Homeowner? Brace for flood of insurance hikes

Categories: Analysis
Published on: November 29, 2015

The Tyee / Colleen Kimmett / 24 November 2015

BurlingtonFlood610pxLast summer, the people of Burlington, on the western edge of Lake Ontario, found themselves the target of a rogue weather system that dropped 7.5 inches of rain on their city in less than three hours. People had to swim from their abandoned cars. More than 3,000 homeowners suffered property damage, including Burlington’s mayor, Rick Goldring, whose basement accumulated a full five feet of water.

“I have never seen flooding like I saw on Aug. 4, 2014,” Goldring says. “It was very disconcerting, very discombobulating.”

But it wasn’t only water rising in Burlington. The price of home insurance is being pushed higher by climate change as well and that means for many Canadians and Ontario and beyond, climate change is getting as personal as their bank account bottom lines.

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