A new report from Wahi and MyChoice highlights a growing concern for Ontario homeowners: soaring insurance premiums driven by extreme weather. As climate change increases the frequency of flooding, insurance providers are adjusting premiums to reflect higher risk and rising reconstruction costs. The data reveals significant spikes, with Ajax seeing premiums jump 26% over the past two years, while Toronto experienced a 12% increase. With many homeowners unaware of their specific flood risk—particularly regarding pluvial flooding—experts urge residents to review their policies for extended water damage coverage and consider preventative measures like backflow preventers. As insurance inflation impacts affordability, understanding these hidden costs is more critical than ever for current and prospective homeowners. For a deeper dive into the municipal breakdown and expert advice on protecting your property, read the full report at The Star.
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