Canadian government gives cash advances to flood victims

Insurance payouts are being offered as cash now from the government of Canada. The loan cash is being funded by the Provincial Disaster Assistance Program. Residents are already cleaning up, although cost of repair is not yet in.

Source for this article: Canadian government gives cash advances to flood victims by Personal Money Store

Maple Creek flooding blocks highway

The Saskatchewan floods of 2010 were extensive, closing down long sections of the Trans-Canada highway between Saskatchewan and Alberta. Peak levels of flood water have not yet been reached in some areas, like Last Mountain Lake. There could be $ 300 million or more in damages to just crops. The property damage could be at least that much money.

PDAP pays out overnight loan to residents

Organizers are forgoing the requirement that insurance adjusters can have to make their estimate before the PDAP pays out the money. Residents can qualify for one of two types of assistance. If a homeowner is expecting insurance payments, the PDAP will give cash advances on that payment. These payments are designed to fill the gap between insurance payouts and the disaster. The PDAP will even budget $ 160,000 to cover resident's "uninsurable losses.” The province has said that it hopes all claims are paid no later than this Sunday.

The Canadian crop insurance debate

In some areas of Canada, the crop insurance has created a difficult debate. Despite the fact that only 70 percent of farmers purchased crop insurance this year, the government is going to be paying out benefits to almost all farmers. Those that did purchase insurance are worried that this is going to drain what they paid in and decreases incentive for everyone to buy insurance the next year. Government insurance adjusters are spending time in the area, determining the cost of the flood damage.The benefits of insurance payouts will come after adjusters have completed their work.