One-third of Ontario homeowners are worried about the potential damage that extreme weather could inflict on their properties, according to a new survey by LowestRates.ca.
In a poll of around 700 Ontario residents, the comparison site found that most homeowners are concerned about the impact of strong winds (12%), while 5% cited concerns about flooding.
A small portion also said they were worried about the risk of wildfires and hail, and 14% said they harbour apprehensions about a combination of these weather-related events.
Additionally, 5% of respondents reported having experienced damage to their homes from extreme weather events over the past five years.
Anabela Bonada of the Intact Centre on Climate Adaptation at the University of Waterloo said Canada has been especially vulnerable to climate perils in recent years.
This year, the country was hit by various catastrophes, including widespread flooding and a record-breaking wildfire season.
“As a result of global warming, we can expect to see more of these extreme climatic events,” she said.
The surge in the frequency and severity of extreme weather events has led to an increase in home insurance prices.
In the LowestRates.ca survey, 66% of Ontario homeowners said they didn’t receive adequate communication from their insurance providers regarding policy changes or endorsements. In comparison, 3% acknowledged receiving communications but neglected to peruse or heed them.
While Canadian insurance companies haven't resorted to drastic measures such as the market withdrawals seen in the US, there have been discernible increases in insurance premiums for areas affected by extreme climatic events, according to Bonada.
The Insurance Bureau of Canada (IBC) said home insurance prices have surged by roughly 14% over the past three years, with a 5% increase in premiums over the past year.
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