The price tag for last month’s flooding could exceed $6 million, says the city’s corporate finance general manager.
Rob Rossini said that senior staff’s original estimate of up to $6 million for compensating flood victims has now been revised higher. He had estimated that if all 5,000 people are approved for flood claims, the cost could reach $6 million. But there are more than 6,500 households that have been identified as suffering some kind of flood compensation.
“(The cost) is going to be higher,” he said.
Councillors earlier this month approved a compensation package for flood victims that includes providing up to $1,000 for homeowners affected by the July 26 flood. In addition, the city is prepared to provide up to $5,000 to people who don’t have flood insurance, and about $2,000 per people who have experienced multiply flooding incidents.
Mr. Rossini said the number of people filling out a claim has scaled back from the initial hundreds of people calling the city flood claims hotline at 905-667-3157.
The uninsured cost to private property is estimated between $20 million to $50 million, while the uninsured cost to city property is about $12 million. The July flood affected homeowners not only in the lower sections of Hamilton, but in areas where individuals have never had flooding before.