that the floodwaters in Toronto, Ont., have receded from last week's significant deluge, businesses and homeowners alike are taking stock of the damage incurred from Mother Nature's rainy wrath.
On July 16, Toronto and several locales in southern Ontario were hit with flooding rainfall, resulting in damaged basements and businesses, closed roadways and expansive power outages.
RELATED: How weather and landscape set the stage for Toronto's latest flood
Pearson International Airport picked up a whopping 97.8 mm of rain –– more than a month's worth –– but it wasn't enough to make it Toronto's wettest day on record. Last week's event was enough to put place it in the No. 5 spot. The 1991-2020 climate normals for July rainfall in Toronto is 74 mm.
So, what will the insurance bill be for such an extreme and damaging event in Toronto? Could it amount to the same cost as the infamous 2013 flooding the city experience?
Anne Marie Thomas, director of consumer and industry relations at Insurance Bureau of Canada (IBC), told The Weather Network recently that the cost may come close to the July 2013 flood given the parallels between the two events.
"Similar volumes [of rainfall] fell within a similar period of time. And we know that event [2013] resulted in $1 billion in claims payout," said Marie Thomas.
Typical house insurance won’t cover the cost of most overland flood losses, so last week's storm could fetch owners significant money, unless they specifically asked for additional protection.
Marie Thomas recommends getting the extra insurance now, if you don't have it, even if you were lucky enough to avoid damage from the July 16 deluge.
“You pay a little bit now for the coverage, or you pay a lot later, if you don't have the coverage,” said Marie Thomas.
With that being said, the exact cost of the storm is still unknown and won't be revealed until all claims are made and the damage is fully assessed.
WATCH: Perfect Storm of conditions set the stage for Toronto flooding disaster
With files from Kim MacDonald, content creator and weather specialist at The Weather Network.
Thumbnail courtesy of OPP Highway Safety Division/@OPP_HSD/X.
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