The Insurance Bureau of Canada reports that the estimated insured damage caused by the tornado that struck Goderich in August amounts to at least $75 million.
That estimate is preliminary, reported by Property Claim Services Canada, a service that tracks insured losses arising from catastrophic events in Canada. Data collected by PCS-Canada confirms that thousands of claims have been filed for damage to homes, cars and businesses in the wake of the storm.
Immediately after the storm hit Goderich, IBC deployed its mobile pavilion to the community to assist residents and businesses by offering on-site, insurance-related information.
“I was on the ground with IBC’s [pavilion], and I can say firsthand that the tornado’s destruction to property in Goderich was awful,” said Ralph Palumbo, vice president of Ontario IBC. “It’s devastating for those who have been affected.”
Palumbo added: “Insurance companies were on the ground after the disaster to help affected residents and businesses. Many insurance companies brought in extra staff to start issuing cheques to residents to cover their daily needs and to begin processing claims immediately. And the industry continues to help the community to recover.” The recovery may still take time because of the extent of the claims and the availability of skilled trades and labour for demolition and rebuilding in the community. Insurers are also working to fulfill rebuilding requirements for damaged homes and buildings with heritage designations, to ensure the history of the community is preserved.
