When living in Canada compared to other countries, Canada is considered to be a low-risk country for natural disasters. However, this does not mean that Canadians don’t experience any adverse climate conditions.
On July 26th, 2024, Toronto experienced extreme rainfall. Many people did not expect the major impacts this would cause and therefore did not plan for it accordingly.
This rain storm resulted in hundreds of flooded houses and basements, including rented properties. The Insurance Bureau of Canada announced there were $940 million worth of insured damaged from this storm. This rain storm proves that Ontario cannot be counted out when it comes to natural disasters. In order to have less impact and prevent major headaches, we must prepare ahead of time.
Here are ways landlords can prepare for future floods and limit the impact of these events for their property and tenants.
Risk Assessment
Landlords should assess the ground level, basement and roof of the property. Consider bringing in an experienced contractor who can give you feedback on the flood risk of your property and strategies to implement to create a safe environment in case of a flood.
Contractors may suggest improving your drainage systems, seal and waterproof your home. This will take an initial upfront cost to improve these areas of the home but this may help prevent severe damage and can help save you tons of fees in case of a major rainstorm.
Once these improvements are implemented, landlords should be inspecting these areas at least once a year to ensure they are still in working order.
Emergency Protocols
Landlords should provide their tenants with a protocol in case of an emergency. This should consist of a way to communicate with the landlord or property manager. In case tenants can’t reach you, providing an alternate contact number or person can be very helpful in these situations.
Landlords who don’t currently have a property manager should consider hiring a property management company to assist with responding urgently in these unexpected but very possible emergency situations.
Review Insurance Coverage
This goes without saying that insurance should not be overlooked. When connecting with an insurance agent, ensure you discuss and understand your coverage when it comes to floods. Your insurance agent will be able to assess how much coverage is needed for your property type and location.
Given the recent severe rainstorm causing thousands of floods and major leaks in Toronto, floods should be an area of focus when securing home insurance.
It’s a good practice for landlords to ensure their tenants have an active tenant insurance policy annually. Tenants should have their own insurance to protect their personal belongings within the property.
In conclusion, landlords should always stay informed of the local weather report and watch out for flood warnings. Implementing these strategies can go a long way for preventing severe damage to the property and also provide tenants with the reassurance that their safety is considered.
