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the Alberta floods

kuba

TRIBE Member
What will this mean to the local housing market?

Do the people who do not have sewer back-up insurance mean that they have to pay for their costly repairs to their flooded homes?

Can't those homes eventually suffer from massive issues such as mould if not repaired properly?

What happens to the homes that were in transaction i.e. sold/bought etc?

Holy shit, what a fucking mess. And to top it off I still can't believe flood insurance isn't a regular offering here in Canada - I'd be up shits creek if that happened here - no way would I have $50-100K to fix my house.
 
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kuba

TRIBE Member
ANd the mayor of Calgary is a beacon of hope for those of us stuck in misery here. Smart, down-to-earth, calm, and very funny and straightforward. I wish....
 

the_fornicator

TRIBE Member
What will this mean to the local housing market?

Do the people who do not have sewer back-up insurance mean that they have to pay for their costly repairs to their flooded homes?

Can't those homes eventually suffer from massive issues such as mould if not repaired properly?

What happens to the homes that were in transaction i.e. sold/bought etc?

Holy shit, what a fucking mess. And to top it off I still can't believe flood insurance isn't a regular offering here in Canada - I'd be up shits creek if that happened here - no way would I have $50-100K to fix my house.

Yes. People have to pay to repair the damages out of pocket. Well, 99% of the people do.

Yes. Mold is definitely a reality if the homeowners don't do something to air out the flooded areas. The floors and walls are soaked in dirty water. High powered fans designed to move large amounts of air will be in huge demand. The carpet may or may not be replaceable, replace underlay since that's cheap, baseboard is garbage, probably have to remove all the drywall and insulation from the basement as well, if any, and replace with new stuff. Pretty much do an entire renovation. I imagine most people that don't have the funds to do a full reno will just tear out their basement and leave it bareballs.
 

Deus

TRIBE Member
Yes. People have to pay to repair the damages out of pocket. Well, 99% of the people do.

Alberta has a disaster relief fund (and I'm assuming all provinces). Premier Allison Redford is going to release $1B in disaster relief to cover home repair expenses for people not covered by overland flood insurance (which does not exist). I am assuming the Federal Government will do something as well.
 
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Klubmasta Will

TRIBE Member
i would be interested to know what percentage of the average homeowner's submitted uninsured damages gets reimbursed by the disaster relief fund. in other situations like this, is the government reimbursement around 10%, 20%, 50%, 70%, 100%?

does anyone have any idea?
 

Chris

Well-Known TRIBEr
^ in searching for an answer, i found this from 2007:Calgary flood victims line up for relief funds - Calgary - CBC News

why people choose to live in areas that have an obvious high risk of floods, tornadoes, hurricanes or other home-shattering natural events is beyond me.

As much as I agree with this sentiment, where are they supposed to live?

Toronto learned its lesson from the 1954 Hurricane Hazel event with flood plain mitigation, regulation and policies around building/development on its flood plains. Calgary I suspect will now go through this process and develop a comprehensive plan to avoid this for the future.
 

kyfe

TRIBE Member
What will this mean to the local housing market?

Do the people who do not have sewer back-up insurance mean that they have to pay for their costly repairs to their flooded homes?

Can't those homes eventually suffer from massive issues such as mould if not repaired properly?

What happens to the homes that were in transaction i.e. sold/bought etc?

Holy shit, what a fucking mess. And to top it off I still can't believe flood insurance isn't a regular offering here in Canada - I'd be up shits creek if that happened here - no way would I have $50-100K to fix my house.

First as I explained earlier this is not a sewer backup, no insurance policy will cover this and with regards to flood insurance I would venture to guess the majority would not be offered it and if they were it would be so expensive that the majority would not be able to afford it.

Certain areas in BC has the same concerns with earthquake insurance since some areas are on active fault lines. The price is ridiculous and from my experience many decline it's purchase when offered.

For the most part we are talking about basements being affected or the first few feet of the main floor. Tear outs would be done usually to the affected area (the first few feet which was soaked by floodwater). They cut away the drywall, bring in blowers and let them go to work. For the most part the structure is easy enough to fix but it will take time, people's belongings (shoes, carpets, toys etc) will be their biggest loss, luckily most are things they could live without immediately replacing.
 

kuba

TRIBE Member
As much as I agree with this sentiment, where are they supposed to live?

Toronto learned its lesson from the 1954 Hurricane Hazel event with flood plain mitigation, regulation and policies around building/development on its flood plains. Calgary I suspect will now go through this process and develop a comprehensive plan to avoid this for the future.


I don't think all of Calgary is prone to flooding (I could be wrong).
 
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