Over $228 million in insured damage was caused by the recent flood.
The Insurance Bureau of Canada released their latest outlook on Monday noting the majority of the damage was too commercial property followed by personal property and automobiles.
The flood forced around 13,000 people to evacuate the Lower Townsite, Waterways, and Draper.
Around 1,200 properties were damaged from the flood water which peaked around six metres in some areas.
“Our thoughts are with the people of Fort McMurray who have been impacted by these floods,” said Celyeste Power, Vice-President, Western, IBC, in a release.
“While overland flood insurance is optional coverage and fairly new to the residential market, the insurance industry is here to help its customers through this challenging time.”
People looking for more insurance information can contact IBC at 1-844-227-5422.
Originally, Mayor Don Scott noted he believed the flood would cost just over $100 million for both insured and uninsured residents.
The provincial government is providing Disaster Relief Funding for those without insurance. This program is providing $100 million for those in the RMWB.
Applications will be accepted until August 5, 2020.