Weather Related Insurance Claims Hit Nearly $2B in Canada in 2018
According to data from the Catastrophe Indices & Quantifications Inc., the amount of insured damaged from extreme weather in Canada in 2018 hit $1.9 billion.
As Canada’s climate continues to evolve, the amount of insurance claims due to weather has been increasing. Canadians are seeing extreme weather conditions more frequently. A few large contributors to the $1.9B figure include:
- The Ottawa & Gatineau tornadoes ($400 million in damages)
- Storms across the prairies ($200 million in damages)
- December windstorm along British Columbia coast ($40 million in damages)
In BC, the annual ‘’fire season’’ arrived 2-3 weeks early in 2018, due to temperatures in the late spring and early summer being about 5C above seasonal averages.
The previously mentioned Ottawa & Gatineau tornadoes were the costliest, from an insurance dollars perspective, weather-related damages in eastern Canada in years. In Ontario, the tornadoes represented the costliest natural disaster since the Toronto flood of 2013.
Be Prepared & Protected From Disaster
With the uptick in weather-related insurance claims, now is the time to make sure you, your family and your most expensive possessions – your home & vehicle(s) – are protected from natural disasters.
You should have easy access to your home, auto, and small business (if applicable) policies. Reviewing them – and contacting your broker if you have any questions or concerns – can help you understand the extent of your coverage.
If you feel the need to upgrade or modify your policies at all, you can do this at any point. Your active house, car or small business policy is for a year. During the year, you can make changes to it to more fully meet your needs
Shopping Your Insurance Policy
If your current insurer is unable to provide the coverages you want, at a rate you can afford, it might be time to dip into the insurance marketplace. Even if your policies aren’t up for renewal, shopping the market can give you peace of mind that you’re paying a fair price on your auto, home and business insurance needs.
If you find a better price out there, often times the insurance savings are more than your cancellation fee, meaning it’s in your best financial interest to switch carriers before renewal.
Spend 5 minutes and confirm you’re getting the best price available to you!