If you thought we were done with the effects of the polar vortex, and the countless other strange weather occurrences we have seen recently, think again.
Homeowners can expect an increase of roughly 20% in Toronto home insurance rates due to the record breaking insurance claims in the past few months.
The massive flood in Alberta in June and the freezing rain in Ontario in December are the largest culprits in a record breaking $3.2 billion in insured losses.
What can you do about it?
- Make sure you shop around to find the best rate for your homeowner profile. You don’t have a pool in your backyard? Let them know!
- Ensure that you are taking advantage of all of the discounts you are entitled to and be sure to update your profile anytime you change something in your home. Installed a home security system? Got a new roof? Those are just a few things that can lower your insurance rate.
- Be proactive: Take care of your home and be vigilant so that when bad weather occurs, your home is in good shape to weather the storm. Always look for cracks in your foundation, instal a sump pump in case of sewage backup, and store your valuables on the second floor of your home.