Latest news with #Tannous
The Age
3 days ago
- Lifestyle
- The Age
‘Cool comes and goes', but Toorak would rather remain timeless
For generations, it has been home to some of the nation's wealthiest families and a popular spot for tennis stars to stay during the Australian Open. It also gave rise to a nickname for expensive SUVs. It is, of course, Toorak. As well as 'Toorak tractors', the suburb is known for tree-lined streets and beautiful mansions kept mostly hidden behind perfectly trimmed hedges. There's one thing the people who live and work in the suburb aren't trying to be. And that's cool. Instead, they would rather be timeless. 'Cool comes and goes,' restaurateur George Tannous says. An older couple banter with Tannous as they sit by a window and clink their glasses on a chilly Wednesday afternoon. His family has owned and run Romeo's in the heart of the village for 40 years, and it's bustling when The Age visits. Tannous, a Toorak resident, says the area is classic and classy. And he rejects the common claim that people who live in the suburb are snobby. 'I think snobby is what most people say about Toorak, but actually, they are probably some of the nicest people you'd know,' he says. They won't spend an exorbitant amount of money just because someone is watching them, he tells us. 'People have misconstrued what locals are like.' At the restaurant, they are all treated like family and treat the staff the same, he says. But others have more complex feelings about calling Toorak home. Cynthia, who asked that we not use her surname, has resided in the area for a decade, but says it took her time to say she lived in Toorak. When people asked, she told them she lived in neighbouring South Yarra, from where she moved. 'It really did take me a long time to say it,' she says. Now a passionate climate activist, Cynthia says she didn't go to a private school and grew up in Heidelberg. 'I don't feel like a Toorak-type person,' she says. 'You get typecast when you say Toorak; there's an image people have.' For her, that is someone with a lot of money, a big house and conservative attitudes. And Toorak is Melbourne's richest suburb, according to The Age 's analysis of Australian Bureau of Statistics personal income data. The typical income earners in Toorak make $81,000 a year, but the top 1 per cent make 1½ times that – in a single week. That 1 per cent make almost $7.5 million a year on average, making Toorak Melbourne's only suburb in which the top 1 per cent of income earners rake in more than $5 million a year on average. But Cynthia feels she goes against the grain. She lives in an apartment, campaigned for teal MP Monique Ryan and is a passionate activist for a progressive Australia. 'Climate change is really the most important issue for me,' Cynthia says of her politics. Through volunteering as part of the teal campaign in Kooyong, she met like-minded people in Toorak, and nearby suburbs including Armadale and Malvern. 'We all felt less alone … we felt so different from many of the people around us,' she says. As for the village and its surrounds, she says the area is tired. She says she walks to nearby Hawksburn village, with its gourmet butcher, independent fruit and vegetable shop and cafes, rather than Toorak. Tannous says the village can feel old-fashioned, but that is part of its charm. Cynthia says that high rents may deter people from wanting to start businesses in the village, either restaurants or other services that would make her want to visit regularly. It's an issue other business owners echo. In the eerily quiet Trak building is Trak Nail Studio, run by Sarah, who asked that we not use her surname. She's finishing off an elegant older woman's nails. That woman is clear about what she thinks about the village. 'It's dying,' she says. While Sarah, who has lived and worked in the suburb for decades, is less brutal, she says business owners are concerned about the vacancies and rents. There are empty shops, and she hears rumours the Trak building is slated for demolition. One part has been completely stripped to bare concrete and wires. 'It used to be quite an amazing place with a cinema, and there was a pub that was an absolute institution,' Sarah says. But she says Toorak itself is still amazing, and has wonderful people. 'It's still an old-fashioned village, but you could get shocked on the weekend with all these young families around – it's gorgeous,' she says. 'During the weekends, it's totally different here, which is fun.' Sarah won't hear a bad word about her clientele or other locals, some of whom have been seeing her weekly for more than 20 years to get their nails done. 'People think they're all hoity-toity, but they are so down-to-earth, and lovely.' They were also loyal and generous, she says. 'I know so many with money people would never understand, but they're just normal people, I just don't know why people are scared of Toorak.' Imp Jewellery founder Tony Fialides agrees. He has run his business out of Toorak since 1974, and just pips Romeo's for the longest running in the village. He also decries those who judge people for their wealth. Moments before we spoke in his shop, he had sold an expensive piece to a local woman. 'People like that woman who was just in, you couldn't get any friendlier than her. She buys it ... pays for it completely and walks out,' he says. They are the type of people who live in the area, he says. 'They're tasteful, fairly forceful, they know where they're going, and they're smart.' If people don't like that, they don't have to live in the area, he says. But Fialides, the former head of the Toorak Traders Association, also wants Stonnington Council to step up and urge landlords to drop rents to attract more businesses to the village. 'Unfortunately, the village itself is not what it used to be, but I believe it will come back,' the jeweller says. He wants to see a mix of more fashion boutiques, restaurants and upmarket gift shops join the mix. As an example, Fialides points to the success of Armadale, where the likes of Aje, Scanlan Theodore and others have headed to High Street, alongside bridal boutiques, bakeries and antique stores. The council should be encouraging that, the jeweller says. 'Toorak Village is a gem.' Despite those issues, Fialides is positive and believes the area will evolve. Toorak not been short of drama, including a dispute between entrepreneur sushi queen Anna Kasman and the Myers about an extension. Kasman's plan to add a contemporary addition to her heritage home was threatened after Stonnington approved the application but the Myers family, which owns a property next door, objected. It escalated until it ended up at VCAT. There have also been plenty of celebrities who have visited or owned property in the area. Tannous says Andre Agassi used to be a regular at Romeo's when he competed at the Australian Open, and he once hosted Coldplay's Chris Martin, along with Shane Warne. 'The girls were all losing their minds, and I had no idea who [Martin] was,' he says. Daniel Radcliffe, of Harry Potter fame, once owned an apartment in the suburb. Then, of course, there's Eddie McGuire, who was spotted out and about on Wednesday. Forbes Global Properties director Michael Gibson, who specialises in luxury and prestige properties, says Toorak is one of the most sought-after suburbs in Melbourne. The suburb is full of tree-lined streets, wide boulevards and large homes on big lots close to the city, he says. 'The homes [in Toorak] are generational,' he says. 'Once people get there, they don't want to move away.' The agent says the village is undergoing a transformation, with more luxurious apartments springing up in and around it. 'It was a bit sleepy, but it seems to be rejuvenating,' he said. Many of those moving into the new luxe apartments are people selling their big homes and downsizing to something they can 'lock up and leave'. 'They want to stay within 3142 [Toorak's postcode], and they can live in a beautiful apartment, where they can walk to dinner and to the shops,' Gibson says. Morrell and Koren buyers' advocate Emma Bloom says part of Toorak's attraction is the prestige. There are aspirational suburbs in all cities, and for Melbourne that is Toorak, she says. 'In the higher-end homes, there is a big Chinese market, and they're buying in many wealthier suburbs,' she says. 'People know it's bulletproof real estate; their money will work hard for them if they invest in those areas.' While it remains challenging to find homes in Toorak, there are hidden gems for buyers if they are keen, she says. 'They're closely guarded by vendors, and it's definitely not an easy market to break into.' According to historians, when land started to be sold in the 1840s before the gold rush, the blocks were aimed at 'gentleman farmers'. The long, narrow blocks up for auction were designed to maximise the number of owners with a river frontage. But more often than not, it was land speculators who first bought the available lots at auction. The suburb's name comes from the grand house of merchant and soap maker James Jackson, built in 1849. The Italianate residence was named Toorak Estate, and the name could come from an Aboriginal word meaning a 'swamp with rushes'. The estate was built on 148 acres of prime land, which Jackson decided to keep mainly as bushland. But the family never got to live at the palatial estate. Jackson died at sea in 1851, leaving behind a pregnant wife and small children. The house went on to be leased as Government House from 1853. It would later be used by the Women's Auxiliary Australian Air Force during World War II, and in 1957 was taken over by the Swedish Lutheran Church, which still occupies the building. Meanwhile, the village started to spring up around Notley's Hotel, which opened in the mid-1850s, for travellers coming to the area. More than a decade later, the village had a nursery, a blacksmith, draper, grocer, a post office and a coach builder. There was also a dairy that produced milk on site. Notley's Hotel would remain a central feature of the village, and was rebuilt in 1870, and operated as a hotel until the mid-1990s, when it was transformed into the Tok H complex on Toorak Road. The village is particularly known for its Tudor revival buildings near Grange Road, which were added in the 1930s. This was because landowners wanted to increase the attractiveness of the area. Stonnington Council Mayor Melina Sehr says the area's heritage architecture and historical prestige are part of why the suburb is unique. 'There's a deep pride of place here, and that's reflected in the passion of the community,' she says. Ensuring development is managed in a way that respects the suburb's character is something the council often hears from the community, she says. 'Traffic congestion, particularly around key arterials and schools is another issue residents raise with us regularly,' she says. 'And, of course, ensuring public spaces and village precincts like Toorak Village continue to thrive in a changing retail landscape is a shared priority.' The council says the long-term focus is to ensure the suburb remains beautiful and liveable for decades to come, including investment in open space, upgrading streets, improving pedestrian infrastructure and protecting heritage. 'We're committed to ensuring Toorak retains its unique charm – while adapting thoughtfully to the needs of future generation,' says Sehr. While many people don't want the area to change too much, there is one request from George Tannous, the owner of Romeo's. He urges more young people to consider coming to the area, and particularly consider the older apartments. 'We've got everything here, why not?'
Sydney Morning Herald
3 days ago
- Lifestyle
- Sydney Morning Herald
‘Cool comes and goes', but Toorak would rather remain timeless
For generations, it has been home to some of the nation's wealthiest families and a popular spot for tennis stars to stay during the Australian Open. It also gave rise to a nickname for expensive SUVs. It is, of course, Toorak. As well as 'Toorak tractors', the suburb is known for tree-lined streets and beautiful mansions kept mostly hidden behind perfectly trimmed hedges. There's one thing the people who live and work in the suburb aren't trying to be. And that's cool. Instead, they would rather be timeless. 'Cool comes and goes,' restaurateur George Tannous says. An older couple banter with Tannous as they sit by a window and clink their glasses on a chilly Wednesday afternoon. His family has owned and run Romeo's in the heart of the village for 40 years, and it's bustling when The Age visits. Tannous, a Toorak resident, says the area is classic and classy. And he rejects the common claim that people who live in the suburb are snobby. 'I think snobby is what most people say about Toorak, but actually, they are probably some of the nicest people you'd know,' he says. They won't spend an exorbitant amount of money just because someone is watching them, he tells us. 'People have misconstrued what locals are like.' At the restaurant, they are all treated like family and treat the staff the same, he says. But others have more complex feelings about calling Toorak home. Cynthia, who asked that we not use her surname, has resided in the area for a decade, but says it took her time to say she lived in Toorak. When people asked, she told them she lived in neighbouring South Yarra, from where she moved. 'It really did take me a long time to say it,' she says. Now a passionate climate activist, Cynthia says she didn't go to a private school and grew up in Heidelberg. 'I don't feel like a Toorak-type person,' she says. 'You get typecast when you say Toorak; there's an image people have.' For her, that is someone with a lot of money, a big house and conservative attitudes. And Toorak is Melbourne's richest suburb, according to The Age 's analysis of Australian Bureau of Statistics personal income data. The typical income earners in Toorak make $81,000 a year, but the top 1 per cent make 1½ times that – in a single week. That 1 per cent make almost $7.5 million a year on average, making Toorak Melbourne's only suburb in which the top 1 per cent of income earners rake in more than $5 million a year on average. But Cynthia feels she goes against the grain. She lives in an apartment, campaigned for teal MP Monique Ryan and is a passionate activist for a progressive Australia. 'Climate change is really the most important issue for me,' Cynthia says of her politics. Through volunteering as part of the teal campaign in Kooyong, she met like-minded people in Toorak, and nearby suburbs including Armadale and Malvern. 'We all felt less alone … we felt so different from many of the people around us,' she says. As for the village and its surrounds, she says the area is tired. She says she walks to nearby Hawksburn village, with its gourmet butcher, independent fruit and vegetable shop and cafes, rather than Toorak. Tannous says the village can feel old-fashioned, but that is part of its charm. Cynthia says that high rents may deter people from wanting to start businesses in the village, either restaurants or other services that would make her want to visit regularly. It's an issue other business owners echo. In the eerily quiet Trak building is Trak Nail Studio, run by Sarah, who asked that we not use her surname. She's finishing off an elegant older woman's nails. That woman is clear about what she thinks about the village. 'It's dying,' she says. While Sarah, who has lived and worked in the suburb for decades, is less brutal, she says business owners are concerned about the vacancies and rents. There are empty shops, and she hears rumours the Trak building is slated for demolition. One part has been completely stripped to bare concrete and wires. 'It used to be quite an amazing place with a cinema, and there was a pub that was an absolute institution,' Sarah says. But she says Toorak itself is still amazing, and has wonderful people. 'It's still an old-fashioned village, but you could get shocked on the weekend with all these young families around – it's gorgeous,' she says. 'During the weekends, it's totally different here, which is fun.' Sarah won't hear a bad word about her clientele or other locals, some of whom have been seeing her weekly for more than 20 years to get their nails done. 'People think they're all hoity-toity, but they are so down-to-earth, and lovely.' They were also loyal and generous, she says. 'I know so many with money people would never understand, but they're just normal people, I just don't know why people are scared of Toorak.' Imp Jewellery founder Tony Fialides agrees. He has run his business out of Toorak since 1974, and just pips Romeo's for the longest running in the village. He also decries those who judge people for their wealth. Moments before we spoke in his shop, he had sold an expensive piece to a local woman. 'People like that woman who was just in, you couldn't get any friendlier than her. She buys it ... pays for it completely and walks out,' he says. They are the type of people who live in the area, he says. 'They're tasteful, fairly forceful, they know where they're going, and they're smart.' If people don't like that, they don't have to live in the area, he says. But Fialides, the former head of the Toorak Traders Association, also wants Stonnington Council to step up and urge landlords to drop rents to attract more businesses to the village. 'Unfortunately, the village itself is not what it used to be, but I believe it will come back,' the jeweller says. He wants to see a mix of more fashion boutiques, restaurants and upmarket gift shops join the mix. As an example, Fialides points to the success of Armadale, where the likes of Aje, Scanlan Theodore and others have headed to High Street, alongside bridal boutiques, bakeries and antique stores. The council should be encouraging that, the jeweller says. 'Toorak Village is a gem.' Despite those issues, Fialides is positive and believes the area will evolve. Toorak not been short of drama, including a dispute between entrepreneur sushi queen Anna Kasman and the Myers about an extension. Kasman's plan to add a contemporary addition to her heritage home was threatened after Stonnington approved the application but the Myers family, which owns a property next door, objected. It escalated until it ended up at VCAT. There have also been plenty of celebrities who have visited or owned property in the area. Tannous says Andre Agassi used to be a regular at Romeo's when he competed at the Australian Open, and he once hosted Coldplay's Chris Martin, along with Shane Warne. 'The girls were all losing their minds, and I had no idea who [Martin] was,' he says. Daniel Radcliffe, of Harry Potter fame, once owned an apartment in the suburb. Then, of course, there's Eddie McGuire, who was spotted out and about on Wednesday. Forbes Global Properties director Michael Gibson, who specialises in luxury and prestige properties, says Toorak is one of the most sought-after suburbs in Melbourne. The suburb is full of tree-lined streets, wide boulevards and large homes on big lots close to the city, he says. 'The homes [in Toorak] are generational,' he says. 'Once people get there, they don't want to move away.' The agent says the village is undergoing a transformation, with more luxurious apartments springing up in and around it. 'It was a bit sleepy, but it seems to be rejuvenating,' he said. Many of those moving into the new luxe apartments are people selling their big homes and downsizing to something they can 'lock up and leave'. 'They want to stay within 3142 [Toorak's postcode], and they can live in a beautiful apartment, where they can walk to dinner and to the shops,' Gibson says. Morrell and Koren buyers' advocate Emma Bloom says part of Toorak's attraction is the prestige. There are aspirational suburbs in all cities, and for Melbourne that is Toorak, she says. 'In the higher-end homes, there is a big Chinese market, and they're buying in many wealthier suburbs,' she says. 'People know it's bulletproof real estate; their money will work hard for them if they invest in those areas.' While it remains challenging to find homes in Toorak, there are hidden gems for buyers if they are keen, she says. 'They're closely guarded by vendors, and it's definitely not an easy market to break into.' According to historians, when land started to be sold in the 1840s before the gold rush, the blocks were aimed at 'gentleman farmers'. The long, narrow blocks up for auction were designed to maximise the number of owners with a river frontage. But more often than not, it was land speculators who first bought the available lots at auction. The suburb's name comes from the grand house of merchant and soap maker James Jackson, built in 1849. The Italianate residence was named Toorak Estate, and the name could come from an Aboriginal word meaning a 'swamp with rushes'. The estate was built on 148 acres of prime land, which Jackson decided to keep mainly as bushland. But the family never got to live at the palatial estate. Jackson died at sea in 1851, leaving behind a pregnant wife and small children. The house went on to be leased as Government House from 1853. It would later be used by the Women's Auxiliary Australian Air Force during World War II, and in 1957 was taken over by the Swedish Lutheran Church, which still occupies the building. Meanwhile, the village started to spring up around Notley's Hotel, which opened in the mid-1850s, for travellers coming to the area. More than a decade later, the village had a nursery, a blacksmith, draper, grocer, a post office and a coach builder. There was also a dairy that produced milk on site. Notley's Hotel would remain a central feature of the village, and was rebuilt in 1870, and operated as a hotel until the mid-1990s, when it was transformed into the Tok H complex on Toorak Road. The village is particularly known for its Tudor revival buildings near Grange Road, which were added in the 1930s. This was because landowners wanted to increase the attractiveness of the area. Stonnington Council Mayor Melina Sehr says the area's heritage architecture and historical prestige are part of why the suburb is unique. 'There's a deep pride of place here, and that's reflected in the passion of the community,' she says. Ensuring development is managed in a way that respects the suburb's character is something the council often hears from the community, she says. 'Traffic congestion, particularly around key arterials and schools is another issue residents raise with us regularly,' she says. 'And, of course, ensuring public spaces and village precincts like Toorak Village continue to thrive in a changing retail landscape is a shared priority.' The council says the long-term focus is to ensure the suburb remains beautiful and liveable for decades to come, including investment in open space, upgrading streets, improving pedestrian infrastructure and protecting heritage. 'We're committed to ensuring Toorak retains its unique charm – while adapting thoughtfully to the needs of future generation,' says Sehr. While many people don't want the area to change too much, there is one request from George Tannous, the owner of Romeo's. He urges more young people to consider coming to the area, and particularly consider the older apartments. 'We've got everything here, why not?'
The National
22-04-2025
- Business
- The National
Lebanon could seek $1bn in damages in foreign courts over country's largest financial scandal
The Salameh Papers: Full coverage here Lebanon could claim up to $1 billion in damages through foreign courts in relation to the country's largest financial scandal, known as the Forry case, in which hundreds of millions of dollars in public funds were allegedly embezzled and invested in real estate abroad, a former Lebanese prosecutor has told The National. The compensation could include $330 million allegedly misappropriated from Lebanon's central bank since 2002 by its disgraced former governor Riad Salameh, as well as interest accrued over more than two decades, former judge Jean Tannous said. The funds could offer some relief for the cash-strapped country, which has been grappling with a crippling economic crisis for over five years, with its political and financial elite showing little willingness to reform a paralysed banking sector or address financial losses estimated at $70 billion. 'This would require the state to intervene actively in foreign proceedings, prove the public origin of the funds, and assert its rights under international asset recovery mechanisms,' Mr Tannous said. The Forry case, named after a shell company owned by the former central bank governor's brother that was allegedly used to embezzle funds, is the subject of investigation by several European countries, including France, Luxembourg, Germany and Switzerland. In Lebanon, Mr Tannous led a high-stakes investigation spanning 18 months into the former central bank governor and his entourage, facing consistent political interference. He resigned from the judiciary in 2022. In a rare interview, Mr Tannous outlined lessons to be learnt from Lebanon's biggest money laundering scandal, which stretched from the coffers of the central bank to luxury real estate in Europe and the US. Mr Salameh, who is currently detained in Beirut over a separate embezzlement scandal, was once seen as the linchpin of Lebanon's financial sector. He is now widely blamed for the country's economic collapse, as the architect of a national-scale Ponzi scheme that collapsed in 2019. Mr Salameh, and his brother, who is alleged to have assisted him in setting up a slush fund at the Banque du Liban, have repeatedly denied any wrongdoing. Mr Tannous said Lebanon is yet to take decisive steps to recover assets abroad allegedly bought with public funds. While the Lebanese state is legally recognised as a victim in the Forry case, any recovery of the misappropriated funds from abroad is not guaranteed, even in the event of a conviction. Lebanon has joined some foreign proceedings, including in France and Switzerland, as a civil party – a move that paves the way for asset recovery. But Mr Tannous said the state has failed to appoint legal representation for the Lebanese state in Switzerland, which 'can limit the impact' of court decisions. Lebanon has also filed a complaint against HSBC in Switzerland, accusing the bank in its first legal action against a foreign lender of ignoring red flags and enabling the transfer of hundreds of millions of dollars in suspected embezzled funds from the central bank. HSBC is among several international banks where the Salameh brothers held accounts allegedly used to move public funds out of Lebanon. 'Lebanon must broaden its local criminal investigations to include all foreign financial institutions potentially involved – not just in Switzerland, but also in France, Luxembourg, Germany, the UK, and the United States,' Mr Tannous said. 'Without that, even the most clear-cut embezzlement risks ending in impunity and unrecovered losses.' Setting up an international money laundering scheme is not a one-person job. The Forry scandal has exposed fault across the board – from international banks and audit firms to the central bank itself. 'Any potential criminal activity at BDL inevitably points to a network of internal complicities,' Mr Tannous said. 'Years of unchecked authority concentrated in the person of the governor, combined with paralysed internal governing bodies, particularly the central board. Legal and compliance departments were reduced to bureaucratic formalities, and internal controls failed to assert any real authority.' Mr Salameh's unchecked authority and the central bank's weak internal governance, which were glossed over as long as Lebanon's financial system appeared stable and dollars kept flowing, were sharply criticised in a 2023 forensic audit. Karim Souaid, the new central bank governor who took office in March, has pledged to combat money laundering and terror financing. 'These intentions must quickly translate into tangible reforms, including the reactivation of internal governance structures such as the central board, compliance, and audit units with full authority,' Mr Tannous said. 'Most critically, the long-standing system of political interference, which allowed the placement of relatives and affiliates of political figures in key positions, must be dismantled through strict conflict-of-interest rules, merit-based hiring, and institutional transparency,' he added. Despite the scale of the crisis and the embezzlement allegations, there have been no significant staff changes at the central bank to date. 'Any individual working at BDL can be held criminally responsible if it is proven that they took part in financial crimes,' Mr Tannous said. These include serious offences such as breach of trust, abuse of power, aiding embezzlement, money laundering, or hiding evidence, he added. 'Even choosing to do nothing in the face of clear wrongdoing may be considered criminal negligence.' The election of former army chief Joseph Aoun as Lebanese president and the appointment of international jurist Nawaf Salam as prime minister, ending more than two years of political vacuum in the country, have renewed hopes for reform and accountability. Mr Tannous said the Lebanese public is watching whether judicial investigations will move forward without political interference and whether accountability will be achieved. 'The Forry case revealed how the concentration of power, institutional opacity, and the absence of independent oversight mechanisms can foster systemic abuse, entrench corruption, and reinforce impunity,' he said. 'Despite the magnitude of this scandal, no meaningful lessons have been drawn yet.'
LBCI
16-04-2025
- Business
- LBCI
Lebanon's banking secrecy law amendments raise concerns of setback, former financial judge tells LBCI
Amid discussions in the joint parliamentary committees on amendments to the banking secrecy law, particularly regarding its retroactive application, former financial judge Jean Tannous spoke to LBCI. He confirmed that the Lebanese parliament's decision to amend the law—by adding a clause to apply it retroactively for only 10 or 5 years in relation to banking restructuring—marks a setback from the progress made in 2022. That year, the banking secrecy was lifted from the accounts of lawmakers, ministers, judges, employees, military personnel, political party leaders, civil society organizations, and members of the boards of banks and media companies. Tannous pointed out that although the law passed in 2022 did not explicitly state that it would be retroactive, its nature implied retroactivity, especially since it applied to anyone holding any of the mentioned positions since 1988. He explained that with the new clause specifying the retroactive effect of the law only for the banking restructuring section, the rest of the provisions of the law are no longer retroactive. This is due to the absence of a similar explicit clause for retroactivity, as seen in the section related to banking restructuring.
Yahoo
28-03-2025
- Climate
- Yahoo
From drips to disasters: How to flood-proof your home
2024 was the most expensive year for severe weather-related losses in Canadian history. According to the Insurance Bureau of Canada, flooding alone caused over $1 billion in damages. 'Of all the different risks–fire, wind, hail–the most likely threat to your home is water in your basement,' says Marc Tannous, agency manager at Allstate Canada. With flood risks increasing each year, many homeowners may not realize their current insurance coverage and preventative measures might not be enough. RELATED: As spring approaches, here are three essential steps to safeguard your basement before the next storm hits: 1. Review your Insurance Coverage Toronto saw record-breaking rainfall last summer, with 128.3 millimetres of rain on Aug. 17 alone–flooding homes across the city. 'Many homeowners assume they're covered for basement flooding, but standard policies may not include adequate water damage protection,' said Tannous. 'When severe flooding hit in August 2024, many people were underinsured because they hadn't reviewed their coverage.' Don't wait until it's too late. Review your policy, check for gaps in coverage and ensure your limits reflect the true cost of potential damages. LEARN MORE: 2. Protect your Valuables A flooded basement can mean more than just property damage–it can also lead to the loss of sentimental and expensive items. Taking simple precautions now can prevent this devastation. 'Store important items in waterproof plastic containers–this can keep them safe even if water seeps in,' said Tannous. 'Additionally, keeping belongings at least two to three feet above the ground reduces the risk of water damage.' 3. Install a Sump Pump and Backwater Valve A sump pump helps prevent basement flooding by removing excess water and directing it away from your home. Meanwhile, a backwater valve stops sewage from backing up into your basement–an expensive nightmare scenario no homeowner wants to face. According to Allstate Canada, the cost of basement water damage repairs has surged nearly 20 per cent since 2019. One major reason? Basements are no longer just storage spaces–they've become home theatres, playrooms and even gyms. Ensuring your insurance reflects the true value of your basement's use is more important than ever. Taking these steps now could save you thousands of dollars in repairs, so don't wait and protect your home now. Click here to view the video With copy edits from Fredrick Reyes, a digital journalist for The Weather Network and feature image courtesy of Getty Images.
