In Canadian flood insurance, the usage of the term ‘risk’ varies depending upon the situation. Risk (R) is the product of a hazard (H), the exposed valued (E) and vulnerability (V), i.e. R = H x E x V. The probability of a natural disaster occurring is the hazard, the objects present at the location covered are the exposed values and the weakness in controlling the devastating forces is vulnerability. Risk in not involved in a situation, where the devastating forces do not affect people or exposed values.
To file a Canadian flood insurance claim, one needs to take pictures of the premises from inside as well as the outside to show the damage caused by flooding. The pictures taken inside should be such that the one can judge the level of water in the house. Following this, the incident should be reported to the insurance agent. In case one holds a separate Canada flood insurance policy, the incident should be reported to the Canadian flood insuranceagent.