The government of Canada is offering cash advances from insurance payouts. The Provincial Disaster Assistance Program is funding this instant cash loans. Estimates of the amount of damage from the Maple Creek floods are just now being put together, but the residents are already cleaning up.
Highways overflow with flooding around Maple Creek
The Saskatchewan floods of 2010 were extensive, closing down long sections of the Trans-Canada highway between Saskatchewan and Alberta. Some areas, like Last Mountain Lake, have not yet reached their peak water levels. There can be $ 300 million or a lot more in damages to just crops. Property damage will likely be that much or more.
Maple Creek residents get overnight loans from the PDAP
Organizers are forgoing the requirement that insurance adjusters may have to make their estimate before the PDAP pays out the money. You will find two separate types of money being provided to residents. The PDAP is offering a $ 3,000 cash til payday on expected insurance payments. These payments are designed to fill the gap between insurance payouts and also the disaster. The PDAP also says they are budgeting $ 160,000 to cover “uninsurable losses.” The province has said that it hopes all claims are paid no later than this Sunday.
The crop insurance debate in Canada
Crop insurance is creating a debate in some areas. Although only 70 percent of farmers purchased crop insurance this year, the government is going to be paying out benefits to almost all farmers. Farmers who bought insurance are worried that this will be an effective subsidy that will cause fewer individuals to purchase insurance next year. The cost of flood damage is still being estimated by the government insurance adjusters that are within the area.Once that final determination is made, the government will start helping insurance companies pay out their benefits.
