Homeowners in the Greater Toronto Area are facing rising home insurance premiums and tighter coverage as extreme weather events become more frequent and severe. Insurers are responding to increased claims by raising deductibles, excluding certain risks like flooding, and even reducing exposure in high-risk areas. A recent report highlighted a significant increase in personal property losses between 2020 and 2024, nearly double the previous period. This trend is putting considerable strain on the insurance sector, leading to premium increases that outpace overall inflation. For GTA homeowners, this means budgeting for potentially higher insurance costs and understanding the limitations of their coverage. To learn more about how climate change is impacting home insurance and what you can do to protect your property, read the full article on CTV News: [https://www.ctvnews.ca/business/real-estate/article/home-insurers-raise-prices-rein-in-coverage-as-weather-events-worsen/]
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