Private property insurance is an efficient, resilient and legitimate approach to disaster recovery, but flood insurance premiums in high-risk areas are too expensive for many property owners to afford. Comparing flood insurance regimes in other states demonstrates the difficult balance between ensuring coverage is available and keeping it affordable for policyholders. Sustaining property insurance in high-risk areas in Canada requires a partnership whereby governments invest strategically in risk reduction and inform Canadians about the location of high-risk areas, while insurers provide coverage and adjust premiums to reward community-level actions that reduce risk.