Ontario home insurance rates ‘snowballing,’ and flood claims partly to blame: group
AI Article Summary
A report by Rates.ca highlights that a flood damage claim can increase Ontario home insurance premiums by 19 percent. The report suggests homeowners may face higher costs if they lack coverage. As severe weather events become more prevalent, the financial impact on homeowners and insurers is growing. Insurance premiums are likely to continue rising due to these factors.
What This Means for Canadian Contractors
For Canadian builders, this means that increased home insurance rates can lead to higher overall housing costs, potentially affecting project budgets and timelines. Builders might need to consider these rising costs when planning future residential projects. Understanding the financial risks associated with extreme weather can help contractors plan more resilient and sustainable housing developments.
