Blame the weather…
It’s not because the insurance companies are getting greedy. It is the climate change to blame.
According to Michael Tremblay, director of research with the Insurance Bureau, severe-storm-related water damage now comprises 44% of claims compared to just 22% in 1992. (National Post)
TD Canada Trust is already increasing the premiums by 10%-15% for new insurance policies. The expectations are that within the next couple of years, home insurance will be about 20% more expensive across the board. If your fire insurance is currently $500 per year, you would be better off budgeting for an extra $100 for the next year.