GTA flood costs over $100 million

The series of thunderstorms and tornadoes that recently hit southern Ontario will cost over $100-million in claims, according to the Insurance Bureau of Canada (IBC).Mark Yakabuski, vice president federal affairs and Ontario, IBC, says already 5,200 homeowner insurance claims and 700 automobile insurance claims have been made in just the Greater Toronto Area. Over 300 homeowner claims have already been filed in the rural farm community of Fergus, ON.It is anticipated that costs incurred as a result of storm related damages will exceed $100-million, according to Yakabuski. In addition to the costs covered by insurance, the city of Toronto may spend over $5 million to repair roadways and other city damages.