The British Columbia Financial Services Authority has reminded consumers to review their property insurance coverage as wildfires, floods and other extreme weather events continue to affect communities across Canada. The notice urges homeowners to check whether their coverage reflects the cost of rebuilding a home or replacing belongings after a loss and to speak with an insurance professional to confirm that their protection matches their needs. The authority highlighted that standard policies do not cover all losses. Earthquake and overland flood coverage typically require optional cover, making it important for consumers to identify any deductibles, limits and gaps in their policies and decide whether additional protection is needed. It also encouraged property owners to consider resilience upgrades such as heat, flood or fire protection measures and pointed to external guidance from the Canadian Insurance Services Regulatory Organizations and the Intact Centre on Climate Adaptation, as well as its own list of insurers authorized to operate in British Columbia.
British Columbia Financial Services Authority2026-06-26
British Columbia Financial Services Authority reminds consumers to review property insurance for wildfire flood and earthquake risks
The British Columbia Financial Services Authority has urged consumers to review their property insurance as extreme weather risks continue to affect Canadian communities. It stressed that standard policies may not cover all losses and that earthquake and overland flood protection typically require optional cover. Consumers should check deductibles, limits and gaps and consider whether additional coverage or property resilience measures are needed.