Cash advances given to Canadian flood victims

Insurance payouts are being offered as cash now from the government of Canada. The Provincial Disaster Assistance Program is funding this money now. Estimates of the amount of damage from the Maple Creek floods are just now being put together, but the residents are already cleaning up.

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

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. Expectations of damages to just the crops in the area are about $ 300 million Canadian dollars. Property damage will likely be that much or a lot more.

Maple Creek residents get overnight loans from the PDAP

Before the PDAP pays out money, they typically require an estimate from insurance adjusters, but in the case of Maple Creek, they’re ignoring that requirement. Residents can qualify for one of two types of assistance. First, the PDAP provides up to $ 3,000 as cash advances on expected insurance payments. These payments are available in as little as a couple of days and help fill the gap between a disaster and insurance payouts. The PDAP also says they’re budgeting $ 160,000 to cover "uninsurable losses.” The province has said that it hopes all claims are paid no later than this Sunday.

Debate about drop insurance

In Maple Creek and surrounding areas, discussions about crop insurance are bringing up controversy. Most farmers will receive crop insurance benefits, although only about 70 percent purchased the insurance. Farmers who bought insurance are worried that this could be an effective subsidy that will cause fewer people to buy insurance next year. Government insurance adjusters are spending time within the area, determining the cost of the flood damage.Once insurance adjusters have completed their work, companies will begin cutting checks, at which point the cash advances from the government will be due.